Transformer oil market is showing steady growth since past few years. It is a great sign of recovery from the recession years. Transformer oil is highly used in oil-filled electrical transformers. A dielectric fluid, transformer oil works as an insulating and cooling medium in electrical transformers. Most sources of transformer oil have great opportunities for growth on global emerging markets. Apart from North America and South America, markets in other regions like Asia-Pacific, ROW and Europe have gained great momentum in terms of production, revenue and expansion.
Advantages of Transformer Oil
Transformer oil is dielectric oil, which has primary function of cooling the electric transformer cores and windings. Transformer oil helps the core and windings of the electrical transformers from oxidation. Both windings and core of the transformers are immersed in the oil, which avoids their contact with oxygen, which stops oxidation. Three basic types of this oil are popularly used for this purpose. These types include mineral oil, bio-based oil and silicone oil. Amongst these types, mineral-based oils are highly cost effective. They also have greater cooling and electrical properties. Hence, they dominate the transformer oil market.
Considering the global market and sales of various types of transformer oil, you can segment them based on types, applications and geographical areas. The major types of this oil include naphthenic oil and paraffinic oil, silicone and bio-based oil. North America, Asia-Pacific and Europe are the major markets for it. There are various applications of this oil. These applications vary as per the size of the electrical transformers and their utility.
Increasing power requirements, increased size of electric grids, economic development of the countries and rising investments in the market, are some of the biggest causes responsible in the tremendous growth in this market. Inclination towards using renewable energy resources has also contributed to the growth and demand for the transformer oil. Forecasting reports for this market are highly refreshing with plenty of opportunities of growth and investment on global platform.
While considering the opportunities of investment in this market, you need to consider the drivers, key issues, restraints, key players, winning imperatives and prevailing market trends. The current trends in this market show the inclination towards bio-based oils. This is mainly because of the risk of fire accidents in mineral-based oils. Apart from that, bio-based oils are biodegradable, incombustible and non-toxic in nature, which makes them green and clean. Usage of the eco-friendly transformer oil has created equally greater hope for the future of this market.
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