Bio-based Transformer Oil Market size is estimated to reach USD 138 Million by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of bio-based transformer oil was USD 69 Million. The market growth increasing modernization in the transformer for the production of electricity, followed by the surging adoption of transformers across the globe. As per recent data, the demand for electricity across the globe is expected to rise by 56 % by the end of 2050.
Bio-based transformer oil is biodegradable and has a greater environmental benefit as compared to traditional transformers. In addition, by reducing the carbon footprint from the transformers, manufacturers of consumer goods can improve their brand image. The growth of the bio based transformer oil industry is thus driven by the growing awareness related to biodegradable products.
Growth drivers
Challenges;
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~ 6% |
|
Base Year Market Size (2022) |
~ USD 69 million |
|
Forecast Year Market Size (2035) |
~ USD 138 million |
|
Regional Synopsis |
|
End User (Residential, Commercial, Industrial, Utilities)
The industrial segment in the bio-based transformer oil market is set to hold a significant share of 45 % during the forecasted timeframe. Rapid industrialization in emerging economies such as India, and China, are increasing the use of transformers in various industries for providing a reliable and constant power supply. Industrial production has raised by nearly 3.5 % year on year in June 2023 in India.
Application (Power Transformer, Distribution Transformer)
Bio-based transformer oil market from the distribution transformer segment is expected to garner higher growth of 5.95% in the forecast period. This segment growth can be propelled by the increasing expansion of distribution transformers across the globe. Moreover, there are various types of transformers in the distribution system, including single-phase, three phases, underground, pad-mounted, and pole mounted for accommodating the rising demand for electricity. As per the Indian Electrical and Electronics Manufacturers Association, the power transformers has shown 13.8 % growth in the FY2023.
Our in-depth analysis of the global bio-based transformer oil market includes the following segments:
|
Type |
|
|
Application |
|
|
End User |
|
North-America Market Analysis
North America bio-based transformer oil market is anticipated to reach at a share of 31 % during the forecasted timeframe. The growing demand for electricity in different sectors, including residential, commercial, and industrial, which is a major driver of the oil-filled transformer industry in the region. Moreover, the development of the infrastructure in the region, due to the ongoing smart cities project, is increasing the requirement of transformers in the North America region.
Asia-Pacific Market Analysis
The bio-based transformer oil market in the Asia Pacific region is also set to grow at a significant share in the upcoming years. This can be impelled by the rapidly developing transmission & distribution network across Asia that facilitates the efficient supply of electricity. In addition, the Asian Pacific transformer oil market is expected to grow at an annual growth rate of around 6.5 % over the forecast period. The electricity demand in the Asia Pacific region continued to grow, driven by population growth and economic development.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?