Transformer Oil Market:
The GMI Research forecasts that the transformer oil market is witnessing an upsurge in demand during the forecast period. This is mainly due to the strong demand for modernization of aging grid infrastructure followed by large scale capacity addition.
Transformer Oil Market’s leading Manufacturers:
- Ergon International
- Nynas AB
- PetroChina Company Limited
- Apar Industries Ltd.
- Calumet Specialty Products Partners, L.P
- China Petroleum & Chemical Corporation
- Hydrodec Group plc
- Cargill, Incorporated
- ENGEN PETROLEUM LTD
- Exxon Mobil Corporation
Transformer Oil Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The up-gradation of electric grids in emerging countries owing to rapid urbanization and industrialization are the primary factors surging the growth of the transformer oil market size. The strong demand for modernization of aging grid infrastructure followed by large scale capacity addition will further propel the growth of the transformer oil market share in terms of revenue. For instance, in 2016, the U.S. DOE accounted USD 220 million in the Grid Modernization Initiative. The major factors bolstering the growth of the market in the upcoming years include the rising expenditure across the infrastructure industry and constant urbanization in developed economies.
The rising power consumption and growing investment in the power sector will further contribute to the growth of the market. The strong demand for high-tech electronic devices, the growing population, and increasing disposable income have enhanced the market’s demand. Additionally, the emerging trends of renewable energy sources is further anticipated to stimulate the growth of the market in the upcoming years. On the other edge of the spectrum, the rising demand for dry transformers and the fluctuations in raw material cost are the factors hampering the growth of the transformer oil market during the forecast period.
Regional Drivers
Based on region, the Asia-Pacific segment is projected to increase at a higher CAGR in the upcoming years. This is attributed to the increasing demand for power in emerging economies that include China and India and developed countries like China and Japan. The rising power needs, along with the up-gradation of the aging electrical infrastructure, will further boost the number of substations.
Application Segment Drivers
Based on the application, the market is segmented into transformer, reactor, and switchgear. The transformer segment is expected to increase at a higher CAGR in the upcoming years. Rising electricity needs due to the growing population, which in turn has led to an increase in investments for the expansion of the existing power grids and for the construction of new power infrastructure in developing and developed countries, will energize the growth of the segment in the market.
Transformer Oil Market Segmentation:
Segmentation by Oil Type:
- Mineral oil
- Naphthenic oil
- Paraffinic oil
- Silicone
- Bio-based oil
Segmentation by Application:
- Transformer
- Reactor
- Switchgear
Segmentation by End-User:
- Transmission and Distribution
- Power Generation
- Railways & Metros
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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