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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further boosting the market growth as the region continues to invest in grid enhancements and the replacement of outdated equipment, ensuring the stability and efficiency of its electrical systems.
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 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.