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North America Transformer Oil Market Size

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

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North America Transformer Oil Market Size

North America Transformer Oil Market was valued at over USD 600 million in 2022 and is expected to register CAGR of around 7.4% from 2023 to 2032. The region's aging power infrastructure necessitates regular maintenance and upgrades, driving the demand for transformer oils to insulate and cool transformers effectively. Additionally, the growing emphasis on renewable energy sources and the integration of smart grids have resulted in the need for reliable and efficient transformers, further boosting the market. According to Enerdata, the proportion of renewable energy in U.S. electricity production witnessed significant growth, rising from 8.8% in 2000 to 22.2% in 2022.
 

North America Transformer Oil Market

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Environmental regulations promoting the use of environmentally friendly and biodegradable transformer oils are also influencing the market dynamics. Furthermore, the surge in industrialization and urbanization is increasing electricity consumption, leading to an expansion of the transformer fleet. These factors, coupled with innovations in transformer oil technology, are contributing to the steady growth.

 

 

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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