Transformer Oil Market - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024
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<strong>Transformer</strong> <strong>Oil</strong> <strong>Market</strong> - <strong>Global</strong> <strong>Industry</strong><br />
<strong>Analysis</strong> <strong>Size</strong> <strong>Share</strong> <strong>Growth</strong> <strong>Trends</strong> <strong>and</strong><br />
<strong>Forecast</strong> <strong>2016</strong> - <strong>2024</strong><br />
<strong>Global</strong> <strong>Transformer</strong> <strong>Oil</strong> <strong>Market</strong>: Snapshot<br />
Thanks to the increasing need for power across the world, the global transformer oil<br />
market has been witnessing a high growth rate. The rising distribution of oil filled<br />
transformers in developing nations, such as China <strong>and</strong> India, where the focus of the<br />
governments is to exp<strong>and</strong> the power infrastructure is also boosting this market<br />
substantially.<br />
Going forward, the augmenting dem<strong>and</strong> for transformer oil in developed regions,<br />
such as North America <strong>and</strong> Europe, where the existing power infrastructure is<br />
anticipated to be overhauled, is likely to propel this market over the next few years.<br />
However, the advent of smart transformers <strong>and</strong> dry type transformers may restrict<br />
this market to registering a steady growth in the years to come. In 2015, the overall<br />
opportunity in the global transformer oil market was US$1.99 bn in 2015 <strong>and</strong> is<br />
anticipated to reach US$3.26 bn by <strong>2024</strong>, rising at a CAGR of 5.70% between <strong>2016</strong><br />
<strong>and</strong> <strong>2024</strong>.<br />
View Report @ http://www.transparencymarketresearch.com/transformeroil-market.html<br />
Dem<strong>and</strong> for Mineral <strong>Oil</strong> to Remain High<br />
Mineral oil, silicone-based oil, <strong>and</strong> bio-based oil are the main products available in<br />
the global market. Among these, the dem<strong>and</strong> for mineral oil is higher <strong>and</strong> trend is<br />
expected to remain so over the next few years. However, the dem<strong>and</strong> for bio-based<br />
oil is likely to increase at a significant rate in the near future.<br />
Based on the application, the global market for transformer oil is categorized into<br />
power transformers <strong>and</strong> distribution transformers. The dem<strong>and</strong> for transformer oil<br />
has been higher from distribution transformers due to the fact that distribution<br />
transformers outnumber power transformer by large. This scenario is likely to<br />
remain so over the next few years, thanks to the initiatives of various governments<br />
to exp<strong>and</strong> the power infrastructure, especially in developing regions such as Asia<br />
Pacific, Latin America, <strong>and</strong> Africa.<br />
Power transformers are also projected to report a significant uptake of transformer<br />
oil in the years to come while others application areas, such as switchgears, circuit
oards, <strong>and</strong> high voltage capacitors are expected to are anticipated to hold an<br />
insignificant share in the worldwide market for transformer oil.<br />
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Asia Pacific to Retain Lead in <strong>Global</strong> <strong>Transformer</strong> <strong>Oil</strong> <strong>Market</strong><br />
Geographically, the worldwide market for transformer oil is segmented into the<br />
Middle East <strong>and</strong> Africa, Latin America, Asia Pacific, Europe, <strong>and</strong> North America. Asia<br />
Pacific dominated the global market in 2015 with a share of more than 43%. Thanks<br />
to the increasing focus of the governments in Asian countries, such as China, India,<br />
<strong>and</strong> Korea, on the advancement of the power infrastructure in these nations, the<br />
Asia Pacific market for transformer oil is likely to retain its dominance over the next<br />
few years.<br />
In developed regions, such as North America <strong>and</strong> Europe, the market for<br />
transformer oil is in its maturity, so the growth is expected to be sluggish. Over the<br />
coming years, these regional markets are expected to be driven by the<br />
refurbishment of the present power infrastructure. Especially, the market in Europe<br />
is projected to be driven by the development of offshore wind farms for power<br />
generation.<br />
ExxonMobil Corp., China Petroleum & Chemical Corp., Nynas AB, Royal Dutch Shell<br />
Plc, Dow Corning Corp., Apar Industries Ltd., Cargill Inc., Calumet Specialty Products<br />
Partners L.P., Gulf <strong>Oil</strong> Middle East Ltd., Engen Petroleum Ltd., Electrical <strong>Oil</strong> Services<br />
Ltd., Ergon Inc., <strong>and</strong> San Joaquin Refining Co. Inc. are the key vendors of<br />
transformer oil across the world.<br />
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