Rising demand for continuous power supply from diverse industries and increasing adoption to provide fault-free operation of power transformers are accelerating the demand for transformer oil.
The global transformer oil market size is expected to reach US$ 8,703.2 Mn by 2032 and further expand at 8% CAGR between 2022 and 2032. Demand in the market is predicted to reach US$ 4,021.7 Mn by the end of 2022. In 2021, the sales in transformer oil market reached a valuation of US$ 3,754.8 Mn by 2021.
As per FMI, Europe is expected to be the most remunerative transformer oil market over the upcoming decade. Sales in Europe transformer oil market are projected to surge at 8.2% CAGR over the assessment period. Germany and Italy are expected to witness fastest growth at 9.2% CAGR and 9.0% CAGR, respectively over the upcoming decade.
However, the U.K. transformer oil market is poised to expand at a robust 8.2% CAGR between 2022 and 2032, surpassing US$ 242 Mn by the end of 2032. FMI estimates Germany is expected to witness lucrative growth prospects during the forecast period on the back of rising demand for transformer lubricants in power generation and transmission industries. Backed by this, sales in Germany of transformer oil are expected to reach US$ 579.1 Mn by 2032.
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As transformers are used in a variety of applications, the expansion of energy and utility industry in Germany is providing an impetus to the market. Development of transmission and distribution lines in Germany and Italy will aid the growth in the Europe transformer oil market. According to the study, over 24% of demand share in Europe transformer oil market is expected to be contributed by Germany.
Key Takeaways from the Transformer Oil Market
· In 2021, the market valuation of transformer oils in Europe stood at US$ 1,022 Mn.
“With growing demand for transformer lubricants in transmission & distribution lines in Germany, Italy, and the U.K., key players are likely to witness incredible growth opportunities in Europe.” – Says an FMI Analyst.
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Competition Landscape in the Transformer Oil Market
Key players in the market are establishing their manufacturing facilities to expand their product lines and improve their product portfolio. They are also focusing on developing eco-friendly transformer oils to adhere to the stringent regulations pertaining to the greenhouse gases emissions. Presence of several local and international transformer oil manufacturing companies is likely to make the market fragmented over the decade.
AMETEK Spectro Scientific, GBE S.p.A, Kelvion Inc., and Elkima Transformer are some of the key players gaining momentum in the global transformer oil market.
Recent Developments
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Transformer Oil , Transformer Oil Market , Transformer Oil Market sales , Transformer Oil Market demand
May 25, 2023