In the last few years, there has been increase in concerns pertaining to carbon emission; as a result, oil end users are shifting their inclination toward the utilization of ecologically friendly turbine oil over conventional metal working oils. This trend is anticipated toward the growth of the global turbine oil market. In addition, rise in requirement for power across the globe has boosted the need for establishment of new stream, gas, and hydroelectric force turbines, which, in turn, augments the growth of the turbine oil market.
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Moreover, key manufacturers of turbines, such as Siemens and General Electric, have been investing continuously in the growth of advanced turbines which is relied upon to drive the interest for turbine oils. Furthermore, surge in adoption rate of turbines has propelled the demand for turbine oils in heavy engineering industry. The growth of the global turbine oil market is further driven by rise in investment in wind energy and implementation of favorable government guidelines and policies such as Nationally Determined Contributions (NDCs), which boost the demand for renewable energy, globally.
However, the major challenge for turbine oil market is increased usage of gas turbine lubricants, which has superior properties and offer continued performance even at elevated temperature. This is attributed to the fact that machineries with superior thermal stability and oxidation resistance operate in severe operating conditions.
COVID-19 scenario analysis:
- India represents about 7% of worldwide oil market. However, the global market growth is expected to decline with the outbreak of COVID-1.
- The growth of the lubricants market is most affected in Asia-Pacific and North America due to COVID-19.
- Despite the fact that Europe is one of the major hotspots of this pandemic, it is relied upon to observe lesser effects than North America and Asia-Pacific on account of its huge number of manufacturing industries and presence of growing fleet of vehicles.
- The demand for petroleum products apart from LPG and domestic natural gas is reduced.
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Key benefit of the report:
- This study presents the analytical depiction of the global turbine oil market along with the current trends and future estimation to determine the imminent investment pockets.
- The report presents information related to opportunities, drivers, and restraints along with detailed analysis of the global turbine oil market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlights the global turbine oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
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