A comprehensive overview of the global transformer oil market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the transformer oil market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global transformer oil market at regional and country levels. The Global transformer oil market was valued approximately USD 2 billion in 2020 and is expected to grow at a CAGR of around 6% during the forecast period (2021-2027).
Market Overview
Transformer oil market cater considerable market presence over the
past years across the globe. It is mainly owing to the expansion of electric
grids in developing countries along with the modernization of electric grids in
the developed economies due to growing industrialization and urbanization. In
addition, rise in demand for electricity globally is resulting in demand for
new transformers and replacement of old ones are set to drive the market. For
instance: European distribution grid would be required an investment of
US$436.5-494.7 billion (EUR 375-425 billion) until 2030 to ramped up its
distribution of grid by 50% that help in modernizing aging transformer, aging
grid, and other infrastructure. Further, government regulations toward
the establishment of renewable networks along with ongoing refurbishment of
ageing grid infrastructure will augment the industry landscape.
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COVID-19 Impact
The COVID-19 pandemic has had a negative impact on specialty
chemical manufacturers. The decline in the prices of crude oil has enabled a
majority of transformer oil manufacturers to achieve reduced raw material
costs. However, depending upon the capital availability and financial
conditions, utilities defer some of their generation and T&D investments,
thus affecting transformer manufacturing activities the coupled with issues
related to procurement and logistics due to the supply chain breakdown had also
negative impact on the transformer oil market.
Global Transformer Oil market report is studied thoroughly with
several aspects that would help stakeholders in making their decisions more
curated.
By Oil Type, the market is primarily bifurcated into:
·
Mineral Based Oil
o Naphthenic
o Paraffinic
·
Silicone
·
Bio-based
Based
on Oil Type, currently, mineral based oil segment captured considerable market
share. It is mainly owing to its low cost and easy availability compared to
other transformer oils.
By Application, the market is mainly segmented into:
·
Transformer
o Power
transformer
o Distribution
transformer
·
Reactor
·
Switchgear
Based on Application, currently, transformer
holds considerable demand and expected to grow at an influential rate in the
projected period. It is mainly owing to the to rising power demands upgrade and
expansion of electric grids has escalated the installation of transformers,
which is expected to eventually propel the growth of the transformer segment
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By End-User, the market is mainly segmented into:
·
Transmission and Distribution
·
Railways & Metros
·
Power generation
·
Others
Based on
End-Users, the market is segmented transmission and distribution, railways and
metros, power generation, and others. Transmission and distribution hold
significant share in the transformer oil market and expected to have
influential growth rate during the forecast period as well. As growing demand
for power would necessitate the expansion of the transmission &
distribution network, thereby enhancing the demand for electrical components,
such as transformers, reactors, and switchgears, leading to an increase in the
demand for transformer oil.
Global Transformer Oil Market Geographical Segmentation Includes:
·
North America (United States, Canada, Rest of North America)
·
Europe (Germany, UK, France, Spain Rest of Europe)
·
Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
·
Rest of World
Based on
the estimation, Asia Pacific constitutes the largest market in the transformer
oil market and expected to have an influential growth rate in the projected
years predominantly due to growth of industrial and commercial sectors, which will
lead to an increase in the number of substations which in turn would generate
the demand for transformer oil.
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The major players targeting the market includes:
·
Apar Industries Limited
·
Cargill Incorporated
·
China Petroleum & Chemical
Corporation
·
Engen Limited
·
Ergon Inc.
·
Gandhar Oil Refinery (India)
Limited
·
Hydrodec Group plc
·
Nynas AB
·
San Joaquin Refining Co. Inc.
·
Valvoline Inc
Competitive Landscape
The degree of competition among prominent companies has been
elaborated by analyzing several leading key players operating globally. The
specialist team of research analysts’ sheds light on various traits such as
global market competition, market share, most recent industry advancements,
innovative product launches, partnerships, mergers, or acquisitions by leading
companies in the global transformer oil market. The major players have been
analyzed by using research methodologies for getting insight views on market
competition.
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more informative information, please visit us @ https://univdatos.com/report/transformer-oil-market/
Key questions resolved through this analytical market research report
include:
·
What are the latest trends, new
patterns, and technological advancements in the global transformer oil market?
·
Which factors are influencing
the global transformer oil market over the forecast period?
·
What are the global challenges,
threats, and risks in the global transformer oil market?
·
Which factors are propelling
and restraining the global transformer oil market?
·
What are the demanding global
regions of the global transformer oil market?
·
What will be the market size in
the upcoming years?
·
What are the crucial market
acquisition strategies and policies applied by the companies?
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