All updated as on -
With a projected CAGR of more than 8.8 percent from 2024–2031, the transformer oil market is expected to surpass its 2023 valuation of $2.47 billion.
Electricity usage has skyrocketed due to the increasing global population, industrialization, and urbanization. Transformer oil is in high demand due to the increasing demand for electricity, which forces the growth of power infrastructure, especially transformers. The majority of the world's electrical systems are getting on in years and might use some TLC. In order to help increase product penetration worldwide and guarantee the grid's stable and safe operation, it is essential to upgrade current transformers with new and efficient ones and use high-quality transformer oil.
Regional, product type, end use, application, and function are the five main categories that make up the worldwide transformer oil market research. Paraffinic oil, naphthenic oil, bio-based oil, silicone-based oil, and others are the types of oils that make up the market. It is classified as an insulator, a cooling agent, a lubricant, or a chemical stabilizer according to its purpose. Different types of transformers are used for different purposes; for example, utility transformers, power transformers, distribution transformers, and huge transformers are all subtypes of transformers. The research encompasses both commercial and industrial uses as well as household ones. The North American, European, Asia-Pacific, and Latin American and Caribbean markets are each examined separately.
The nationwide lockdown and subsequent closure of manufacturing and industrial sectors caused by the COVID-19 outbreak greatly affected the transformer oil market. The market was impacted by a number of issues, including the postponement of active projects. The United States and India are home to many transformer oil producers, and as demand dropped in emerging countries, they encountered difficulties. This had a noticeable effect on the Asia-Pacific region and North America. Because of the pandemic's impact on supply chain disruptions and decreased demand, transformer oil prices fell. The agricultural nations were not the only ones hit hard by the glut of transformer oil; falling demand meant more storage space was needed, which drove up production costs, and eventually the sector collapsed.
The uninterrupted operation of businesses and the strengthening of the global economy depend on the consistent supply of power. An established and trustworthy T&D network is essential in light of the rising energy demand. U.S., European, and some Asian power grids and transmission and distribution infrastructure have seen better days. For example, in the United States, transmission lines and power transformers are seventy percent older than twenty-five years ago. In a similar vein, forecasts indicate that by 2031, more than half of the grid network in the European Union would be more than 42 years old, up from one-third in 2023. Electric grid and T&D network dependability will be impacted by the aging of the grid network, which will lead to a decrease in power delivery efficiency. Because of this, the economies of the United States and Europe are updating their power systems by moving towards smart grid technology. According to recent reports, Western Europe plans to modernize its old power assets and invest USD 133.7 billion in smart grid infrastructure by 2027 to meet the increasing demand for electricity. On the same note, between 2020 and 2029, partners from South Asia and India have committed USD 25.9 billion to upgrade their grid network in the Asia-Pacific area.
In contrast to transformers that are filled with oil, which encase the windings and core in an insulating liquid, dry-type transformers have their core and windings housed in a pressurized tank. In addition, there are fewer strict operational and maintenance regulatory requirements when dry-type transformers are installed. In contrast to oil-filled transformers, which typically contain combustible substances like mineral oil, dry-type transformers are less likely to catch fire. Instead of oil-filled transformers, dry-type transformers are preferred because of safety concerns and rising environmental consciousness. The need for dry-type transformers is driven by this, especially in places like the US and Europe. A market restraint, oil-filled transformers will have their adoption dampened by the rising demand for dry-type transformers.
Transformer oil is a growing industry, with one of the main reasons being the increasing need for electricity infrastructure in developing nations. Oil for transformers is an essential part of power transformers, which distribute energy from generators to buildings and appliances. Power transformers and transformer oil are in high demand due to the rising demand for electricity in developing nations. Further fueling the expansion of the transformer oil market are the rising investments in the electricity industry, particularly in nations like Brazil, India, and China. Demand for power transformers and transformer oil is being driven by the fast expansion of energy grids in these nations to meet the increasing electricity demand.
The expansion of the renewable energy sector, which includes wind and solar power, is another factor fueling the transformer oil industry. electricity transformers and transformer oil are essential for connecting renewable energy sources to the electricity grid. The rising need for electricity, the development of more extensive energy networks in developing nations, and the increasing reliance on renewable energy sources are the main factors propelling the transformer oil market toward further expansion in the years ahead. Consequently, these factors have contributed to the growth of the Transformer Oils market worldwide in the past few years.
Report Coverage
Global Transformer Oil research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Transformer Oil report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Transformer Oil competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Transformer Oil market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Transformer Oil market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Transformer Oil market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Nynas AB, Calumet Specialty Products, PetroChina Company, Hydrodec Group Plc., Engen Petroleum Limited, San Joaquin Refining, Ergon Inc., APAR Industries Limited, Sinopec Group, Cargill Inc., Valvoline Inc., Gandhar Oil Refining
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Transformer Oil market based on the below-mentioned segments:
Global Transformer Oil Market, By Type
Naphthenic Oil
Paraffinic Oil
Silicone-based Oil
Bio-based Oil
Others
Global Transformer Oil market, By Application
Residential
Commercial
Industrial
Global Transformer Oil Market, By End User
Small Transformers
Large Transformers
Utility Transformers
Distribution Transformers
Power Transformers
Others
Global Transformer Oil market, Regional Analysis
Electricity usage has skyrocketed due to the increasing global population, industrialization, and urbanization. Transformer oil is in high demand due to the increasing demand for electricity, which forces the growth of power infrastructure, especially transformers. The majority of the world's electrical systems are getting on in years and might use some TLC. In order to help increase product penetration worldwide and guarantee the grid's stable and safe operation, it is essential to upgrade current transformers with new and efficient ones and use high-quality transformer oil.
