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)