Transformer Oil Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Transformer Oil Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Transformer Oil Global Market Report 2024, The transformer oil market size has grown strongly in recent years. It will grow from $2.21 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise in power demand, aging power grids, electrification projects, industrialization and urbanization, expansion of renewable energy, stringent regulations on transformer efficiency..

The transformer oil market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to transition to smart grids, focus on fire safety, demand for biobased transformer oils, emergence of compact and efficient transformers, resilience planning for extreme weather events.. Major trends in the forecast period include replacement of aging transformers, digitalization and iot in transformer monitoring, growing popularity of dry type transformers, strategic alliances in the oil industry, technological advancements in transformer designs..

The increasing number of power generation and distribution projects are expected to boost the growth of the transformer oil market. Power generation and distribution projects refer to facilities responsible for safe, secure, reliable, and sustainable electricity generation, transmission, and distribution. The increasing number of power generation and distribution projects leads to rising demand for transformers, switches, capacitors, and circuit breakers, increasing the demand for transformer oils. For instance, in November 2022, according to the Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, 8 new natural gas-fired combined-cycle gas turbine (CCGT) power plants were launched in the US electricity market. The ability of these new plants to produce electricity will increase the US electric system by 7,775 megawatts (MW). Therefore, the increasing number of power generation and distribution projects are driving the growth of the transformer oil market.

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The transformer oil market covered in this report is segmented –

1) By Type: Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, Other Types

2) By Function: Insulator, Cooling Agent, Lubricant, Chemical Stabilizer

3) By Application: Residential, Commercial, Industrial

4) By End User: Transmission And Distribution, Railways And Metros, Power generation, Other End Users

Product innovation is a key trend in the transformer oil market. Major companies operating in the transformer oil market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils and bitumen products launched the NYTRO BIO 300X. The NYTRO BIO 300X is an innovative insulating liquid that is a sustainable alternative to mineral insulating oil and ester liquids. The low viscosity, even at low temperature, made it very easy to handle and provides enhanced cooling in the transformer. The innovation supports transformer operators by enabling their equipment to fulfil stringent environmental needs and helps to lower the Total Cost of Ownership of the transformer.

The transformer oil market report table of contents includes: