Wilmington, DE , Oct. 20, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Transformer Oil Market by Type (Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others), Function (Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer), End-Use (Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Others), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030." The report states that the global transformer oil industry was valued at $2.3 billion in 2020 and is projected to generate $4.3 billion by the year 2030 with an impressive CAGR of 6.3% between the forecast period of 2021 to 2030.
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Factors influencing the growth of the transformer oil market:
The global transformer oil market is expanding rapidly due to an expansion of power grids in developing nations, rising production of transformers technology, surge in power consumption, and growing investment in the power sector. The market is facing a downturn due to fluctuating prices of raw materials and surge in demand for oil-free transformers. Nevertheless, the rise in adoption of corrosion-free transformer oil and bio-based transformer oil will provide promising growth opportunities in the future.
The industrial segment to rule the roost
On the basis of application, the industrial segment held the highest share in 2020, contributing to more than half of the total market revenue and is expected to maintain its dominance in terms of revenue throughout the forecast timeframe. The growth is attributed to a surge in set up of standalone power generation systems in the industrial sector, owing to varying power and loads demand in industrial application.
On the other hand, the commercial segment would experience the fastest growth with 6.5% CAGR from 2021 to 2030. The factor driving growth of the segment involves the government's initiatives, along with urban development policies and programs. The residential segment is also analyzed in the report.
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The small transformer segment garnered the major share in 2020:
Under the end-use category, the small transformer segment generated the highest share in 2020, accounting for more than one-third of the overall market revenue and is expected to lead the trail from 2021 to 2030. The substantial use of small transformer systems to reach the surging requirements for electricity in rural regions. Moreover, the power transformers segment would cite a noteworthy CAGR of 7.0% during the forecast period. Power transformers play a pivotal role within the transmission and distribution energy grid by facilitating the efficient conveyance of electrical energy from its point of generation to the destination of consumption. This key function is a driving force behind the increasing demand for this particular sector. The other segments under this category involve utility transformer, large transformer, and distribution transformer.
The market in Asia-Pacific was largest in 2020
The regional analysis in the report indicates that the Asia-Pacific region generated the highest market share in 2020 contributing to more than two-fifths of the overall market revenue. The driving factors of the segment involve accelerated development of the renewable energy sector, existence of key market players, presence of large consumer base, and expansion of HVDC (High-voltage Direct Current) system networks. On the other hand, the LAMEA region is estimated to display a notable CAGR of 6.9% during the forecast period. The large number of projects regarding water, air, rail, and road transportation in the region led to a surge in the demand for transformers and transformer oil.
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Top players profiled in the report:
- Exxon Mobil Corporation
- Repsol
- Gulf Oil International
- Total SE
- Chevron Corporation
- Sinopec Lubricant Company
- Royal Dutch Shell
- Neste
- Exxon Mobil Corporation
- PETRONAS
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