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Transformer Oil Market to Hit $3.3 Billion by 2030

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Transformer Oil Market to Hit $3.3 Billion by 2030

August 10
02:55 2021
Transformer Oil Market to Hit $3.3 Billion by 2030
The global transformer oil market is projected to reach USD 3.3 billion by 2030 from an estimated market size of USD 1.9 billion in 2021, at a CAGR of 6.5% during the forecast period.

According to the new market 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), and Region – Global Forecast to 2030 “, published by MarketsandMarkets™, the global Transformer Oil Market size is expected to grow from an estimated USD 1.9 billion in 2021 to USD 3.3 billion by 2030, at a CAGR of 6.5%. The expansion of electric grids in developing countries and the modernization of the electric grids in the developed economies are driving the Transformer Oil Market.

Mineral oil: The largest segment of the Transformer Oil Market.

The market has been segmented by oil type into mineral oil, silicone and bio-based. The mineral oil segment is expected to have the largest market share and is projected to grow at the highest rate during the forecast period. Mineral oil is mainly used for cooling and insulation purposes in transformers, reactors, and switchgears. It is also used for heat dispersion and to protect the transformer’s internal windings. Mineral oil is further segmented into naphthenic and paraffinic oil, and a majority of the existing and new transformers manufactured use mineral oil as the insulation fluid. The demand for mineral oil is expected to grow during the forecast period because of its low cost index and easy availability compared to other transformer oils.

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The transmission & distribution segment is expected to be the most significant Transformer Oil Market.

The market has been segmented by end user into transmission and distribution, power generation, and railways and metros. The transmission & distribution segment is projected to be the most significant Transformer Oil Market, by end-user, during the forecast period. It has the largest share of the Transformer Oil Market owing to the global growth in the production and consumption of electricity. Transmission & distribution utilities own and operate the transmission & distribution system. Thus, growing demand for power will necessitate the expansion of the transmission & distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgears, leading to an increase in the demand for transformer oil.

APAC is expected to dominate the global Transformer Oil Market

APAC was the largest market, for Transformer Oil Market in 2020, driven mainly by activities in China, India, Japan, South Korea and Australia. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Transformer Oil Market. These players include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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