October 25, 2022 07:22 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Global Transformer Oil Market was valued at USD 1.34 Billion in 2020 and is expected to reach USD 2.32 Billion by 2028, registering a CAGR of 7.12% during the forecast period of 2022-2028.
Vantage Market Research published latest Transformer Oil Market study by in-depth analysis about current scenario, the market size, demand, growth pattern, trends, and forecast. The Transformer Oil market research report is absolutely fair and clear research report designed by masters by using top-notch research techniques and tools. SWOT Analysis and Porter's Five Forces analysis helps to find out the threats, opportunities, strength and weakness present in the Transformer Oil market. The report is a careful examination of the Transformer Oil market and gives bits of knowledge about noteworthy techniques, scope, chronicled data, and accurate data of the general market. It moreover joins foreseen bits of knowledge that are evaluated with the assistance of a sensible game plan of frameworks and speculations.
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List of Prominent Players in the Transformer Oil Market:
What is Transformer Oil? How Big is Transformer Oil Market Size?
Increased Electric Grids and its Modernization to Fuel the Global Transformer Oil Market
Most of the world’s network of electricity generation, transmission and distribution resources is getting old. The need to upgrade technologies in order to reliably incorporate new systems, changing market dynamics and shifting consumer preferences is also growing. The technological modifications are outperforming both infrastructure capabilities and policy development while everyone seeks for ways to sync current policies with a rapidly changing energy market. The U.S. electric grid consists of more than 9,200 electric generating units having more than 1 million megawatts of generating capacity connected to more than 600,000 miles of transmission lines which is considered to be a greatest prodigy. Furthermore, the Office of Electricity (OE) is working to transform, strengthen, and improve energy infrastructure to guarantee access to reliable, secure, and clean sources of energy with its public and private partners. Additionally, the increase in installation of new transformer and switchgears and investments in the expansion of T&D system and grid network and by emerging economies to provide the potential increase in power demand owing to the growing urbanization and industrialization is also anticipated to fuel the demand for transformer oil.
Growing Demand for Bio-Based Transformer Oil Due to Environmental Concerns of to Stimulate the Market Growth
Over the last few decades, the demand for transformers has been growing considerably across the globe. The bio-based transformer oil is considered to offer reliable and cleaner transformer oil since they are completely non-toxic and free of PCB biodegradable that further simplifies the disposal process. The rapid urbanization and industrialization across the globe are further expected to augment the bio-based transformer oil industry. This is expected to drive the demand for bio-based transformer oil. Furthermore, the power utilities are now focusing on improving and enhancing the safety and performance of existing & new transformers which is further anticipated to drive the global bio-based transformer oil demand. However, the presence of substitutes like mineral oil and fluctuations in crude oil prices may restrain the growth of the market in the years to come. Moreover, expansion in cross-border electricity trade and increased investment and development in the expansion of the grid network is expected to support the growth of the market in the years to come.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the transformer oil industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on Transformer Oil Market highlights:
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China to Dominate Asia Pacific Transformer Oil Market
Asia Pacific has dominated the global transformer oil market with 46.82% of the share of the total market in 2020 and is likely to continue the same trend during the forecast period. This is attributable to the increasing demand to renovation, improvement & transforming the current electricity distribution infrastructure from emerging economies like India, Thailand, Vietnam, and Indonesia in this region. China projected to hold maximum share in 2020 of the Asia Pacific transformer oil market. Maximum cities in China consist of well-established connection lines, electric poles, and also have extensive distribution energy networks capable of generating the required electricity.
North America and Europe are also likely to witness substantial growth in the transformer oil market during the forecast period. This is attributable to the increase in transformation of the existing transformers along with decreasing crude oil prices in the region. Additionally, growing demand for energy in the developed economies of the region such as the U.S. and UK is also expected to support the growth of the transformer oil market in near future.
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December, 2020: Chevron Lubricants announced an agreement with Petrol Ofisi. As a result of this development, Petrol Ofisi will manufacture and distribute the products of Chevron Lubricants in Turkey, under the Texaco brand. The portfolio includes Chevron Lubricants’ industrial and automotive lubricants.
October, 2020: Ergon International, Inc. increased the storage capacity at the Antwerp terminal in Belgium. The capacity after the expansion is 39,000 m3. This expansion was done to secure the constant supply of specialty oils to its customers.
Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on Transformer Oil Market Forecast Report (2021-2028).
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