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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.
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.
North America Transformer Oil Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2022 |
|---|
| North America Transformer Oil Market Size in 2022: | USD 614 Million |
|---|
| Forecast Period: | 2023 to 2032 |
|---|
| Forecast Period 2023 to 2032 CAGR: | 7.4% |
|---|
| 2032 Value Projection: | USD 1.2 Billion |
|---|
| Historical Data for: | 2018 to 2022 |
|---|
| No. of Pages: | 280 |
|---|
| Tables, Charts & Figures: | 332 |
| Segments covered: | Product, Application |
|---|
| Growth Drivers: | - Refurbishment of existing grid networks
- Rising electric infrastructure spending
|
|---|
| Pitfalls & Challenges: | - Increasing adoption of alternate transformer technologies
|
|---|
