According to a recent report by Reports Intellect, transformer oil testing market was worth $260.9 million in 2018 and is expected to reach $340.8 million by the end of 2024, growing at a CAGR of 5.5% in the period between 2019 and 2024.

As oil deteriorates over time, various international standards, many of them set by ASTM, define testing sequences and procedures for transformer oils. Testing consists of measuring breakdown voltage and other physical and chemical properties of oil samples of the oil, either in a laboratory or on-site using portable test equipment.

According to the report, Dielectric Breakdown Voltage testing holds the largest share of the global market, accounting for about 23.03% in 2019. Moisture Analysis accounts for 15.83% market share, followed by Flash Point at 15.77% and Interfacial Tension with a 14.17% market share. Interfacial Tension is expected to experience the fastest growth in the next few years.

By region, Europe holds the largest market share in 2019, accounting for 28.61%, followed by the U.S. with a 27.15% share. The Asia-Pacific is forecast to occupy more market share in the following years, especially in China, as well as fast growing India and Southeast Asia regions.

Market players mentioned in the report include RESA Power, SDMyers, DNV GL, SGS, Munich Re, Bureau Veritas, ALS, Veritas Petroleum Services, Intertek, Powerlink, Asiaphil, Trico, Reuter Hanney, GTI, Windemuller, and PDC Laboratories.

Source: Reports Intellect