Research Nester published a report titled “Bio-Based Transformer Oil Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global bio-based transformer oil market in terms of market segmentation by type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global bio-based transformer oil market is anticipated to grow with a CAGR of 5.9% during the forecast period, i.e., 2020-2028. The market is segmented by type into jatropha oil, karanja oil, and others. Out of these, the karanja oil segment is anticipated to hold the second leading share during the forecast period. The segment is also anticipated to garner a revenue of USD 55,948.1 Million by the end of 2028. Besides this, the jatropha oil segment is expected to hold a considerable market share during the forecast period.
The global bio-based transformer oil market is estimated to garner USD 220.7 Million by the end of 2028, up from USD 132.2 Million in 2019. Growing demand for electricity worldwide, along with the rise in awareness for environmentally friendly products are some of the major factors anticipated to drive the market growth. Moreover, the numerous benefits associated with the use of bio-based transformer oil is also anticipated to contribute to the market growth.
Regionally, the global bio-based transformer oil market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Europe accounted for the highest market value of USD 27,702.2 Million in 2019 and is further projected to hold this position throughout the forecast period by attaining a market revenue of USD 51366.7 Million by the end of 2028. The market in the region is also anticipated to grow with the highest CAGR of 7.4% during the forecast period. Increasing concern related to greenhouse gas emissions is one of the major factors anticipated to contribute to the market growth.
Increasing Demand for Clean Energy Backed by Rising Environmental Concerns to Boost the Market Growth
The rising demand for renewable energy sources across various countries globally to reduce the carbon footprint is a significant factor to drive the growth of the global bio-based transformer oil market over the forecast period. According to the statistics by the International Energy Agency, it has been witnessed that in 2020, the global energy-related carbon dioxide emissions dropped by 5.8%. Hence, there is a growing scope for environmentally friendly products, such as bio-based transformer oils, which are sourced organically and do not pollute the environment.
However, factors such as the availability of inexpensive substitutes is one of the major factors estimated to negatively affect the growth of the market in upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global bio-based transformer oil market which includes company profiling of Cargill, Incorporated, M&I Materials Ltd, Savita Oil Technologies Limited, Nynas AB, ABB Ltd. and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio-based transformer oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.