The global transformer oil market size is expected to reach USD 6.56 billion by 2032, according to a new study by Polaris Market Research. The report “Transformer Oil Market Share, Size, Trends, Industry Analysis Report, By Product (Mineral-based Oils, Silicone-based Oils, and Bio-based Oils); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The extensive rise in the power generation sector across the globe to fulfill the increasing demand and requirements of electricity coupled with the rapid growth in industrialization and investments in grid networks by several developing nations are key factors expected to boost the growth of the global market over the course of the projected period. Moreover, increasing prevalence of mineral-based transformer oil, as a type of dielectric fluid in most of the existing as well as new transformers owing to its low-cost indices and easy availability as compared to other heat transfer fluids.
For instance, in November 2022, The US Department of Energy announced an investment of USD 13 billion for the expansion and upgradation of the country’s electric grid. It is the largest single direct federal investment in the transmission and distribution infrastructure. With this investment, the US Government is aiming to build new innovative transformative projects for the enhancement and improvement of power grids.
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In recent years, the cross-border electricity trade had gained high traction and momentum with the continuously rising number of economies entering the electricity trade, which are ultimately boosting the need and demand for transformers and switch gears and also for transformer oils. With the rapid increase in focus on bilateral power purchase agreements and various renewable projects, ASEAN is expected to make high progress towards the diversification and bolstering of electric supply and helps to decarbonize the electricity mix. Cross-border electricity trade in ASEAN would also be benefitted by ensuring new electricity generation from sustainable sources.
Transformer oil is mainly made up of polychlorinated biphenyls, nanofluids, & several other materials and is gaining prevalence as a coolant in the railways, used to regulate the temperature of a system more effectively & also protect the electrical equipment from getting damaged, that is positively influencing the market.
Transformer Oil Market Report Highlights
Polaris Market Research has segmented the Transformer Oil market report based on product, application, and region:
Transformer Oil, Product Outlook (Revenue - USD Billion, 2019-2032)
Transformer Oil, Application Outlook (Revenue - USD Billion, 2019-2032)
Transformer Oil, Regional Outlook (Revenue - USD Billion, 2019-2032)