New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Worldwide demand for transformer oil is estimated to reach a growth of US$ 8.7 Bn by the end of 2032. Growth of the transformer oil market is expected to be driven owing to increasing power and energy consumption, increased transformer installations, expansion of electric grids in developing nations, and modernization of electric grids in developed economies. Growing investments in transmission & distribution, development of large-scale clean energy projects, and the growth of electric grids in both developed and emerging nations are key factors that will influence market growth over the coming years.
The market has been predominantly influenced by escalating urbanization, rapid industrialization, escalating technology breakthroughs, and rising cross-border power commerce. Additionally, the market is anticipated to see a marked increase in investments in technological advancements and R&D initiatives for product innovations. These trends are further reflected in growing energy transitions and the increasing shift toward green and environmentally-friendly technologies.
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Transformer oil demand is increasing significantly as a result of oil-filled power and distribution transformers, rectifiers, circuit breakers, and switchgear required for fault-free operation of power transformers.
To support regional economic development, some growing economies, notably China, India, Brazil, and ASEAN, intend to supply power distribution infrastructure & networks to underdeveloped rural areas. Additionally, these nations are seeing a sharp rise in power generating and distribution projects, which is driving transformer oil sales.
It is projected that the transition to renewable energy sources, strict environmental restrictions, and a shift toward organic oils will all restrain market growth to some extent. Additionally, strict guidelines to lessen the negative effects of minerals and crude oil price volatility can affect market progress.
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Key Takeaways from Market Study
- Between 2022 and 2032, the global market for transformer oil is anticipated to expand rapidly at a CAGR of 8%.
- Key market growth factors are increasing power consumption and major growth in power generation & distribution.
- It is expected that China will continue to be a significant market for transformer oil in the world.
- In terms of oil type, mineral oil is predicted to continue being one of the fastest-growing segment and account for 82.1% market share.
- Transmission and distribution is likely to continue to be a major end-use industry and expand at 8.3% CAGR in terms of value.
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“Leading market players are concentrating on strategic growth tactics and acquisitions and are implementing advanced technology for bio-based transformer oil to sustain in the long run,” says a Persistence Market Research analyst.
Competitive Landscape
The market of transformer oil is consolidated where key players are expected to account for a high share of the market. Some of the top manufacturers include Royal Dutch Shell, Exxon Mobil Corporation, Repsol, Nynas AB, China Petroleum & Chemical Corp (Sinopec Corporation), APAR Industries, PetroChina Company Limited, Savita Oil Technologies Limited, Chevron Corporation, M&I Materials Limited, Petro-Canada, Gandhar Oil, Lubrita, Phillips 66 Company, and Ergon, Inc.
Key market players are focusing on expanding their production capacity to increase their market presence all over the world and gain more traction in the market. Further, the market is witnessing acquisitions and collaborations of large and small players to target the growing demand for transformer oil in emerging economies.
- For instance, a memorandum of understanding (MoU) was signed in May 2022 by Saudi Aramco base oil firm Luberef and APAR Industries Limited of India to discuss the possibility of constructing a transformer oil production facility at the Lubricant Value Park in Saudi Arabia.
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Conclusion
Consumption of transformer oil has been predominantly influenced by certain macro-economic factors along with demographic factors, including growing population in developing nations, growth in the power generation sector all over the world, and other factors. Investments in the transmission & distribution sector are boosting the demand for the production of transformers, indirectly driving the demand for transformer oil.
Further, the market is moving toward sustainable development. Many governments are investing in mega projects to fulfill the need of the rising population. Transformers are an integral part of any power generation project, which will drive the demand for transformer oil globally.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global transformer oil market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.an
The report provides in-depth analysis of the market through different segments, namely, oil type, application, end-use industry, and region. The report also provides supply and demand trends along with an overview of the parent market.
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