A new market research study has been made available, analysing the global bio-based transformer oil market over the forecast period 2017-2027. The report is titled “Bio-based transformer oil market: Global Industry Analysis and Opportunity Assessment; 2017 – 2027.”
The report segments the global bio-based transformer oil market on the basis of application into power transformer, distribution transformer and others (instrument, etc.).
The growth of the market is driven by the rising demand for power transformers. Also, growing desire for environment-friendly solutions over the recent past has intensified the quest to develop new solutions.
According to the report, bio-based transformer oil has to overcome their inherent stability based on the existence of poly-unsaturated products in the natural oil in order to compete with the mineral-oil based products. In spite of the improvements in the performance of bio-based transformer oil, market for these products has been witnessing slow growth. The major reasons behind this are price and lack of regulatory pressures to change.
Moreover, bio-based transformer oil is generally more expensive than mineral oil. All these reasons are expected to reduce the demand for bio-based transformer oils and thus hamper the growth of global bio-based transformer oil market.
Asia-Pacific is the major consumer of the bio-based transformer oil followed by North America, Latin America and Europe. Demand for bio-based transformer oil is low in developed regions owing to the significant development of renewable energy resources in the developing countries such as China and India in the Asia-Pacific region.
Some of the main market participants include ABB, Cooper Industries (Eaton) and Cargill, Incorporated among others.
Source: Future Market Insights