Bio-based Transformer Oil Market: Increased Investment in Bio-based Transformer Oil
- Transformers are filled with dielectric insulating fluid, which has high resistance to electricity and heat. There are different types of transformer oils such as bio-based transformer oil, silicone-based transformer oil, and mineral based transformer oil.
- Bio-based transformer oil is relatively new to the market, and it is produced from vegetable oil feedstock. Bio-based transformer oil is a good replacement for mineral-oil based products, as its eco-friendly and offers superior performance.
- Companies are presently investing more in bio-based transformers oil, as is resistant to fire, electricity, and heat and is bio degradable. Bio-based transformer oil does not contain silicone, petroleum hydrocarbons, and halogens.
To obtain all-inclusive information on forecast analysis of global Bio-based Transformer Oil Market, request a Report Brochure here.
Need of Reliable and Safe Solution for Insulate Transformer
- Rise in industrialization and urbanization across the globe is estimated to be a key driver of the bio-based transformer oil market. Demand for transformers has been increasing significantly across the world in the last few years, and this increase in demand is expected to drive the bio-based transformers oil market.
- Power utilities are focusing on enhancing the safety and performance of existing & new transformers. Bio-based transformers oil provides reliable and cleaner transformers oil and this up gradation in transformers by power utilities is driving the bio-based transformer oil market.
- Mineral oil is a major substitute of bio-based transformer oil. Mineral oil becomes unstable at high voltage and heat, this leads to premature degradation of oils, which results in reduction in the life of the transformer. However, bio-based transformer oils offers superior performance as compared to mineral oil, as they are stable at high voltages and temperatures.
Availability of Inexpensive Substitute
- Availability of inexpensive substitute, such as mineral oils, is a major factor restraining the bio-based transformer oil market. The acceptance of bio-based transformer oil is very low due to its high price.
- Lack of environmental awareness and absence of rules and regulation regarding the use of mineral based oil is one of the restrains for bio-based transformer oil.
Global Bio-based Transformer Oil Market Segmentation
- The global bio-based transformer oil market can be segmented based on type, application, end-user, and by region
- In terms of type, the bio-based transformer oil market can be classified into synthetic ester transformer oil and natural ester transformer fluid. The natural ester transformer fluid segment is projected to expand during the forecast period, as this fluid is derived from renewable vegetable oils and provides improved fire safety, transformer life, and environmental benefits.
- Based on application, the bio-based transformer oil market can be bifurcated into power transformer and distribution transformer. The distribution transformer segment is estimated to expand at a significant CAGR, owing the expansion of distribution network across the globe across the globe due to an increase in demand for electricity.
- In terms of end-user, the global market can be split into residential & commercial, industrial, and utilities. The industrial segment is expected to lead the market due to a rise in industrialization. This trend is expected to continue during the forecast period.
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Bio-based Transformer Oil Market here
Global Bio-based Transformer Oil Market
- Based on region, the global bio-based transformer oil market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global bio-based transformer oil in 2018. The market in the region is projected to expand during the forecast period, owing to a rise in infrastructure, industrialization, and initiatives by governments in the region to provide electricity to all parts of their respective countries.
- The market in North America is projected to expand significantly during the forecast period due to a rapid increase in infrastructure and industrialization in the U.S. and Canada
- The market in Europe is estimated to expand at a steady CAGR during the forecast period due to rapid industrial and infrastructural development in the region
- In March 2019, M&I Materials established a bio-based transformer oil manufacturing plant and a state-of-the-art laboratory in India in order to cater to an increase in the demand for electricity in the country
- In June 2019, Cargill strategically increased its investment in the markets in South Africa and sub-Saharan Africa to supply bio-based transformer oil for electricity transformer applications in power, utilities, and other industries
Key Players Operating in the Bio-based Transformer Oil Market:
- M&I Materials Ltd
- Savita Oil
- Raj Petro Specialties
Global Bio-based Transformer Oil Market: Research Scope
Global Bio-based Transformer Oil Market, by Type
- Synthetic Ester Transformer Oil
- Natural Ester Transformer Fluid
Global Bio-based Transformer Oil Market, by Application
- Power Transformer
- Distribution Transformer
Global Bio-based Transformer Oil Market, End-user
- Residential and Commercial
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.