Surge in the use of silicon transformer oil in distribution transformers boosting the sales growth in the market
Rise in product demand in the U.S. is projected to help North America in maintaining its dominant position
ALBANY, N.Y., June 23, 2022 /PRNewswire/ -- The global silicon transformer oil market is estimated to register growth at a CAGR of 4.2% during the forecast period from 2022 to 2031, notes a study by Transparency Market Research (TMR). The market growth is attributed to many factors including rise in the consumption of electricity across major developed as well as developing nations around the world.
Major silicon transformer oil market manufacturers are executing organic as well as inorganic strategies including the mergers and acquisitions in order to stay ahead of the competition. This aside, several silicon transformer oil manufacturers are focusing on new product launches in order to expand their product portfolios. Moreover, they are focusing on R&D projects in order to develop eco-friendly products. Furthermore, major companies operating in the silicon transformer oil market are focusing on strengthening their market positions by boosting their installation and investment capacities. Owing to such efforts, the global market for silicon transformer oil is prognosticated to be valued at US$ 402.2 Mn by 2031.
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The silicon transformer oil market in North America is estimated to maintain its dominating position during the forecast period. The growth of the North America silicon transformer oil market is ascribed to several factors including the presence of key product consuming nations such as the US in the region.
Silicon Transformer Oil Market: Key Findings
Silicon transformer oil is being widely utilized across varied places where fire safety is high of importance such as manufacturing facilities handling flammable substances, distribution transformers in built-up areas, trains, wind turbines, and oil & gas operations, according to analysts of a report by silicon transformer oil market. Over the period of past few years, the demand for silicon transformer oil is being increasing across the globe owing to its ability to offer complete electrical insulation as it holds high dielectric strength. Moreover, silicon transformer oil are resistant to UV, ozone, and high temperatures. This aside, this oil is hydrophobic in nature and does not allow for failures in surface insulation. Such product advantages are expected to result into growth prospects for silicon transformer oil market in the forthcoming years.
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Due to the technological advancements in the power generation processes, the need for proper energy distribution and generation infrastructure in order to conduct planned and purposeful improvements is being increasing, notes a TMR report on the global silicon transformer oil market. Energy generation and distribution facilities are expected to work along with future-proof networks as additional coal plants are expected to be demolished in the upcoming years. Hence, renewables as well as electric transition networks are estimated to play a prime role in the generation of electricity in the near future. Moreover, latest technologies and fuel options are required to be incorporated into the electric grid in the upcoming years, notes a TMR study on the silicon transformer oil market.
Silicon Transformer Oil Market: Growth Boosters
Rise in the demand for silicon transformer oil in distribution transformers is creating profitable prospects in the market
Increased dependence on fossil foils is prognosticated to drive the growth opportunities in silicon transformer oil market
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Silicon Transformer Oil Market: Key Players
Some of the key players profiled in the report are:
DGE-Smart Specialty Chemicals
Eden Transformer Oil Ltd.
Clearco Products Co, Inc.
Electrical Oil Services
Silicon Transformer Oil Market Segmentation
Russia & CIS
Rest of Europe
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