Double Oiler Market Size, Share, Growth, And Industry Analysis By Type (Induction Cooker Use, Gas Use, Others) By Application (Household, Commercial, Others), Regional Forecast To 2031

Updated On: 06 May 2024

Double Oiler Market Report Overview

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The global Double Oiler market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Crude petroleum serves as the source of transformer oil. In a transformer, transformer oil performs two crucial tasks: it prevents arcing and dissipates the heat produced by the device. It is furthermore utilised as insulation and for chemical stabilisation. Transformer oil has improved electrical insulation, is more stable at high temperatures, and inhibits oxidation. Mineral oil and synthetic oil are the two types of transformer oils that are most frequently utilised in transformer applications.

A major element that has affected the construction of new terminals is the rising demand for energy as a result of population development and fast urbanisation. By 2050 and 2100, the world's population is projected to be 9.8 billion and 11.2 billion, respectively. This justification will definitely encourage the construction of comparable terminals in developed nations in order to both satisfy domestic oil demand and generate income from commercial usage of the equivalent.

COVID-19 Impact: COVID-19 Viral Outbreak Hindered The Market Growth

The COVID-19 pandemic had a serious effect on the world oil and gas industry, which led to a shortage of storage space. The largest exporters and oil-producing nations are those most affected by the network's blockade of oil and gas inventories. Several oil and gas businesses have been compelled to modify their consumption plans for the upcoming year as a result of the current scenario. The market for storage terminals is anticipated to slowly rebound over the next years since predicted speculations have fallen short of forecasts.

Market expansion during the COVD-19 pandemic may be impacted by shifting crude oil prices on the global market as well as supply and demand dynamics. The offshore and onshore creation processes have been put on hold because to the decline in demand for oil and oil-related goods. As a result, the development and upgrading of oil storage tank terminals is being driven by the slowdown in the global oil and gas sector. For a defined duration, this variable will undoubtedly affect yearly market development interests.

The COVID-19 pandemic-related lockdown led to a temporary prohibition on production, processing, and import/export across a variety of businesses and electrical utilities, which reduced demand for transformer oil from these customers. The COVID-19 pandemic-related lockdown caused a temporary prohibition on production, processing, and import/export across a variety of businesses and electrical utilities, which reduced the demand for power from these usersDue to this, market growth contracted in 2020's second, third, and fourth quarters. However, the COVID-19 vaccine has started in a number of nations throughout the world, which is projected to strengthen the global economy, and the transformer oil market is likely to rebound by the second quarter of 2021.

Latest Trends

"Increasing Demand for Different Crude Products made from oil are helping Terminals expand"

Diesel, gasoline, aviation fuel, lubricants, and other petroleum products are produced by petroleum refineries from crude oil. Each barrel of crude oil that is processed at a refinery produces a variety of goods. The most often generated refined products used as feedstock for ethylene cracking are propane and butane, which are subsequently combined with liquefied petroleum gas (LPG) for use as fuel. Industrial gasoline is used as a furnace fuel in industrial buildings and for commercial and domestic heating. The remaining oil is also utilised as bunker fuel in large ocean-going ships and power plants. These reasons have raised consumer demand for items like diesel, gasoline, oils, and other goods, which directly stimulates demand for more crude oil and the expansion of these goods.

Double Oiler Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Induction Cooker Use, Gas Use, Others. Induction Cooker Use is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Household, Commercial, Others. Household will be the dominating segment.

Driving Factors

"As Global Crude Oil Prices Decline, More People Are Projected To Need Oil Storage Tanks"

Reduced crude oil prices are anticipated to drive the market because when the price of oil declines, customers are anticipated to store more oil in bigger amounts when the price is low, increasing demand for oil storage. In 2021, when the COVID epidemic devastated demand and caused an oil emergency, the price of Brent Crude oil increased above the yearly average to USD 70.68 per barrel. Since they impact costs at every level of the production process and consumer pricing, crude oil prices are the most extensively reported of all commodities.

"Increasing Strategic Petroleum Reserve Investments And Expanding International Oil Trade Agreements Will Help The Industry Flourish"

Countries are focusing on expanding their storage capacity to fulfil oil demand in the event of an import disruption or a national emergency due to the necessity for strategic petroleum reserves (SPR). For instance, each member of the European Union is obligated to have a strategic oil reserve sufficient to cover 90 days of typical domestic use. Governments are projected to expand their investments in storage terminals throughout the predicted period as international oil commerce is anticipated to rise. China, the largest consumer of crude oil, increased its daily imports to 10.47 million barrels in November 2021 from 8.9 million barrels per day in October, which was the lowest level since September 2018.

Restraining Factors

"Use Of Renewable Energy Sources Is Promoted As A Strategy To Diversify The Expansion Of The Oil Sector"

The sector for oil storage terminals is severely hampered by the rising use of renewable energy sources for electricity generation. Environmental concerns have superseded energy security as the main driver behind government initiatives to promote renewable fuels since they are frequently less polluting. Research and development on alternative vehicle fuel technologies have recently focused on fuels derived from oil and natural gas as well as biofuels made from plant resources, such ethanol and biodiesel. Electric cars with fuel cells based on hydrogen (EVs). The high cost of building and maintenance required during the terminal's working lifetime is another factor restricting the industry's ability to expand.

Double Oiler Market Regional Insights

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"Asia-Pacific Region Will Dominate The Market During Forecast Period"

The market for oil storage terminals is believed to be dominated by Asia Pacific. The market in Asia Pacific for an oil storage facility was estimated to be worth USD 10.20 billion in 2021. The demand for energy and goods derived from oil has surged in China and India. These nations get a significant amount of their power and energy from crude oil. Major oil storage centres nearby include Singapore and South Korea. Additionally, a few local companies' divestitures will probably spark new development plans and advance the company. Nearly 90% of the offers have been sold at Bright Oil Petroleum's Hong Kong office. The oil storage and terminal offices in Zhoushan have been purchased by Yantian Group.

The market for oil storage terminals in Europe is anticipated to develop strongly as a result of many major companies' increased production capacity. Oil storage has become more and more necessary as businesses aim to better position themselves for the future and maximise revenues, sparking interest and escalating rivalry. Thanks to expanded production capacity from a few important companies, the market for European oil storage terminals is anticipated to expand at a healthy rate. Many nations in the area rely on imported oil to satisfy their energy demands. In addition, it is anticipated that the extension of the storage limit will be finished owing to the rise in energy demand. Additionally, it is anticipated that the territorial landscape would be maintained due to the main actors' increasing attempts to stop organic and inorganic expansions.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Electrolux (Sweden)
• Middleby (U.S.)
• ITW (U.S.)
• Welbilt (U.S.)
• Scholl-Gastro (Germany)
• E&R Moffat (U.K.)
• Hatco (U.S.)
• Alto-shaam (U.S.)
• Inomak (Greece)
• SUPOR (China)
• Roband (U.K.)
• Sammic (U.S.)
• Roller Grill (France)
• Parry (India)
• Hayman Industries (Australia)
• HIKITCH (India)
• Festive (U.K.)
• Victor (Taiwan)
• Buffalo (U.S.)
• Birko (U.S.)
• Akasa International (India)
• LOZAMET
• ASD (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.