Transformer oil market to hit $3 B by 2025
The global transformer oil market is projected to reach $3B by 2025 from a market size of $2.2B in 2020, at a CAGR of 6.9% during the forecast period.
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The global transformer oil market is projected to reach $3 B by 2025 from an estimated market size of $2.2 B in 2020, at a CAGR of 6.9 % during the forecast period, according to a report issued by MarketsandMarkets™.
The factors driving the growth for transformer oil are the upgrades of electric grids in developing countries along with the expansion of electric grids due to growing industrialisation and urbanisation. The transformer segment is expected to hold the largest share of the transformer oil market and be the fastest-growing during the forecast period.
Transformer oils are used in applications such as power and distribution transformers. Rising electricity requirements due to an increasing population has resulted in an increase in investments for the expansion of the existing power grids as well as for the construction of new power infrastructure in developed and developing countries. The upgradation and expansion of electric grids due to the rising power demand is expected to increase the demand for transformers, which will eventually propel the transformer oil market for this segment.
Some of the key players in this market include: Nynas AB, Ergon International, Petrochina Company Limited, Apar Industries , and Sinopec Lubricant.
Source: Open PR