-- China transformer oil market accounted for over USD 250 million in 2017. Increasing investment for the restoration of aging grid infrastructure coupled with rapid urbanization will boost the industry growth. The National Energy Administration of China in 2015 announced its five-year investment plan toward power grid construction and restoration. Furthermore, an investment worth USD 302 billion was made to expand the transmission lines comprising of medium and high voltage networks.
Global Transformer oil market is set to hit USD 3 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Growing demand for the modernization of existing grid infrastructure along with large scale transmission capacity addition will stimulate the transformer oil market growth. The U.S. Department of Energy in 2016, through the Grid Modernization Initiative announced to allocate USD 220 million. The investment was done to revive the electricity grid thereby making it affordable, sustainable and resilient. Rising electricity demand from developing economies to increase the accessibility for the population will further enhance the business outlook.
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Silicon based transformer oil market will witness growth of over 6.5% by 2024. Self-extinguishing nature, high flash & fire point, non-hazardous nature and low heat releasing properties are some of the key features that will escalate the product demand across the industry. However, growing adoption of bio-based oil is expected to offer competitive edge to silicon-based oils.
Power transformers accounted for over 55% of the global transformer oil market share in 2017. Stringent regulatory measures for the development of energy efficient grids coupled with expansion of power networks in developing nations will strengthen the product demand. Extensive use of power transformers at the receiving and finishing end of high voltage transmission lines will further stimulate the industry landscape.
Rising demand for power across the globe has enhanced the deployment of new transformer units which in turn will propel the transformer oil market share. Increasing focus toward rural electrification coupled with massive investment from nonprofit organizations will further augment the industry landscape. The Asian Development Bank, in 2017, announced to invest USD 6.5 million for the development of electrical grid infrastructure in Southeast Asia.
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Eminent industry players in the transformer oil market comprise of Cargill, Nynas, Calumet, Hydrodec, APAR Industries, Valvoline, DOW Chemical, Clearco, Engen and Electrical Oil Services amongst others. Product accreditations, cost competitiveness coupled with strengthened distribution network are the key strategic assets that will offer a competitive edge across the industry.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/transformer-oil-market
Release ID: 477061
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