Energy - - Jun 16,2017
According to statistics, the transformer oil market on the worldwide scenario is expected to rise at a CAGR of 5.70% between 2016 and 2024.
Transformer oil is basically an oil used in oil filled transformers for the purpose of insulation. Moreover, it is also used as a coolant, as well as to prevent corona discharges and arcing in a transformer. Over the years, the market for transformer oil has enhanced due to the growing distribution of oil-filled transformers in emerging nations, like China and India.
As per a recent report published by Market Research Reports Search Engine (MRRSE), the global market for transformer oil is anticipated to surge at a CAGR of 5.70% between 2016 and 2024. If this pace is retained, the market might acquire a valuation of US$3.26 billion by 2024.
It is interesting to know that, the augmenting demand for transformer oil in the developed regions, such as Europe and North America, where the existing power infrastructure is predicted to be overhauled, is possible to propel this market over the upcoming years. However, the initiation of smart transformers and dry type transformers might restrict this market to recording a steady growth in the next few years.
Presently, the transformer oil market consists of different product varieties which include silicone based, mineral oil and bio-based transformer oil. For additional knowledge, the mineral oil segment comprises of further division in the form of naphthenic oil and paraffinic oil. The various applications for transformer oil are spread across the field of power transformers, distribution transformers, and others application segment.
The expansion of the active market by top players is analyzed to be quite flourishing. Some of the prominent manufacturers include names like Sinopec Corp., ExxonMobil Corp., Cargill Incorporated, Royal Dutch Shell Plc, Nynas AB, Gulf Oil Middle East Ltd., Apar Industries Ltd. and Ergon Inc.
For more information on this report visit- http://www.mrrse.com/transformer-oil-market/preview-analysis