Research Nester’s recent market research analysis on “Bio-based Transformer Oil Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global bio-based transformer oil market in terms of market segmentation by type, applications, end user, and by region
Growing Concern Related to the Environment to Promote Global Market Share of the Bio-Based Transformer Oil
Renewable energy sources are becoming increasingly important for power grid infrastructure. The biopower technologies are able to convert renewable biomass fuels into electricity, and heat using fossil fuels. As a result, solar energy and wind turbines are transformed into electricity with the help of biodegradable transformers. The renewable energy supply has raised by nearly 8 % from hydro, wind, solar, ocean, and geothermal in the year 2022 across the globe as per the International Energy Agency.
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Moreover, the bio-based transformer oils are formed from vegetable oil feedstock and are used as a replacement for mineral oil. Also, it provides superior performance as compared to other mineral oil-based products. There has been rising awareness among people related to the use of biodegradable products that are not harmful to the environment. Therefore, all these factors are expected to elevate the growth of the global bio-based transformer oil market.
Some of the major growth factors and challenges that are associated with the growth of the global bio-based transformer oil market are:
Growth Drivers:
• Expansion of Cross-Border Electricity Trade
• Energy Efficiency and Cost Saving
Challenges:
Bio-based transformer oils offer long time cost savings through improved energy efficiency and reduced maintenance, their initial cost can be a deterrent for some companies. Currently, owing to the narrow economies of scale and procurement of renewable feedstocks, biofuel production may be subject to increased costs of the bio-based transformer oil market.
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By application, the global bio-based transformer oil market is segmented into power transformers and distribution transformers. Among these, the distribution transformer is predicted to have a notable growth rate of 5.95% in the bio-based transformer oil market. The increasing use of distribution transformers in the electrical power distribution system is one of the major reasons that is predicted to boost the segment’s growth in the market. In addition, the distribution transformers provide efficiency in terms of cost and cover long-distance power transmission.
By region, the Europe bio-based transformer oil market is poised to have significant growth in the upcoming years. In Europe, rising investments in electricity infrastructure are estimated to have a positive impact on the industry's outlook. In addition, the region has been investing heavily in the expansion of the electrical networks, which is surging the demand for bio-based transformers oil in the region.
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This report also provides the existing competitive scenario of some of the key players of the global bio-based transformer oil market which includes company profiling of Calumet Speciality Product Partners, L.P., ENGEN PETROLEUM LTD, NYNAS AB, The DOW Chemical Company, HCS Group GmbH, Shell Group, Novvi, LLC., and others.
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