Transformer Oil Market to reach valuation of US$3.26 Bn by 2024; Rising Demand of Electrical Energy Provides Notable Impetus to the Market – TMR

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Albany, New York, Oct. 12, 2018 (GLOBE NEWSWIRE) -- The  mainly depicts the presence of a strongly consolidated vendor landscape, says Transparency Market Research, on the basis of a recently published research report. Such a state of consolidation is likely to remain in a similar situation over the upcoming few years. This consolidated vendor landscape mainly exists due to the presence of a handful of players. To be more specific, four leading players in the market – ExxonMobil, Shell, Nynas AB, and Sinopec, comprised over 45% of the total shares in the global transformer oil market in 2015. Most companies are focusing on developing novel, safe, and green bio-based transformer oils from a commercial perspective, which can be sold at competitive prices. Many businesses in the global transformer oil market are making extensive efforts to reinforce their status by improving product quality and enhancing product rates.

As per expert analysts, the global transformer oil market was valued at US$1.99 bn in 2015, which is further expected to register revenue valued at US$3.26 bn by the end of 2024. This growth is projected to occur at an impressive CAGR of 5.70% during the forecast period ranging from 2016 to 2024.

Rising need for more power and increased requirement for state-of-the-art energy infrastructure is primarily responsible for driving the global transformer oil market. This is mainly due to the existence of an increasing demand for more power as a result of surging global population along with rapid urbanization and industrialization. With rapidly enhancing power infrastructural setups in developing economies such as China and India, the market is prophesized to progress with leaps and bounds. In addition, continuous renovations and repairs occurring in the existing power sector infrastructure too has been responsible for driving the global transformer oil market. This is mainly due to the requirement of the transformer oil present on a large-scale perspective while undertaking repairs and renovations.

However, use of transformer oil and associated systems still witnesses a low acceptance rate in many regions, consequently posing as a key factor hindering the market’s growth. Moreover, high costs of the oil as well as setting up required equipment from a long-term perspective might discourage those having less disposable income from not opting for the systems, owing to a costly end output. Another growth hampering factor involves the increasing use of smart and dry transformers in the form of alternatives, which do not require the use of transformer oil. Nevertheless, several companies are coming up with quality innovations with regards to the production of transformer oil. This could certainly help offset most restraints affecting the global transformer oil market.

The information presented in this review is based on a Transparency Market Research report, titled, “Transformer Oil Market (Product - Mineral Oil (Naphthenic Oil and Paraffinic Oil), Silicone-based Oil, and Bio-based Oil; Application - Power Transformers and Distribution Transformers - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024.”

Rising need for more power and increased requirement for state-of-the-art energy infrastructure is primarily responsible for driving the global transformer oil market.

Most companies are focusing on developing novel, safe, and green bio-based transformer oils from a commercial perspective, which can be sold at competitive prices.

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Mr. Apoorv Tripathi

Transparency Market Research

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Globe Newswire: 13:30 GMT Friday 12th October 2018

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