Sellbyville, Delaware, July 05, 2018 (GLOBE NEWSWIRE) --
World Transformer oil market is projected to exceed USD 3 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Growing demand for the modernization of existing grid infrastructure along with large scale transmission capacity addition will stimulate the transformer oil market growth. The U.S. Department of Energy in 2016, through the Grid Modernization Initiative announced to allocate USD 220 million. The investment was done to revive the electricity grid thereby making it affordable, sustainable and resilient. Rising electricity demand from developing economies to increase the accessibility for the population will further enhance the business outlook.
Silicon based transformer oil market will expand over 6.5% by 2024. High fire & flash point, self-extinguishing nature, low heat release and nonhazardous properties has accelerated the acceptance of the product range across the business landscape. Non-petroleum base and non-toxicity are some other requirements contributing to the amplified product penetration growth. Though, rising prominence of bio-based products are anticipated to offer significant competition to the silicon-based transformer oils.
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UK transformer oil market is predicted to reach over 6% by 2024. Rising demand for transformation and refurbishment of prevailing electricity infrastructure coupled with favorable government reforms supporting the development of renewable energy networks will strengthen the industry landscape. Expansion of inter region transmission networks along with government funding for electrification programs will further complement the business landscape.
Rising demand for power across the globe has enhanced the deployment of new transformer units which in turn will propel the transformer oil market share. Increasing focus toward rural electrification coupled with massive investment from nonprofit organizations will further augment the industry landscape. The Asian Development Bank, in 2017, announced to invest USD 6.5 million for the development of electrical grid infrastructure in Southeast Asia.
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https://www.gminsights.com/industry-analysis/transformer-oil-market
Power transformers, in 2017, valued over 55% of the transformer oil market share. Rising investment in the electricity sector along with development of power grids in developing countries will augment the product demand. Increasing use of power transformer at the receiving & finishing end of HV transmission lines will further boost the industry outlook.
The China transformer oil market was valued over USD 250 million in 2017. Rising demand for the restoration of aging grid systems along with substantial fund flow for the modification of grid infrastructure will complement the industry landscape. In 2015, the National Energy Administration of China introduced its 5-year investment plan for the power grid construction & reformation. An investment of USD 302 billion was done to increase the length of the transmissions lines in the medium and ultra-high voltage areas.
Eminent industry players in the transformer oil market comprise of Cargill, Nynas, Calumet, Hydrodec, APAR Industries, Valvoline, DOW Chemical, Clearco, Engen and Electrical Oil Services amongst others. Product accreditations, cost competitiveness coupled with strengthened distribution network are the key strategic assets that will offer a competitive edge across the industry.
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Browse Related Reports:
- Transformer Market Size 2017 – 2024
Transformer Market share for 2016 was valued over USD 40 billion and the annual installation is set to exceed 170 thousand units by 2024. Rapid urbanization coupled with rising expenditure across the infrastructure sector have fuelled the expansion of existing grid networks in the recent years. Ongoing proliferation across the electricity industry will drive the global market.
https://www.gminsights.com/industry-analysis/transformer-market
- Europe Oil Filled Distribution Transformer Market Size 2017 – 2024
Europe Oil Filled Distribution Transformer Market share for 2017 was valued over USD 1,100 million and is set to exceed an annual installation of 200 thousand units by 2024. Europe oil filled distribution transformer market on account of bulk investments from financial institutions including the World Bank has gained an appreciable escalation over the years.
https://www.gminsights.com/industry-analysis/europe-oil-filled-distribution-transformer-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.