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Saudi Arabia Transformer Oil Market Size, Share, Growth: By Type: Mineral Oil, Silicone-Based Oil, Bio-Based Oil; By Application: Transformer, Switchgear, Circuit Breaker, Others; By End Use: Power Generation, Transmission, Railways and Metros, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Saudi Arabia Transformer Oil Market Outlook
The Saudi Arabia transformer oil market size was valued at USD 27.60 million in 2023. The market is further projected to grow at a CAGR of 6.2% between 2024 and 2032, reaching a value of USD 47.73 million by 2032.
Key Takeaways
- Increased demand for electricity, rising investments in the infrastructure supporting power transmission and distribution, and the need to maintain and replace ageing transformers are all expected to increase the Saudi Arabian transformer oil market share in the years to come.
- Innovations in transformer oil technology, particularly in mineral-based oils known for their excellent dielectric properties and fire-resistant characteristics, are important areas of focus in the market to ensure effective insulation, heat dissipation, and safety in power transformers.
- Shell International B.V., Chevron Corporation, Castrol Limited, Fuchs SE, and Gulf Chemical & industrial Oils Co are prominent players in the market.
The market is experiencing significant growth due to various factors such as rapid urbanisation, industrialisation, and the government's focus on expanding power infrastructure.
The increasing demand for high-quality transformer oils is driving the Saudi Arabian transformer oil market growth, as these oils are widely utilised in transformers to maintain cooling capacity and reduce high heat. The Saudi Ministry of Energy, Industry, and Mineral Resources (MEIM) established the Renewable Energy Development Office in 2017, intending to tender out 9.5 GW of primarily PV solar and wind energy by 2023. This initiative is expected to boost the demand for transformers, generators, reactors, and more transformer oils, as these components utilise transformer oils for cooling purposes.
Moreover, the growing focus on sustainability and environmental regulations is leading to the development of bio-based transformer oils. These oils are non-toxic and free from PCBs, providing a cleaner and more reliable alternative to traditional transformer oils. For instance, the Saudi Arabian government is focusing on power generation through Mutjadedah Program’s renewable energy targets, with a particular emphasis on solar energy. The country aims to reduce its dependency on oil revenues, diversify its energy mix, and develop its significant potential of private renewable energy.
The increasing development of power stations in Saudi Arabia to increase the power generation capacity is also accelerating the demand for transformer oils. As per industry reports, Saudi Power Procurement Company (SPPC) announced five new renewable energy projects with a combined capacity of 3,300 megawatts (MW) in September 2022. This includes three wind energy projects generating a total of 1,800 MW and two solar projects with a total capacity of 1,500 MW. Therefore, considering these factors, the transformer oil market in Saudi Arabia is expected to grow significantly in the coming years.
Market Segmentation
Saudi Arabia Transformer Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Mineral Oil
- Paraffinic
- Naphthenic
- Silicone-Based Oil
- Bio-Based Oil
Market Breakup by Application
- Transformer
- Switchgear
- Circuit Breaker
- Others
Market Breakup by End Use
- Power Generation
- Transmission
- Railways and Metros
- Others
Competitive Landscape
Market players are focusing on developing biodegradable transformer oils to align with environmental regulations and sustainability goals.
- Shell International B.V.
- Chevron Corporation
- Castrol Limited
- Fuchs SE
- Gulf Chemical & Industrial Oils Co.
- Gulf Oil International Group
- National Oil and Chemical Company (CHEMAOIL)
- Ergon, Inc.
- NYNAS AB
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Middle East and Africa Transformer Oil Market Overview
8.1 Key Industry Highlights
8.2 Middle East and Africa Transformer Oil Historical Market (2018-2023)
8.3 Middle East and Africa Transformer Oil Market Forecast (2024-2032)
9 Saudi Arabia Transformer Oil Market Overview
9.1 Key Industry Highlights
9.2 Saudi Arabia Transformer Oil Historical Market (2018-2023)
9.3 Saudi Arabia Transformer Oil Market Forecast (2024-2032)
10 Saudi Arabia Transformer Oil Market by Type
10.1 Mineral Oil
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Type
10.1.3.1 Paraffinic
10.1.3.2 Naphthenic
10.2 Silicone-Based Oil
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Bio-Based Oil
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Saudi Arabia Transformer Oil Market by Application
11.1 Transformer
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Switchgear
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Circuit Breaker
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 Saudi Arabia Transformer Oil Market by End Use
12.1 Power Generation
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Transmission
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Railways and Metros
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Shell International B.V.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Chevron Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Castrol Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Fuchs SE
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Gulf Chemical & Industrial Oils Co.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Gulf Oil International Group
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 National Oil and Chemical Company (CHEMAOIL)
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Ergon, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 NYNAS AB
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Middle East and Africa Transformer Oil Market: Key Industry Highlights, 2018 and 2032
2. Saudi Arabia Transformer Oil Market: Key Industry Highlights, 2018 and 2032
3. Saudi Arabia Transformer Oil Historical Market: Breakup by Type (USD Million), 2018-2023
4. Saudi Arabia Transformer Oil Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Saudi Arabia Transformer Oil Historical Market: Breakup by Application (USD Million), 2018-2023
6. Saudi Arabia Transformer Oil Market Forecast: Breakup by Application (USD Million), 2024-2032
7. Saudi Arabia Transformer Oil Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Saudi Arabia Transformer Oil Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Saudi Arabia Transformer Oil Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 27.60 million.
The market is expected to grow at a CAGR of 6.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 47.73 million by 2032.
The market is primarily driven by factors such as increasing energy infrastructure development, grid modernisation initiatives, and a growing focus on renewable energy sources.
Key trends aiding the market expansion include the integration of renewable energy sources like wind and solar into the power grid, which necessitates transformers filled with insulating oils for efficient power distribution.
Based on end use, the market segmentations include power generation, transmission, and railways and metros, among others.
Mineral oil (paraffinic, naphthenic), silicone-based oil, and bio-based oil are considered in the report.
Key players in the market are Shell International B.V., Chevron Corporation, Castrol Limited, Fuchs SE, Gulf Chemical & Industrial Oils Co., Gulf Oil International Group, National Oil and Chemical Company (CHEMAOIL), Ergon, Inc., and NYNAS AB, among others.
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