The modernization of existing transformer is one of the key factors impacting the growth of the market. The rise in demand for electricity globally is resulting in demand for new transformers and replacement of old ones are set to drive the market. APAC region is estimated to witness fastest growth in terms of revenue with major share in global market followed by Americas and Europe.
The Global Transformer Oil market is valued of $3019mn at a CAGR of 5.47% during the forecast period 2017 -2023. Bio-based transformer oil is witnessing significant popularity in the market and is estimated to grow fastest during the forecast period owing to the increase in fire accidents in mineral oil-based transformers and the non-biodegradable nature of mineral oil. The modernization of existing transformer is one of the key factors impacting the growth of the market. The rise in demand for electricity globally is resulting in demand for new transformers and replacement of old ones are set to drive the market. APAC region is estimated to witness fastest growth in terms of revenue with major share in global market followed by Americas and Europe.
What is Transformer Oil
Transformer Oil is an oil that is steady at high temperature and a superlative insulator for electricity. This transformer oil is majorly a derivatives of mineral oils, but substitute composition with better physical and chemical properties are growing in demand.
What are the major applications of Transformer Oil
During voltage fluctuation, the windings temperature in the transformer gradually increase. The transformer oil acts as a cooling agent to reduce the raising temperature. By increasing the resistance between the windings and keeping away the short circuit by acting as an insulators. It minimizes the humming noise which causes less vibration in the transformer. On the whole, transformer oil acts as a medium for transferring the heat in an electric transformer.
Market Research and Market Trends of Transformer Oil
Mineral oil being the most widely used transformer oil. Now, Researchers are investigating the possibilities for replacing the mineral oils by biodegradation of esters, which would be much better than the mineral oil or silicon liquid. Further verification of properties like dielectric strength, particle discharge and material compatibility has also been done. Due to remarkable enhancement of renewable energy sources in major APAC countries which is a major user of bio-based oil for transformers, followed by Americas and Europe, there is a high demand for this bio-based transformer oil.
Industries operating with transformers are always wanted energy loss should be as minimum as possible. There is a demand for new optimized resources which makes the operation in transformer to be cost-effective and minimizes energy loss. Researchers have introduced Renewable Transformer Oil, will reduce the energy loss in the transformer to a great extent due to its low viscosity and thinner physical properties. Many major players have invested in the research and development of this renewable transformer oil since it is estimated that there will be huge demand for this oil due to its energy reduction property, which will save the operation cost for the manufacturers.
Nowadays, there is a requirement of technical resources for continuous remote monitoring and evaluate internal state and performance of the transformer or oil-filled electronic assets. Dissolved Gas Analysis (DGA), is low cost sensor for monitoring chemical instruments, will remarkably increase the diagnostic abilities allowing the distribution of oil-filled electronic assets. Major players like ABB., Siemens, are demanding in adopting this analysis technique due to its accuracy in the evaluation of performance of the oil-filled transformers.
Who are the Major Players in market
The key players operating in the Transformer Oil Market are BASF SE., Royal Dutch Shell., Dairen Chemical Corp., Eden Oils., Nynas AB., Ergon Inc., Cargill Inc., and other 10 more companies.
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