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North America Transformer Oil Market Analysis

  • Report ID: GMI7289
  • Published Date: Nov 2023
  • Report Format: PDF

North America Transformer Oil Market Analysis

North America Transformer Oil Market Size, By Product, 2021 - 2032, (USD Million)

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Based on product, the mineral based transformer oil segment is likely to register7%  grow at a CAGR of overgrowth rate through 2032, attributed to its excellent dielectric properties, which ensure effective insulation and heat dissipation in power transformers. Moreover, mineral-based oils are renowned for their fire-resistant characteristics, offering enhanced safety in critical electrical applications. In the coming years, the preference for mineral-based transformer oils is likely to persist, further boosting the market growth as the region continues to invest in grid enhancements and the replacement of outdated equipment, ensuring the stability and efficiency of its electrical systems.

 North America Transformer Oil Market Revenue Share, By Application, 2022

Based on application, the power transformers segment is projected to showcase 6.5% CAGR from 2023 to 2032. The power transformers play a critical role in the electrical grid by facilitating the efficient transmission and distribution of electricity. As North America continues to modernize its power infrastructure, expand its renewable energy capacity, and enhance grid resilience, the demand for power transformers and the accompanying transformer oil is projected to surge. The anticipated growth in the power transformer segment is poised to be a significant driver of the North America transformer oil market.

U.S. Transformer Oil Market Size, 2021 - 2032, (USD Million)

U.S. transformer oil market is anticipated to grow at a CAGR of over 6.5% through 2032, owing to the ongoing expansion and upgrading of the country's electrical grid and power infrastructure, along with the replacement of aging transformers. Environmental regulations and safety standards are promoting the use of high-quality transformer oils to ensure the reliability and performance of transformers. Moreover, the market benefits from ongoing technological advancements, which result in more efficient and sustainable transformer oils. The emphasis on grid modernization, renewable energy integration, and grid resilience also spurs the demand for transformer oils in the U.S., making it a robust and dynamic market with considerable growth potential.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America transformer oil was worth over USD 600 million in 2022 and is estimated to reach USD 1.2 billion by 2032, due to the aging power infrastructure necessitating the regular maintenance and upgrades of transformers in the region.

The mineral-based product segment in the North America transformer oil market is expected to register over 7% CAGR from 2023 to 2032, due to its excellent dielectric properties to ensure effective insulation and heat dissipation.

U.S. transformer oil industry is set to record over 6.5% CAGR from through 2032, owing to the ongoing expansion and upgrading of the electrical grid and power infrastructure along with the higher replacement of aging transformers.

Some of the influential North America transformer oil market players are APAR, Calumet Specialty Products Partners, L.P., Cargill, Incorporated, CASTROL LIMITED, Clearco Products Co., Inc. All, Dow, HCS Group, Ergon, Inc., Exxon Mobil Corporation, among others.

North America Transformer Oil Market Scope

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  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 332
  • Countries covered: 3
  • Pages: 280
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