|Transformer Oil Market worth $2.79 Billion by 2020
The report "Transformer Oil Market by Type (Mineral- Naphthenic and Paraffinic), by Application (Small transformers, Large Transformers, Utility & Others), & Region (Asia-Pacific, North America, Europe, ROW) - Global Trends & Forecasts to 2020", defines and segments the transformer oil market with analysis and forecast of the global volume and revenue. Global transformer oil market is expected to grow from $1.98 Billion in 2015 to $2.79 Billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Mineral oil-based transformer oil is expected to occupy the major share as compared to silicone and bio-based transformer oils for the next five years.
In 2015, Asia-Pacific is estimated to be the largest market for transformer oils and would remain the top consumer till the year 2020. Extensive demand for electricity especially in China and India is driving the expansion of electric networks increasing the installation and upgrade of transformers in turn increasing the demand for transformer oil. The growing transmission and distribution network across globe is key drivers for transformer oil market growth. Significant T&D expansion projects are ongoing in Asia-Pacific which is expected to be the biggest and the fastest growing market for transformer oil.
Mineral oil based transformer oil: Most used transformer oil across the globe
Naphthenic and paraffinic mineral based transformer oils are the most consumed globally. However, this dominance is likely to reduce in the longer run due to the growing acceptance of bio-based transformer oils.
Small transformers: Major application segment for transformer oils
Small transformers (below 5 MVA) are distribution transformers, which form an important part of a power generation and distribution system are the largest consumers of transformer oil. Increased capacity additions including distributed energy projects are set to drive this market.
The report covers global transformer oil market in terms of consumption (thousand liters) and revenue ($million) across regions such as Asia-Pacific, Europe, North America, and ROW. It explains qualitative and quantitative aspects of transformer oil types such as mineral oil – naphthenic & paraffinic, silicone, and bio-based transformer oils. The report also explains the transformer oil market by geography and types, and consumption trends from 2013 to 2020. However, the scope of the report is limited to analysis, estimations, and forecast about transformer oil market based on their types, geography, and applications.
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