Chicago, August 4, 2021/PRNewswire/-According to the new market research report “By oil type (mineral (naphthenic, paraffin), silicone, bio-based), application (transformer, switchgear, reactor) Segmented transformer oil markets, end users (transmission and distribution, power generation, railways and subways) and regions-global forecast to 2030″, released by MarketsandMarkets, the global transformer oil market is expected to grow from US$1.9 billion in 2021 It will reach 1 billion by 2030 by 3.3 U.S. dollars, with a compound annual growth rate of 6.5%. The expansion of power grids in developing countries and the modernization of power grids in developed economies are driving the transformer oil market.
The market has been divided into mineral oil, silicone and bio-based oil by oil type. The mineral oil segment is expected to have the largest market share and is expected to grow at the highest rate during the forecast period. Mineral oil is mainly used for cooling and insulation purposes in transformers, reactors and switchgear. It is also used to dissipate heat and protect the internal windings of the transformer. Mineral oil is further subdivided into naphthenic oil and paraffin oil, and most existing and newly manufactured transformers use mineral oil as an insulating liquid. Compared with other transformer oils, mineral oil has a low cost index and is easily available, so the demand for mineral oil is expected to increase during the forecast period.
View the detailed catalog here: https://www.marketsandmarkets.com/Market-Reports/transformer-oil-market-967.html
Calculated by end users, the transmission and distribution sector is expected to become the most important transformer oil market
The market has been segmented by end users into power transmission and distribution, power generation, railways and subways. During the forecast period, the transmission and distribution sector is expected to become the most important transformer oil market in terms of end-user calculations. Due to the growth of global electricity production and consumption, it has the largest share of the transformer oil market. Transmission and distribution utility companies own and operate transmission and distribution systems. Therefore, the ever-increasing power demand will require the expansion of the transmission and distribution network, which will increase the demand for electrical components such as transformers, reactors, and switchgear, leading to an increase in the demand for transformer oil.
The Asia-Pacific region is the largest transformer oil market in 2020, mainly driven by activities in China, India, Japan, South Korea and Australia. The rapid growth of electricity demand and the increase in power generation in developing countries such as India and China, as well as the growth of the industrial and commercial sectors, will lead to an increase in the number of substations. The increase in the number of substations will drive the demand for transformers, which will increase the demand for transformer oil in the Asia-Pacific region.
In order to gain insight into the competitive landscape, the report includes profiles of some of the top players in the transformer oil market. These participants include Nynas AB (Sweden), Ergon, Inc. (USA), China National Petroleum Corporation (China), APAR Industries (India) and Sinopec Lubricants (China).
Switchgear market divided by insulation (gas insulation, air insulation), installation (indoor, outdoor), by end user (transmission and distribution utilities, industrial, commercial and residential, other), voltage (low, medium, high) and region -Global forecast to 2025
Transformer market by type (current, potential and combination meter transformer), enclosure type (indoor and outdoor), dielectric medium (solid, liquid and SF6 gas), voltage, application, end user and region-global forecast to 2022
Power transformer market by level (small power transformers (up to 60MVA), medium power transformers (61 – 600MVA), large power transformers (above 600MVA)), types of cooling methods (oil-cooled and air-cooled) and regions-by 2020 Global trends and forecasts
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Post time: Aug-14-2021
