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Silicone Based Transformer Oil Market Size

Report ID: GMI7170
Published Date: Oct 2023
Report Format: PDF

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Silicone Based Transformer Oil Market Size

Silicone Based Transformer Oil Market was valued at USD 593.3 million in 2023 and is set to register CAGR of over 7.2% between 2024 and 2032. The demand for high-performance electrical insulation fluids is rising due to the increasing emphasis on grid reliability, energy efficiency, and sustainability. Additionally, the growth of renewable energy sources and the need to upgrade aging power infrastructure has stimulated the demand for silicone-based transformer oils. As per IEA and REN 21, the global capacity of renewable energy in 2022 equalled 348 GW, which is over 230% higher than the capacity in 2011.

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The rise in renewable addition will boost the demand for new grid equipment, which in turn will drive the requirement for silicone transformer oils which can handle higher operating temperatures and provide longer equipment life. Moreover, environmental regulations promoting the use of biodegradable and fire-safe insulating fluids are further propelling the adoption of silicone transformer oils as they meet these stringent requirements.

Silicone Based Transformer Oil Market Report Attributes
Report Attribute	Details
Base Year:	2023
Silicone Based Transformer Oil Market Size in 2023:	USD 593.3 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.2%
2032 Value Projection:	USD 1.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	245
Tables, Charts & Figures:	290
Segments covered:	Application and region
Growth Drivers:	North America Refurbishment of existing grid networks Rising electric infrastructure spending Europe Rapid smart grid adoption Expansion of sustainable electricity networks Asia Pacific and Middle East & Africa Increasing demand for electricity Large scale renewable integration Latin America Increasing demand for sustainable electrical networks
Pitfalls & Challenges:	Increasing adoption of alternate transformer technologies

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of silicone based transformer oil was exceeded USD 593.3 million in 2023 and is estimated to witness over 7.2% CAGR from 2024 to 2032, due to the surging demand for high-performance electrical insulation fluids and the increasing emphasis on grid reliability, energy efficiency, and sustainability.

Silicone based transformer oil industry size from the instrument application segment is expected to record 7% CAGR through 2032, owing to the increased demand for accurate and reliable electrical measurement and control instruments in various industries.

Asia Pacific silicone based transformer oil market size is anticipated to register over 7% CAGR from 2023 to 2032, owing to rapid urbanization and industrialization across the region.

Aevitas Inc., Clearco Products Co., Inc., Midwest Lubricants LLC., Supreme Silicones India Pvt Ltd, Changzhou Juyou New Material Tech Co.,Ltd, Eden Transformer Oil Ltd, BENZOIL, and Dow are some of the leading silicone based transformer oil companies.