Global Renewable Natural Ester Insulating Oil Market Size is Anticipated to Hold a Significant Share By 2023 | CAGR of 6.8%
Category: Advanced MaterialsGlobal Renewable Natural Ester Insulating Oil Market Size is Anticipated to Hold a Significant Share By 2023
According to a research report published by Spherical Insights & Consulting, The Global Renewable Natural Ester Insulating Oil Market Size is anticipated to hold a significant share by 2033, growing at a CAGR of 6.8% from 2023 to 2033.
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Browse key industry insights spread across 210 pages with 112 Market data tables and figures & charts from the report on the "Global Renewable Natural Ester Insulating Oil Market Size, Share, and COVID-19 Impact Analysis, By Type (FR3 (Soybean Extract), Biotemp (Sunflower Seed Extraction), and Others), By Application (Voltage Below 220KV Transformer, Voltage 220-500KV Transformer, and Voltage Above 500KV Transformer), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/renewable-natural-ester-insulating-oil-market
The renewable natural ester insulating oil market refers to the worldwide industry that manufactures, markets, and distributes insulating oils derived from renewable resources, such as vegetable or animal fats. These oils offer several advantages over traditional mineral-based insulating oils, including enhanced fire resistance and better biodegradability, and are used in high-voltage equipment like electrical transformers. The primary reasons driving the market's growth include increased usage of renewable energy sources, more stringent environmental regulations, and growing demand for fireproof and biodegradable insulating oils. Additionally, NREL predicts that electricity distribution transformer power may need to increase by 160% to 260% by 2050 compared to 2021 levels in order to satisfy the increasing energy needs of the transportation, commercial, industrial, and residential sectors. Based on the collected transformer data, this estimate was made. Aged transformers and electrification are two key factors contributing to the increase in demand. Diverse transformer types are employed in resilience and utility undergrounding operations, and NREL is investigating potential demand spikes from extreme weather events. As power transmission and distribution networks increasingly use high-voltage transformers, there is a growing demand for renewable natural ester insulating oils. However, one of the main issues impeding the market is the greater cost of renewable natural ester insulating oils when compared to traditional mineral-based insulating oils. Restricted availability of raw materials and disruptions in the supply chain can also cause issues.
The FR3 (soybean extract) segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on type, the global renewable natural ester insulating oil market is categorized as FR3 (soybean extract), biotemp (sunflower seed extraction), and others. Among these, the FR3 (soybean extract) segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. FR3 esters, which integrate cost effectiveness and good electric performance, are made from soybean oil. The risk of a fire is significantly reduced because FR3 esters have a higher flash point (330°C) than mineral oil (155°C).
The voltage above 500kv transformer segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the global renewable natural ester insulating oil market is categorized as voltage below 220kv transformer, voltage 220-500kv transformer, and voltage above 500kv transformer. Among these, the voltage above 500kv transformer segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. This is because high-voltage transformers enable the transmission of electricity over long distances with minimal losses, making them essential components of the power grid infrastructure. The demand for reliable and efficient insulating oils in these transformers is fueling the market's growth.
Asia Pacific is projected to hold the largest share of the global renewable natural ester insulating oil market over the forecast period.
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Asia Pacific is projected to hold the largest share of the global renewable natural ester insulating oil market over the forecast period. Rapid urbanization, industrialization, and growing energy demand in countries like China, India, and Japan are driving the need for advanced power infrastructure. The push for electrification and the use of renewable energy sources are two more significant growth drivers.
North America is expected to grow at the fastest CAGR growth of the global renewable natural ester insulating oil market during the forecast period. The United States and Canada are leading the effort to update and replace outdated transformers with more efficient and environmentally friendly versions. The deployment of smart grid technologies and growing investments in renewable energy projects are also contributing to the increase in demand for ester transformer oil in this region.
Major vendors in the global renewable natural ester insulating oil market are Cargill, MIDEL, Sinopec, Savita Oil, Jiangsu Shuangjiang Energy Technology, Guang Dong Jooyn New Material, CHINT Global, Fuji Electric, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In December 2022, Fuji Electric Co., Ltd. is pleased to offer the FR3 Fluid-applied transformer, which uses natural ester oil as electrical insulating oil.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global renewable natural ester insulating oil market based on the below-mentioned segments:
Global Renewable Natural Ester Insulating Oil Market, By Type
- FR3 (Soybean Extract)
- Biotemp (Sunflower Seed Extraction)
- Others
Global Renewable Natural Ester Insulating Oil Market, By Application
- Voltage Below 220KV Transformer
- Voltage 220-500KV Transformer
- Voltage Above 500KV Transformer
Global Renewable Natural Ester Insulating Oil Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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