Wilmington, Delaware, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Global Transformer Oil Market is valued at US$ 2.8 billion in 2023 and is expected to grow at a significant CAGR of over 6.7% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
The growth in global demand for electricity, driven by industrialization, urbanization, and increased population, leads to the expansion of power infrastructure. This expansion creates a demand for transformers, thereby boosting the transformer oil market.
The integration of renewable energy sources, such as wind and solar, into the power grid necessitates the use of transformers. Transformer oil is crucial for the insulation and cooling of these transformers, supporting the growth of the market. In addition, aging transformers often require maintenance, upgradation, or replacement. As utilities and industries focus on improving the efficiency and reliability of their electrical infrastructure, the need for transformer oil for maintenance and replacement purposes increases.
- According to a deep-dive market assessment by RationalStat, the global transformer oil market has been analyzed on the basis of market segments, including oil type, end user, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global transformer oil market covers market sizes on the basis of market value (US$/EUR Million) and volume (Liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global transformer oil market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Transformer Oil Market: Segmental and Market Share Analysis
- On the basis of application, transmission & distribution is anticipated to dominate the transformer oil market, principally due to the rising demand for transmission & distribution services across the globe, particularly in emerging economies.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 2.8 billion |
| Market Size Forecast | US$ 4.4 billion |
| Growth Rate | 6.7% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global transformer oil market include,
- In May 2022, APAR Industries signed a MoU agreement with Luberef. The agreement focuses on considering the possibility of building a transformer oil or white oil plant in LubeHub (Yanbu, Kingdom of Saudi Arabia (KSA).)
Some of the prominent players and suppliers operating and contributing significantly to the global transformer oil market growth include Engen Petroleum Ltd, Petro‐Canada Lubricants LLC, Ergon, Inc., Gandhar Oil Refinery (India) Limited, Eaton, China Petroleum & Chemical Corporation, Repsol, APAR Industries, Phillips 66 Company, and Shell, among others.
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RationalStat has segmented the global transformer oil market based on oil type, end user, application and region
- Global Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Oil Type
- Mineral-based
- Paraffin
- Naphthenic
- Bio-based
- Silicone-based
- Others
- Mineral-based
- Global Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by End User
- Power Generation
- Railways
- Transmission & Distribution
- Others
- Global Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Application
- Switchgear
- Reactor
- Transformer
- Others
- Global Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Region
- North America Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Transformer Oil Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Transformer Oil Report:
- What will be the market value of the global transformer oil market by 2030?
- What is the market size of the global transformer oil market?
- What are the market drivers of the global transformer oil market?
- What are the key trends in the global transformer oil market?
- Which is the leading region in the global transformer oil market?
- What are the major companies operating in the global transformer oil market?
- What are the market shares by key segments in the global transformer oil market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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