World News: 13:45 GMT Wednesday 17th April 2019. [Energias Market Research via Globe Newswire via SPi World News]
NEW YORK, April 17, 2019 (GLOBE NEWSWIRE) -- The is expected to witness a to reach by 2025. Increase in power consumption is expected to drive the market growth over the forecast period. Moreover, increasing demand from emerging economies is anticipated to foster the demand for transformer oil in the coming years.
Transformer oil is used for cooling and insulation purpose of a transformer. It protects the winding and core of the transformer by insulating it and preventing an oxidation reaction. Transformer oil absorbs the excess heat produced in the transformers operation, resulting in a cooling affect. To achieve variable degrees of cooling and insulation characteristics, the transformer oil has different properties, such as, high dielectric strength, chemical stability, and high thermal conductivity. Mineral based transformer oil has been used in the past, however the renewable energy trend has shifted the paradigm towards bio-based transformer oil.
Mineral-based segment held the largest share of the market in the year 2018 and the trend is likely to continue over the forecast period. This segment is bifurcated into naphthenic, and paraffinic transformer oil. Naptha oil is more prone to an oxidation reaction but the oxidation products formed is a soluble sludge which does not precipitate at the bottom of the tank. However, due to easy availability, paraffinic oil is preferred over its mineral-based counterpart. Additionally, low cost of paraffinic-based oil has led to the growth of this sub-segment in the past years.
Asia-Pacific held the largest share of the global market in the year 2018, and the trend is likely to continue over the forecast period. China held the major share of the market in this region owing to the electrification of rural areas, and expansion of electrical network in urban areas. Moreover, perpetual increase in power consumption due to rise in population is expected to drive the APAC regional market. Additionally, installation of transformers in new facilities, or upgrades in older facilities has given steady growth to the market in this region. North America is anticipated to register a steady growth rate owing to upgradation of existing infrastructure.
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Globe Newswire: 13:45 GMT Wednesday 17th April 2019
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