Allied Market Research published a new report, titled, Transformer Oil Market was valued at $2.3 billion in 2020, and is projected to reach $4.3 Billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Rise in power consumption, expansion of power grids in developing countries, increase in investment in the power sector, and growth in production of transformers technology have boosted the growth of the global transformer oil market. On the contrary, rise in demand for oil-free transformer and volatile prices of raw materials hinder the market growth. However, surge in adoption of bio-based transformer oil and corrosion-free transformer oil is expected to open new opportunities for the market players in the future.
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Rise in power consumption, increase in investment in the power sector, and expansion of electrical grids in developing countries are the major factors driving the growth of the global transformer oil market. In addition, rapid industrialization and modernization in the electrical grids supplement the demand for power transformers, which, in turn, is expected to increase the consumption of transformer oil. However, increase in adoption of dry transformers and volatility in raw material prices impede the market growth. On the contrary, R&D toward development of sustainable and recyclable transformer oil products such as bio-based oil is projected to create opportunity for key players operating in the market.
The research offers a detailed segmentation of the global Transformer Oil market. Key segments analyzed in the research include Type, Function, End-Use, and Applicationand geography. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
Depending on the type, the Paraffinic Oil segment garnered the highest market share of in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for transformer oil from electric utilities such as transmission system, power plants, and other industrial applications. In addition, benefits associated with mineral oil include high thermal, oxidation durability, cost-effectiveness, and easy availability, which are anticipated to fuel the growth of the transformer oil market in the coming years.
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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 t he 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 market player positioning segment provides an understanding of the current position of the market players active in the Transformer Oil industry.
The research offers an extensive analysis of key players active in the global Transformer Oil industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed 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. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Get detailed COVID-19 impact analysis on the Transformer Oil Market Request Here
Covid-19 scenario:
- 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.
Key offerings of the report:
- Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
- Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
- Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
- Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
- Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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