January 19, 2022 03:38 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The global transformer oil market size is projected to witness a growth spurt in the forthcoming years. The rising urbanization and industrialization augment the energy demand and consumption across commercial, industrial, and residential sectors. The expanding demand for electricity in various sectors is anticipated to foster market growth.
Fortune Business Insights™ has presented this information in an upcoming report titled, “Transformer Oil Market, 2022-2029”.
The metros and railways heavily depend on electricity for their functioning. The growing electrification of railways and the growing construction of metros in urban areas are anticipated to fuel the growth of the transformer oil market in the upcoming years.
COVID-19 Impact- The global pandemic has severely impacted several industries and markets. However, the transformer oil market remains potentially unscathed from the impact of the global pandemic. The pandemic had a short-term negative impact on the market growth due to the implementation of stringent lockdowns and curfews that restricted trade and travel globally. However, the energy consumption across industrial, commercial, and residential sectors remained potentially high and helped maintain a constant demand. The market is anticipated to witness strong growth post-pandemic.
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Segmentation- On the basis of type, the market trifurcates into bio-based oil, silicone-based oil, and mineral-based oil. On the basis of application, the market divides into reactors, switchgear, and transformers. On the basis of end-user, the market fragments into railways & metros, power generation, transmission, distributions, etc. Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Escalating Demand for Electricity to Boost Market Growth
The growing electricity demand from the residential, commercial, and industrial sectors due to expanding urbanization and industrialization in developed and underdeveloped economies is anticipated to bolster the global transformer oil market growth.
The escalating global population is expected to augment the electricity demand and consumption and is anticipated to foster the market growth in forthcoming years. The growing adoption of renewable resources for power generation is likely to boost market growth in the upcoming years.
The establishment of new power plants and the escalating investments in the energy and power sector are anticipated to fuel market growth in the forthcoming years.
Additionally, the rising electrification of railways in emerging and developed nations coupled with the developing metro infrastructure is likely to foster market growth. However, volatile prices of crude oil are anticipated to hinder market growth.
Asia Pacific to Dominate Global Market
Asia Pacific is projected to emerge dominant in the global transformer oil market share. The growth is attributable to the escalating electricity demand in densely populated countries like China and India. China is anticipated to lead the regional market growth, and India will follow next. The escalating investments in the energy and power sector and grid infrastructure expansions are projected to foster market growth. North America is anticipated to witness robust growth in the global market. The escalating production of electrical equipment and devices and rising industrialization are projected to fuel market growth in the forthcoming years.
Europe is projected to attain substantial growth in the forthcoming years. Europe is poised to attain swift market growth with Germany and Russia as the leading consumers of transformer oil and the expanding electricity consumption. Additionally, the establishment of new power plants is projected to create lucrative growth opportunities for the Transformer Oil Market. The Middle East & Africa, and Latin America are expected to gain considerable growth in the global market. The infrastructural development due to the rising electricity demand is projected to fuel market growth.
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Major Players Focus on Expansions & Technological Developments to Attain Growth
The key players operating in the global transformer oil market emphasize technological developments and increase the efficiency of transformer oils. They also focus on adopting various inorganic growth strategies like partnerships, mergers, expansions, collaborations, etc. Recently, Ergon International expanded the naphthenic refinery based in Vicksburg, Mississippi, in January 2020 to help the company strengthen its position in the market.
Key Players in the Global Transformer Oil Market are:
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