Transformer Oil Market Expected to Reach US$ 3.26 Bn by 2024: Transparency Market Research
ALBANY, New York, May 17, 2017 /PRNewswire/ --
Transparency Market Research has published a new market report titled "Transformer Oil Market - Global Industry Analysis Size Share Growth Trends and Forecast 2016-2024". According to the report, the Transformer Oil market was valued at US$ 1.99 Bn in 2015 and is anticipated to reach US$ 3.26 Bn by 2024, expanding at a CAGR of 5.7% between 2016 and 2024.
Transformer oil is a fluid which is primarily used in an oil filled transformer for the purpose of cooling and insulating the transformer. It is also used to protect the transformer from electric arcing and corona discharges. Transformer oil is mainly manufactured from mineral oil which is itself produced from distillation of crude petroleum oil. It is also manufacture from silicone base and vegetable oil. Based on these manufacturing processes transformer oil is classified by product type as mineral oil, silicone based and bio based.
Application segment for transformer oil market is divided into power transformers, distribution transformers and others application segment. Power transformers and distribution transformers are integral parts of the power transmission and distribution system. Power transformers are generally rated above 200 MVA and are used in high voltage grid station for transmission of power. Distribution transformers are generally rated less than 200 MVA and are used for the distribution of electrical energy at low voltage. Distribution transformers are typically used to distribute electricity to the residential sector. In 2015, distribution transformer application segment accounted for significant market share for transformer oil market.
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This is due to the fact that distribution transformers outnumber power transformer by large, hence the demand for transformer oil in distribution transformers in high. The segment is also expected to exhibit a rapid growth during the forecast period due to the initiatives of various governments to expand the power infrastructure, especially in developing regions such as Asia Pacific, Latin America, and Africa. Power transformer segment though behind distribution transformers segment also held a considerable market share in 2015. Others applications segment which includes switchgears, circuit boards, and high voltage capacitors among other materials is expected to have an insignificant share of the transformer oil market during the forecast period.
Globally Asia Pacific accounts for the significant market share in the global market followed by North America and Europe. Transformer oil market in developed countries of North America and Europe is expected to experience sluggish growth for the forecast period due to these markets being reached a mature state with limited opportunities for growth. Asia-Pacific has a large consumer base besides having a host of developing nations such as China, India, Korea, Sri Lanka, and Bangladesh among others who are focusing on the development of their power infrastructure.
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Key players operating in the transformer oil market include Nynas AB, ExxonMobil Corporation, Shell, Sinopec Corporation, Cargill Inc., Dow Corning Corporation, Apar Industries, and Gulf Oil Middle East Limited among others.
This report segments the global transformer oil market as follows:
- Transformer Oil Market - Product Analysis
- Mineral Oil
- Naphthenic Oil
- Paraffinic Oil
- Silicone based
- Bio based
- Mineral Oil
- Transformer Oil Market - Application Analysis
- Power Transformers
- Distribution Transformers
- Others
- Transformer Oil Market - Regional Analysis
- North America
- U.S.
- Canada
- Europe
- U.K.
- Italy
- Spain
- France
- Germany
- Rest of Europe
- Asia Pacific
- China
- Japan & Korea
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of MEA
- North America
Browse Other Market Research Report:
- Dry Type Transformer Market: http://www.transparencymarketresearch.com/dry-type-transformer-market.html
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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