According to new report published by Allied Market Research titled,”Transformer Oil Market by Type (Mineral Oil-Based, Silicone Oil-Based, Bio-based) and by Application (Distribution Transformer, Power Transformer): Global Opportunity Analysis and Industry Forecast, 2014–2020″; the transformer oil market sales to reach $3.4 billion by 2020, with the mineral oil-based transformer oil segment to maintain its dominance until 2020.
In 2014, the consumption of transformer oils was 1,437.8 million liters across the globe, which is expected to increase at 6.3% from 2015 to 2020.
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Transformer oils are electrical insulating oils stable at high temperature, which serves two important functions in a transformer, viz., suppression of arcing and dissipation of heat generated in the transformer.
The ability of transformer oil to fulfill these functions are chiefly responsible for its adoption, and thus drives the market growth. Resistance to oxidation is also one of the factors behind growth of the transformer oil market size.
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Distribution transformers segment dominates the global market, accounting for nearly half of the overall market, in terms of volume.
The key factors responsible for this dominance is increase in energy usage coupled with increasing number of sub transmission lines to residential homes.
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