Saudi Arabia Transformer Oil Market Report and Forecast 2025-2034
Description
The Saudi Arabia transformer oil market size was valued at USD 27.60 Million in 2024. The market is further projected to grow at a CAGR of 6.20% between 2025 and 2034, reaching a value of USD 50.37 Million by 2034.
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 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Mineral Oil_x000D_ _x000D_ Paraffinic _x000D_ Naphthenic _x000D_ _x000D_
Mineral Oil_x000D_ _x000D_ Paraffinic _x000D_ Naphthenic _x000D_ _x000D_
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
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 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Mineral Oil_x000D_ _x000D_ Paraffinic _x000D_ Naphthenic _x000D_ _x000D_
Mineral Oil_x000D_ _x000D_ Paraffinic _x000D_ Naphthenic _x000D_ _x000D_
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
Table of Contents
112 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Middle East and Africa Transformer Oil Market Overview
- 5.1 Key Industry Highlights
- 5.2 Middle East and Africa Transformer Oil Historical Market (2018-2024)
- 5.3 Middle East and Africa Transformer Oil Market Forecast (2025-2034)
- 6 Saudi Arabia Transformer Oil Market Overview
- 6.1 Key Industry Highlights
- 6.2 Saudi Arabia Transformer Oil Historical Market (2018-2024)
- 6.3 Saudi Arabia Transformer Oil Market Forecast (2025-2034)
- 7 Saudi Arabia Transformer Oil Market by Type
- 7.1 Mineral Oil
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.1.3 Breakup by Type
- 7.1.3.1 Paraffinic
- 7.1.3.2 Naphthenic
- 7.2 Silicone-Based Oil
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Bio-Based Oil
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 8 Saudi Arabia Transformer Oil Market by Application
- 8.1 Transformer
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Switchgear
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Circuit Breaker
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Others
- 9 Saudi Arabia Transformer Oil Market by End Use
- 9.1 Power Generation
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Transmission
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Railways and Metros
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Value Chain Analysis
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 Shell International B.V.
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 Chevron Corporation
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 Castrol Limited
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Fuchs SE
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Gulf Chemical & Industrial Oils Co.
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Gulf Oil International Group
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 National Oil and Chemical Company (CHEMAOIL)
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 Ergon, Inc.
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 NYNAS AB
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 Others
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