Rise in power consumption, expansion of power grids in developing countries, increasing investment in the power sector, and growing production of transformers technology have boosted the growth of the global transformer oil market.
PORTLAND, Ore., March 9, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Transformer Oil Market by Type (Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others), Function (Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer), End-Use (Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Others), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global transformer oil industry was pegged at $2.3 billion in 2020, and is expected to reach $4.3 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in power consumption, expansion of power grids in developing countries, increase in investment in the power sector, and growth in production of transformers technology have boosted the growth of the global transformer oil market. On the contrary, rise in demand for oil-free transformer and volatile prices of raw materials hinder the market growth. However, surge in adoption of bio-based transformer oil and corrosion-free transformer oil is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- Due to the imposed lockdown during the initial days of the pandemic, manufacturing & processing activities across various industries and electrical utilities were halted. Additionally, there was a ban on import-export activities. Thus, the demand for electricity from these consumers reduced.
- Furthermore, the market growth hampered during the pandemic period due to a lack of workforce, downtrend in the development of new electric utility infrastructures, grid networks, and renewable power plants, and other power plants, along with the rise in the demand-supply gap.
- However, transformer oil market growth is anticipated to increase due to the rapid increase in COVID-19 vaccination drives across the globe.
The industrial segment to dominate by 2030-
By application, the industrial segment accounted for more than half of the global transformer oil market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to rise in installation of standalone power generation systems in industrial applications, due to varying loads and power demand in industrial applications. The commercial segment, however, would showcase the fastest CAGR of 6.5% by 2030. The report also includes an analysis of the residential segment. This is attributed to the government initiatives and urban development policies and programs which will contribute to the demand for real estate infrastructure.
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The small transformer segment held the lion's share in 2020-
Based on end-use, the small transformer segment held the lion's share in 2020, contributing to more than one-third of the global transformer oil market, and is expected to continue its lead during the forecast period. This is attributed to the extensive use of these systems to meet the increasing needs for electricity in rural areas. However, the power transformers segment is expected to witness the highest CAGR of 7.0% by 2030. Power transformersare one of the most important components of the transmission and distribution energy grid and enable the efficient transportation of electrical energy from a generation source to the location where the energy is consumed. This drives the demand for the segment. The report also includes an analysis of the large transformer, utility transformer, and distribution transformer segments.
Asia-Pacific, followed by Europe and North America, held the largest share in 2020-
By region, the global transformer oil marketacross Asia-Pacific, followed by Europe and North America, held the lion's share in 2020, accounting for more than two-fifths of the market, due to rapid development of the renewable energy sector, presence of huge consumer base, expansion of high-voltage direct current (HVDC) system networks, and the existence of key players in the region. However, the market across LAMEA would showcase the highest CAGR of 6.9% from 2021 to 2030. This is owing to a large number of projects related to road, rail, air, and water transportation in the region which led to increase in the demand for transformers and turn to increase the demand for transformer oil.
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Major market players
- PETRONAS
- Exxon Mobil Corporation
- Neste
- Royal Dutch Shell
- Sinopec Lubricant Company
- Chevron Corporation
- Total SE
- Gulf Oil International
- Repsol
- Exxon Mobil Corporation
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