Mineral oil-based transformer oil dominates the market while bio-based is projected to be the fastest growing segment. Bio-based transformer oil has emerged as an alternative for crude oil-based transformer oil, owing to its biodegradability, high dielectric strength, and low toxic risk & less carbon foot prints. Silicone transformer oil is the second fastest growing segment caused by its increasing demand as a fire safe and eco-friendly alternative to traditional transformer oil.
Portland, OR -- (SBWIRE) -- 06/13/2017 -- Transformer Oil Market sales to reach $3.4 billion by 2020, with the mineral oil-based transformer oil segment to maintain its dominance until 2020. In 2014, the consumption of transformer oils was 1,437.8 million litres across the globe, which is expected to increase at 6.3% from 2015 to 2020.
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Transformer oils are electrical insulating oils stable at high temperature, which serves two important functions in a transformer, viz., suppression of arcing and dissipation of heat generated in the transformer. The ability of transformer oil to fulfil these functions are chiefly responsible for its adoption, and thus drives the market growth. Other important factors stimulating its growth include electrification of rural areas, expansion of power grids and increasing investment in the power sector. However, factors such as volatility in crude oil prices and increasing adoption of dry transformers are expected to hamper the market growth.
Distribution transformers segment dominates the global transformer oil market, accounting for nearly half of the overall market, in terms of volume. The key factors responsible for this dominance is increase in energy usage coupled with increasing number of sub transmission lines to residential homes.
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Key Findings of Transformer Oil Market
- Mineral oil-based transformers segment accounted for more than 90% of the market in 2015 and is expected to maintain this trend until 2020.
- LAMEA is anticipated to be the fastest growing regional market with a CAGR of 7.4% during the forecast period.
- Bio-oil based transformers segment is expected to register the highest CAGR of 12.4% from 2015 to 2020.
- In the mineral-oil based transformers market, paraffinic based oil contributed three-fifths share of the market.