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Transformer Oil Market Size
- Report ID: GMI2550
- Published Date: Jun 2023
- Report Format: PDF
Transformer Oil Market Size
Transformer Oil Market size was valued at USD 2.9 billion in 2023 and is set to grow at over 6.7% CAGR from 2024 to 2032. The growing global population, industrialization, and urbanization have led to a significant rise in electricity consumption. This increased demand for electricity necessitates the expansion of power infrastructure, including transformers, which in turn drives the demand for transformer oil. A large number of power grids worldwide are aging and require modernization and refurbishment. Upgrading existing transformers with new and efficient ones, along with the use of high-quality transformer oil, becomes crucial to ensure the reliable and safe operation of the grid, and further aid in boosting the product penetration globally.
The transformer oil market growth is due to the ongoing deployment of efficient transformers in response to the increasing electricity demand across the globe. This expansion of the industry will be further propelled by a growing emphasis on rural electrification initiatives and substantial funding support from non-profit organizations. The global transformer market is expected to witness at around 7.1% growth rate during the forecast timeframe. Mineral based transformer oil industry is set to cross USD 3.5 billion by 2032.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Transformer Oil Market Size in 2023: | USD 2.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6.7% |
| 2032 Value Projection: | USD 5.2 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 830 |
| Tables, Charts & Figures: | 1,172 |
| Segments covered: | Product, Application |
| Growth Drivers: |
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Transformer Oil Market Scope
