Transformer Oil Market is estimated to surpass $ 3.21 Billion mark in 2019 and reach USD 5.63 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period 2016-2024 globally. Rapid urbanization, drastic industrialization and the progressive access to modern electricity grids in major parts of rural areas in Asia Pacific have led to an increase in electricity consumption. The electricity demand in this region alone has nearly doubled in the last few years. Growing consumer requirements and the exponential development in distribution networks has also contributed to industry
growth.

Transformer Oil MarketTransformer Oil Market1These oils are used for insulating power equipment, dissipating heat and contributing to cooling systems. Modernization of the existing transformers and replacement of old ones has largely influenced growth in developed economies such as North America and Europe. Stringent regulations regarding energy wastage, implemented by the U.S. Environmental Protection Agency, the Electricity & Cogeneration Regulatory Authority and other federal bodies have also been responsible for driving oils demand to curb emissions & electricity wastage. Transformer installation is a time-consuming and expensive process, further implicated by volatile raw material prices for copper and electrical steel, which has hampered market growth in recent years.Transformer Oil Market2Small-scale transformers dominated the market with over 48% overall revenue in 2017. These systems are extensively utilized to meet burgeoning electricity needs in small localities or rural areas with limited space. Growing urbanization and electrification of rural areas in Southeast Asian countries such as India, Bangladesh and Sri Lanka has contributed significantly to segment growth. Consumers also tend to go in for bulk purchases to offset high costs associated with complicated filling processes, which has driven higher Transformer Oil Market volume and sales in recent years.

The Asia Pacific emerged as the leading consumer, accounting for over 51% of the total volume in 2016. Increasing need to upgrade & transform existing electricity distribution infrastructure in developing countries such as India, Vietnam, Thailand, and Indonesia are one of the major driving forces for such products. China accounted for approximately 44% of the Asia Pacific market. Most of the cities China is well equipped with electric poles, connection lines and have widespread distribution networks, generating the need for upkeep & maintenance of equipment by utilizing efficient oils.

Maximize Market Research has comprehensively analyzed Transformer Oil Market emphasizing on each segment keeping global and regional dynamics in perspective. The driving forces, as well as considerable restraints, have been explained in depth to attain a balanced scenario. Report classifies Transformer Oil Market into various segments such as Product, Applications, and Regions providing the thorough understanding of the Transformer Oil Ecosystem. Importantly, the report delivers forecasts of the market, giving an insight into the future opportunities that exist in the Transformer Oil Market.

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