Transformer Oil Market 2016 Share, Trend, Segmentation and Forecast Transformer Oil Market - Global Industry Analysis

Transformer Oil Market - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024 Global Transformer Oil Market: Snapshot Thanks to the increasing need for power across the world, the global transformer oil market has been witnessing a high growth rate. The rising distribution of oil filled transformers in developing nations, such as China and India, where the focus of the governments is to expand the power infrastructure is also boosting this market substantially. Going forward, the augmenting demand for transformer oil in developed regions, such as North America and Europe, where the existing power infrastructure is anticipated to be overhauled, is likely to propel this market over the next few years. However, the advent of smart transformers and dry type transformers may restrict this market to registering a steady growth in the years to come. In 2015, the overall opportunity in the global transformer oil market was US$1.99 bn in 2015 and is anticipated to reach US$3.26 bn by 2024, rising at a CAGR of 5.70% between 2016 and 2024. View Report @ oil-market.html Demand for Mineral Oil to Remain High Mineral oil, silicone-based oil, and bio-based oil are the main products available in the global market. Among these, the demand for mineral oil is higher and trend is expected to remain so over the next few years. However, the demand for bio-based oil is likely to increase at a significant rate in the near future. Based on the application, the global market for transformer oil is categorized into power transformers and distribution transformers. The demand for transformer oil has been higher from distribution transformers due to the fact that distribution transformers outnumber power transformer by large. This scenario is likely to remain so over the next few years, thanks to the initiatives of various governments to expand the power infrastructure, especially in developing regions such as Asia Pacific, Latin America, and Africa. Power transformers are also projected to report a significant uptake of transformer oil in the years to come while others application areas, such as switchgears, circuit