Regional, product type, end use, application, and function are the five main categories that make up the worldwide transformer oil market research. Paraffinic oil, naphthenic oil, bio-based oil, silicone-based oil, and others are the types of oils that make up the market. It is classified as an insulator, a cooling agent, a lubricant, or a chemical stabilizer according to its purpose. Different types of transformers are used for different purposes; for example, utility transformers, power transformers, distribution transformers, and huge transformers are all subtypes of transformers. The research encompasses both commercial and industrial uses as well as household ones. The North American, European, Asia-Pacific, and Latin American and Caribbean markets are each examined separately.
The nationwide lockdown and subsequent closure of manufacturing and industrial sectors caused by the COVID-19 outbreak greatly affected the transformer oil market. The market was impacted by a number of issues, including the postponement of active projects. The United States and India are home to many transformer oil producers, and as demand dropped in emerging countries, they encountered difficulties. This had a noticeable effect on the Asia-Pacific region and North America. Because of the pandemic's impact on supply chain disruptions and decreased demand, transformer oil prices fell. The agricultural nations were not the only ones hit hard by the glut of transformer oil; falling demand meant more storage space was needed, which drove up production costs, and eventually the sector collapsed.
The uninterrupted operation of businesses and the strengthening of the global economy depend on the consistent supply of power. An established and trustworthy T&D network is essential in light of the rising energy demand. U.S., European, and some Asian power grids and transmission and distribution infrastructure have seen better days. For example, in the United States, transmission lines and power transformers are seventy percent older than twenty-five years ago. In a similar vein, forecasts indicate that by 2031, more than half of the grid network in the European Union would be more than 42 years old, up from one-third in 2023. Electric grid and T&D network dependability will be impacted by the aging of the grid network, which will lead to a decrease in power delivery efficiency. Because of this, the economies of the United States and Europe are updating their power systems by moving towards smart grid technology. According to recent reports, Western Europe plans to modernize its old power assets and invest USD 133.7 billion in smart grid infrastructure by 2027 to meet the increasing demand for electricity. On the same note, between 2020 and 2029, partners from South Asia and India have committed USD 25.9 billion to upgrade their grid network in the Asia-Pacific area.
In contrast to transformers that are filled with oil, which encase the windings and core in an insulating liquid, dry-type transformers have their core and windings housed in a pressurized tank. In addition, there are fewer strict operational and maintenance regulatory requirements when dry-type transformers are installed. In contrast to oil-filled transformers, which typically contain combustible substances like mineral oil, dry-type transformers are less likely to catch fire. Instead of oil-filled transformers, dry-type transformers are preferred because of safety concerns and rising environmental consciousness. The need for dry-type transformers is driven by this, especially in places like the US and Europe. A market restraint, oil-filled transformers will have their adoption dampened by the rising demand for dry-type transformers.
Transformer oil is a growing industry, with one of the main reasons being the increasing need for electricity infrastructure in developing nations. Oil for transformers is an essential part of power transformers, which distribute energy from generators to buildings and appliances. Power transformers and transformer oil are in high demand due to the rising demand for electricity in developing nations. Further fueling the expansion of the transformer oil market are the rising investments in the electricity industry, particularly in nations like Brazil, India, and China. Demand for power transformers and transformer oil is being driven by the fast expansion of energy grids in these nations to meet the increasing electricity demand.
The expansion of the renewable energy sector, which includes wind and solar power, is another factor fueling the transformer oil industry. electricity transformers and transformer oil are essential for connecting renewable energy sources to the electricity grid. The rising need for electricity, the development of more extensive energy networks in developing nations, and the increasing reliance on renewable energy sources are the main factors propelling the transformer oil market toward further expansion in the years ahead. Consequently, these factors have contributed to the growth of the Transformer Oils market worldwide in the past few years.
Report Coverage
Global Transformer Oil research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Transformer Oil report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Transformer Oil competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Transformer Oil market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Nynas AB, Calumet Specialty Products, PetroChina Company, Hydrodec Group Plc., Engen Petroleum Limited, San Joaquin Refining, Ergon Inc., APAR Industries Limited, Sinopec Group, Cargill Inc., Valvoline Inc., Gandhar Oil Refining |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Transformer Oil Market from 2021 to 2031.
- Market Forecast for Transformer Oil Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Transformer Oil competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Transformer Oil
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Transformer Oil market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Transformer Oil market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Nynas AB, Calumet Specialty Products, PetroChina Company, Hydrodec Group Plc., Engen Petroleum Limited, San Joaquin Refining, Ergon Inc., APAR Industries Limited, Sinopec Group, Cargill Inc., Valvoline Inc., Gandhar Oil Refining
Primary Target Market
- Market Players of Transformer Oil
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Transformer Oil market based on the below-mentioned segments:
Global Transformer Oil Market, By Type
Naphthenic Oil
Paraffinic Oil
Silicone-based Oil
Bio-based Oil
Others
Global Transformer Oil market, By Application
Residential
Commercial
Industrial
Global Transformer Oil Market, By End User
Small Transformers
Large Transformers
Utility Transformers
Distribution Transformers
Power Transformers
Others
Global Transformer Oil market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive transformer oil market market research and competitor analysis for your business to help you develop more profound insights into the transformer oil market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the transformer oil market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.