The global transformer oil market size was USD 2.97 billion in 2022. The market is slated to surge from USD 3.15 billion in 2023 to USD 4.88 billion by 2030, exhibiting a CAGR of 6.4% over the study period.
Transformer oils are used in numerous applications on account of several advantages. These applications comprise circuit breakers, rectifiers, distribution and power transformers, switch gears, and others. The rising electricity demand from numerous emerging sectors, such as the electric vehicles industry, is set to fuel industry expansion over the coming years.
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Segmentation:
Mineral Oil Segment Dominates Due to its Cooling Properties
On the basis of type, the market for transformer oil is segregated into silicon oil, mineral oil (naphthenic and paraffinic), and ester liquids. The mineral oil segment held a prominent share of the global market owing to its tremendous cooling properties.
Transformers Segment Accounts for Dominant Market Share Due to Product Deployment for Temperature Maintenance
By application, the market is subdivided into electrical components and transformers. The transformers segment registers the largest share in the global market. In this equipment, the oils help maintain temperature and conductivity and ensure smooth operation, which is a key factor driving the segmental dominance.
Transmission & Distribution Segment Registers Prominent Share Driven by Rising Transformer Deployment for Distribution Purposes
Based on end-use, the market for transformer oil is categorized into power generation, transmission & distribution, locomotives & railway lines, and others. The transmission & distribution segment accounts for a key share of the market. The growing deployment of distribution transformers for commercial and residential use is one of the major factors driving the segmental expansion.
On the basis of geography, the market for transformer oil has been studied across Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
List of Key Players Mentioned in the Report: