Pune, India -- (SBWIRE) -- 09/28/2018 -- Market Dynamics:

Growing Expanse of Electrification Aided By Government Incentives Is the Prime Driver of the Market

There has been an explosive trend in electrification during the last decades. Growth in electrification was of the order of 49 percent in 1990 to 76 percent of the world's population in 2000. It is estimated that 1.3 billion people of the world lack electricity, mostly in Africa and the Indian subcontinent. According to estimates, almost 25 % of India's households require power in 2010. In 2010, 85 % of the world population had access to electricity. Thus, a large market exists providing many opportunities. The support to electrification by Governments around the world is providing an impetus to the market. The expansion of power grids especially in the developing countries in the Asia Pacific region, triggered by rising power consumption and increasing investment in the power sector is driving tremendous market demand.

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Key Findings

Global transformer oils market is projected to reach USD 4,002.8 million by 2023 expanding with a healthy CAGR over the forecast period. Naphthenic oil accounted for the largest type segment accounting for value market share of 48.4% in 2016. Paraffinic oil type is the second largest market exhibiting highest CAGR over the forecast period. Asia-Pacific is the largest and fastest growing market accounting for 37.63% in the overall market in 2016. Nynas AB is the leading producer and expanding its production capacity for transformer oils.

Segmentation

To gain an extensive view of the Global Transformer Oils Market, the report is segmented based on Type, Application, and Region.

Based on the Type, the market is segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil accounted for around 48% market share in overall transformer oil sales revenue.

Based on the Application, the market is segmented into large transformers, small transformers, utility & others.

Based on the Region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis

The Asia Pacific is the leading Transformer Oils Market in 2016, driven by the expansion of power grids in the developing countries of China and India. Asia Pacific region accounted for 37.63 % of the market in 2016 and is anticipated to grow at a CAGR of 10.57 % during the study period. China's emergence as a global manufacturing hub has accelerated the sales of transformers and the concurrent utility of Transformer Oils.

North America led by the U.S. accounts for the second largest market with a 30 % market share in 2016. The growth of North America market is attributed to the modernization of the existing transformers and technical up gradation. Europe market is led by Germany, France, and the U.K.

The Middle East and Africa market are led by the cash-rich Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.

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