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Transformer Oil Market to witness high growth in near future

Author : Rahul Sankrityayan | Published Date : 2019-10-03 

Global Market Insights has recently added a report on Transformer Oil Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

The transformer oil market has been gradually emerging as one of the most profitable niche verticals of the global energy industry owing to the massive grid infrastructure modernization initiatives being undertaken by various nations in the recent times.

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Power grid networks in the developed and emerging nations alike have been struggling with an asset base nearing the end of its lifetime. Moreover, decades of underinvestment, stringent regulatory compliance, and burgeoning electricity demand have strained the efficiency of these networks which necessitates drastic revamp of crucial components like transformers. Needless to mention, the major companies partaking in transformer oil industry have a vital role to play in strengthening the energy transmission networks across the world.

One of the major trends to have impacted the growth trajectory of transformer oil market is the rising global preference toward renewable energy sources. European nations are seemingly making swift progress in upgrading their power grid networks to accommodate the switch to an energy system largely based on renewables. After phasing out nuclear and fossil fuel-based energy generation systems, Germany has intensified its efforts to construct new cross-country high-voltage direct current (HVDC) power lines to ensure smooth energy transition. 

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Taking concrete steps in that direction, the nation has recently proposed a new Power Grid Action Plan to accelerate the power grid expansion by fixing technical glitches, incorporating cutting-edge technology, and enhance the flexibility of grid network. Apparently, the action plan would update transmission grids to run more power through them to bridge the gap until new HVDC lines are up and running by 2025. The successful implementation of this plan calls for effective usage of power transformers at the receiving and finishing end of HVDC lines.

Speaking of the regional commercialization outlook, developing countries such as China and India are deemed to be the major terrains to lead the Asia transformer oil market. China for instance, has laid out ambitious plans in its 13th Five Year Plan to reboot the electricity sector by strengthening the power transmission infrastructure and lifting price controls in specific segments of the sector to encourage competition. The plan further mentions that there will be measures to enhance interaction between grid and supply side, accelerate the development of smart grids, and accommodate distributed energy generation. Considering the widespread reach of this plan, the firms operating in the transformer oil industry are set to observe an increased product demand in the years ahead.

Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/transformer-oil-market

In this context, it is quite prudent to mention that the United Nations has recognized energy as the cornerstone for improving education, alleviating poverty and hunger, and enhancing the overall economic prosperity of developing and under-developed nations. Energy, especially electricity, is one of the most notable aspect that impacts most of the 17 Sustainable Development Goals (SDGs) formulated by the United Nations.

The mandate of the seventh SDG is to supply modern and sustainable energy services for all by expanding and upgrading electric grid infrastructure with the help of advanced technology. As various countries speed up modernization of power grids and transmission networks to achieve the aforementioned goal, the transformer oil industry players are bound to witness enormous business opportunities in the upcoming years. In fact, as per a research study collated by Global Market Insights, Inc., the remuneration scale of the transformer oil market is estimated to surpass USD 3 billion by 2024.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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