Transformer Oil Market Size Worth US$ 4.3 Billion by 2030
WILMINGTON, DELAWARE, UNITED STATES, February 2, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The transformer oil market size 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.
Transformer oil is a critical component in electrical power systems, contributing to the reliability and longevity of transformers. Advances in oil technology, alongside environmental considerations, continue to shape the evolution of transformer oils in the energy industry.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/750
Asia-Pacific garnered the highest share in the transformer oil market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period.
Top Companies
Neste, Petronas, Sinopec Lubricant Company, Royal Dutch Shell, Exxon Mobil Corporation, Total SE, Chevron Corporation, Exxon Mobil, Repsol, and Gulf Oil International.
Other players operating in the market are Lubrita, Phillips 66 Company, Dow, Cargill Incorporated, Hydrodec Group Plc., Calumet Specialty Products Partners, L.P., Sasol, Hyrax Oil Sdn Bhd., and San Joaquin Refining Co.
Transformer oil, also known as insulating oil or dielectric oil, is a specialized oil used in transformers and other electrical equipment to provide insulation and cooling. It plays a crucial role in the efficient and safe operation of transformers, ensuring electrical insulation and heat dissipation.
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.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/750
Transformer oil, also known as insulating oil, is an oil used in oil-filled transformers, which exhibits electrical insulating property. It has other properties such as superior oxidation stability, superior thermal conductivity, and enhanced stability at high temperatures.
It effectively prevents the formation of acidic materials and sludge as well as facilitates effective cooling of the transformer core. The electrical properties include dielectric strength, specific resistance, and dielectric dissipation.
Rapid industrialization and modernization in the electrical grids supplement the demand for power transformer, which, in turn, is expected to increase the consumption of transformer oil.
Presence of the high-power consuming countries such as China, Japan, and India are anticipated to contribute toward the growth of the transformer oil market share in the region.
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.
Get a Customized Research Report: https://www.alliedmarketresearch.com/request-for-customization/750
Asia-Pacific garnered the dominant share in 2020, and anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base, rapid expansion of the energy sector, high-voltage direct current (HVDC) systems, and the existence of key players in the region.
On the basis of end use, the power transformer segment held the largest share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period.
This growth is attributed to rapid expansion of heavy industries & projects such as dams, power plants, power grids, refineries, and mills, which further increases the installation of power transformers in these applications.
On the basis of application, the industrial segment garnered the largest share in 2020, in terms of revenue, and is expected to grow at a CAGR of 6.1%, owing to rise in installation of standalone power generation systems in industrial applications attributable to varying loads and power demand in industrial applications.
Rapid growth of industries such as building & construction, chemicals, oil & gas, and railways resulted in rise in demand for transformers, which, in turn, is expected to drive the growth of the market during the forecast period.
COVID-19 impact
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for transformer oil from these consumers.
Buy This Report (330 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3xYAnGl
The transformer oil market trend is expected to recover by the second quarter of 2021, as COVID-19 vaccination has begun in various economies across the globe, which is expected to improve the global economy.
Trending Reports in Energy and Power Industry:
Voltage Transformer Market
Instrument Transformers Market
Transformers Market
Transformer Core Market
Dry Type Transformer Market
Power Transformer Market
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
