Allied Market Research recently published a report, titled, “Transformer Oil Market by Type, Function, End-Use, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global transformer oil industry was pegged at $2.3 billion in 2020, and is expected to reach $4.3 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Transformer oil, also known as insulating oil, is an oil used in oil-filled transformers, which exhibits electrical insulating property. It has other properties such as superior oxidation stability, superior thermal conductivity, and enhanced stability at high temperatures. It effectively prevents the formation of acidic materials and sludge as well as facilitates effective cooling of the transformer core. The electrical properties include dielectric strength, specific resistance, and dielectric dissipation.
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By application, the industrial segment accounted for more than half of the global transformer oil market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to rise in installation of standalone power generation systems in industrial applications, due to varying loads and power demand in industrial applications. The commercial segment, however, would showcase the fastest CAGR of 6.5% by 2030. The report also includes an analysis of the residential segment. This is attributed to the government initiatives and urban development policies and programs which will contribute to the demand for real estate infrastructure.
Based on end-use, the small transformer segment held the lion’s share in 2020, contributing to more than one-third of the global transformer oil market, and is expected to continue its lead during the forecast period. This is attributed to the extensive use of these systems to meet the increasing needs for electricity in rural areas. However, the power transformers segment is expected to witness the highest CAGR of 7.0% by 2030. Power transformers are one of the most important components of the transmission and distribution energy grid and enable the efficient transportation of electrical energy from a generation source to the location where the energy is consumed. This drives the demand for the segment. The report also includes an analysis of the large transformer, utility transformer, and distribution transformer segments.
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By region, the global transformer oil marketacross Asia-Pacific, followed by Europe and North America, held the lion’s share in 2020, accounting for more than two-fifths of the market, due to rapid development of the renewable energy sector, presence of huge consumer base, expansion of high-voltage direct current (HVDC) system networks, and the existence of key players in the region. However, the market across LAMEA would showcase the highest CAGR of 6.9% from 2021 to 2030. This is owing to a large number of projects related to road, rail, air, and water transportation in the region which led to increase in the demand for transformers and turn to increase the demand for transformer oil.
The global transformer oil market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Neste, Petronas, Sinopec Lubricant Company, Royal Dutch Shell, Exxon Mobil Corporation, Total SE, Chevron Corporation, Exxon Mobil, Repsol, and Gulf Oil International.
Other players operating in the market are Lubrita, Phillips 66 Company, Dow, Cargill Incorporated, Hydrodec Group Plc., Calumet Specialty Products Partners, L.P., Sasol, Hyrax Oil Sdn Bhd., and San Joaquin Refining Co.
Get detailed COVID-19 impact analysis on Transformer Oil Market @ https://www.alliedmarketresearch.com/request-for-customization/750?reqfor=covid
- Due to the imposed lockdown during the initial days of the pandemic, manufacturing & processing activities across various industries and electrical utilities were halted. Additionally, there was a ban on import-export activities. Thus, the demand for electricity from these consumers reduced.
- Furthermore, the market growth hampered during the pandemic period due to a lack of workforce, downtrend in the development of new electric utility infrastructures, grid networks, and renewable power plants, and other power plants, along with the rise in the demand-supply gap.
- However, transformer oil market growth is anticipated to increase due to the rapid increase in COVID-19 vaccination drives across the globe.
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