Zion Market Research, the market research group announced the analysis report titled ‘Transformer Oil Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
Transformer Oil Market: Overview
Transformer oil is also known as insulating oil. It has excellent insulating properties favoring the electrical conditions. It is also said to be stable at high temperature. The transformer oil market has many applications such as oil-filled transformers, various categories of capacitors with high voltage, high-voltage switches, fluorescent lamp ballasts, and circuit breakers.
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Transformer Oil Market: Growth Factors
The global transformer oil market is said to have a drastic development in terms of revenue in the near future. Modernization of current transformers in today’s era will be the major factor that will boost the global market. This will have a great and an elevated impact on the global transformer oil market in the coming period. The increased use of electricity across the world has towered the use of fresh transformers and replacement of the old ones. This will indirectly have a positive impact on the growth of global transformer oil market. Another major factor that plays a vital role in the growth of the global transformer oil market is the inability of current networks to meet the growing need of the market.
The future will witness the use of naphthenic and bio-based transformer oil, thus boosting the growth of the global transformer oil market. Non-biodegradable nature of the transformer oil and fire accidents in the oil-based transformers is the main reason for the switch if occurred. Bio-based oil has several advantages over the current transformer oil. These includes non-toxic, incombustibility, biodegradable, excellent insulating properties, and high fire point. Affordable and low cost is also one of the main reasons for this change.
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Transformer Oil Market: Segmentation
The global transformer oil market is categorized based on the type of oil. This includes bio-based, mineral-based, and silicone-based. The mineral-based oil accounted more than 90% of the total industry. The applications of mineral-based oil are vast and including transformer oil in power transformations as well as its distribution, circuit breakers, and switchgear.
Transformer Oil Market: Regional Analysis
North America, Asia-Pacific, and the Middle and East Africa are said to have the highest growth rate for the global transformer oil market. Asia Pacific has more than half of the total market shares of the global transformer oil market and thus dominates the race. On the other hand, countries such as China and India bear the largest distribution and transmission network across the globe thus resulting the Asia Pacific region be a fruitful one for the global market.
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Transformer Oil Market: Competitive Players
The global transformer oil market consists of a huge number of contenders and players. It has a diverse group of giants in the aggressive race. The key players of the global transformer oil market include Ergon Inc., Nynas AB, Calumet Specialty Products Partners, PetroChina, and San Joaquin Refining Co. Inc.
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