Transformer Oil Market 2033: Trends Report, Size, Growth Outlook, and Forecast

The Business Research Company recently released a comprehensive report on the Global Transformer Oil Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The transformer oil market size has grown strongly in recent years. It will grow from $2.21 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise in power demand, aging power grids, electrification projects, industrialization and urbanization, expansion of renewable energy, stringent regulations on transformer efficiency.

The transformer oil market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to transition to smart grids, focus on fire safety, demand for biobased transformer oils, emergence of compact and efficient transformers, resilience planning for extreme weather events. Major trends in the forecast period include replacement of aging transformers, digitalization and iot in transformer monitoring, growing popularity of dry type transformers, strategic alliances in the oil industry, technological advancements in transformer designs.

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Market Drivers and Trends:

Increasing adoption of renewable sources of energy is significantly contributing to the growth of the transformer oil market. Renewable energy comes from natural sources that replenish themselves more quickly than they are used up. Multiple factors such as the depletion of natural resources, rising fuel prices, rising pollution, and carbon levels are some of the root causes for the increased adoption of renewable energy sources. The Transformer Oil market plays a crucial role in supporting the expansion of renewable energy sources. As the world increasingly embraces sustainable practices, the demand for transformer oils is propelled by the growing installation of transformers in renewable energy projects, such as wind and solar power. Transformer oils are essential for insulating and cooling transformers, ensuring their reliable and efficient operation. These oils contribute to the longevity and performance of transformers, supporting the integration of renewable energy into the electrical grid. For instance, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in December 2022, the global renewable power capacity is expected to grow by 2 400 gigawatts (GW) over the 2022-2027 period. This increase is 30% higher than the amount of growth that was forecast in 2021, highlighting how quickly governments have thrown additional policy weight behind renewables. Renewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.Therefore, the increased adoption of renewable energy sources is expected to propel the growth of the transformer oil market.

Product innovation is a key trend in the transformer oil market. Major companies operating in the transformer oil market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils and bitumen products launched the NYTRO BIO 300X. The NYTRO BIO 300X is an innovative insulating liquid that is a sustainable alternative to mineral insulating oil and ester liquids. The low viscosity, even at low temperature, made it very easy to handle and provides enhanced cooling in the transformer. The innovation supports transformer operators by enabling their equipment to fulfil stringent environmental needs and helps to lower the Total Cost of Ownership of the transformer.

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Major Key Players of the Market:

Royal Dutch Shell plc, Exxon Mobil Corporation, Repsol SA, Ergon Inc., Nynas AB, PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners L.P., Cargill Incorporated, China Petroleum & Chemical Corporation (Sinopec), Valvoline Inc., San Joaquin Refining Co. Inc., Gandhar Oil Refinery Limited, Savita Oil Technologies Limited, Hydrodec Group plc, Engen Petroleum Limited, Castrol Limited, Chevron Corporation, TotalEnergies SE, Fuchs Petrolub SE, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Gulf Oil Corporation Limited, Sinopec Lubricant Company, Petroliam Nasional Berhad, CNOOC Oil & Petrochemicals Co. Ltd., SK Lubricants Co. Ltd., GS Caltex Corporation

Transformer Oil Market 2024 Key Insights:

• The transformer oil market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Transformer Oil Market Surges With The Rise In Power Generation And Distribution Projects
• Nynas Ab's Nytro Bio 300X Revolutionizes Transformer Oil Market
• Asia-Pacific was the largest region in the transformer oil market share in 2023

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