According to a research report "Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End-User (Transmission & Distribution, Power Generation, Railways & Metros), Region - Global Forecast to 2030" published by MarketsandMarkets, the transformer oil market is projected to reach USD 3.0 billion by 2030 from an estimated USD 2.0 billion in 2023, at a CAGR of 5.9% during the forecast period.
Browse 368 market data Tables and 47 Figures spread through 274 Pages and in-depth TOC on "Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End-User (Transmission & Distribution, Power Generation, Railways & Metros), Region - Global Forecast to 2030"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/transformer-oil-market-967.html
Transformer oil is a special kind of oil that is primarily used in transformers to facilitate insulation and cooling. Transformer oil caters to the T&D, railways and metros, power generation, industrial, and commercial end users. The most commonly used transformer oil is mineral oil-based, which includes naphthenic and paraffinic types. The other variants of transformer oil include bio-based and silicone-based transformer oils. The increasing energy demand has pushed developing and developed economies to expand their electric grids and modernize their grid network, respectively. These developments are expected to drive the transformer oil demand. On the contrary, environmental concerns associated with mineral-based transformer oil and competition from the unorganized sector can negatively impact the growth of the transformer oil market.
The Mineral Oil segment, by oil type, is expected to grow at the highest CAGR during the forecast period.
Based on oil type, the transformer oil market has been segmented into mineral oil, silicone, and bio-based. Mineral Oil further categorized into inhibited napthanic & parrafinic oil and uninhibited napthanic & parrafinic oil. The mineral oil segment is expected to have the largest market share followed by bio-based oil. It is projected to grow at the highest rate during the forecast period. Mineral oil provides reliable insulation and cooling properties which contributes to the longevity of the transformers. The growth of the mineral oil segment is attributed to its proven performance, cost-effectiveness, and widespread adoption in the industry.
The transmission & distribution segment, by end-user, is expected to be the largest segment during the forecast period
This report segments the transformer oil market based on end-user into four segments: transmission and distribution, power generation, railways and metros, and others. The transmission and distribution segment is expected to be the largest segment during the forecast period. Aging transmission and distribution infrastructure demands repair and improvement in various regions. Increasing investments in smart grids coupled with the upgradation and modernization of the new and existing infrastructure will propel the growth of the transmission and distribution segment in the transformer oil market. Railways and metros is expected to be second largest segment during the forecast period. Growing focus on the enhancement of transportation sector along with investment in railways and metros is expected to drive the transformer oil market.
Asia Pacific is expected to be the largest region in the transformer oil market
Asia Pacific is expected to be the largest transformer oil market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Japan, South Korea, and Australia, are witnessing significant investments for expanding the number of substations owing to increased demand for electricity driven by the robust growth in industrial and commercial sectors. Electricity shortage is expected to support market grow in Asia Pacific as it can attribute to the increasing demand for power leading to installations of transmission & distribution infrastructure, which in turn increases the demand for the transformer oil.
Some of the major players in the transformer oil market are Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Shell (UK), APAR Industries Limited (India), and Calumet Specialty Products Partners, L.P. (US). The major strategies these players adopt include new product launches, contracts, agreements, partnerships, acquisitions, and investments & expansions.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441