According to a new market report published by Acute Market Reports Global Transformer Oil Market- Growth, Future Prospects & Competitive Analysis, 2023 - 2030, the Global Transformer Oil Market is expanding at a CAGR of 6% during the forecast period 2023 - 2030.
Browse for report at : https://www.acutemarketreports.com/report/transformer-oil-market
Market Insights
Increasing power demand due to growth in industrial, commercial and residential establishments fueling the demand for electricity across the globe which in turn is driving the demand for transformers subsequently increase the demand for transformer oil. Besides this, favorable government initiatives in key consuming economies such as India to completely move to electric vehicles on the road by 2030 which is expected to fuel the electricity consumption in India which is subsequently fueling the demand for transformer oil. Furthermore, rapid growth in rural electrification due to various government initiatives in emerging economies such as India and China is expected to impel the growth in demand of transformer which is subsequently projected to drive the demand for transformer oil over the forecast period. However, growing inclination towards dry type transformer and corrosive nature of transformer oil due the presence of sulfur content is projected to hamper the growth of transformer oil over the forecast period (2023-2030).
Competitive Insights:
Global transformer oil market is segmented on the basis of type, application and geography. By type, mineral oil based segment was the most dominant segment in global transformer oil market in 2021 and anticipated to continue its dominance over the forecast period. Easy availability and affordable prices are projected to be the growth drivers of the segment. Based on application, distribution transformer segment accounted for the largest share in global transformer oil market. Growing demand for electricity due to growing urbanization and rural electrification projected to drive the growth of the segment. On the basis of geography, Asia Pacific was estimated to be the largest market for transformer oil in 2021 and projected to maintain its dominance during the forecast period. Rapid urbanization and growing industrial manufacturing and high growth in rural electrification is expected to impel the electricity consumption in the region which in turn is anticipated to drive the growth of the segment during the forecast period. Major players in global transformer oil market are investing in research and development, merger and acquisition with focus on improve their product portfolio and market penetration.
Overall, global transformer oil market is anticipated to register significant growth over the forecast period (2023-2030).
Key Trends:
