Transformer Oils Market, COVID-19 Analysis, Key Players, Growth, Analysis, Industry Segments, Opportunities and Forecast to 2023
Transformer Oils Market Global Research Report: By Type (Naphthenic Oil, Paraffinic Oil, Bio-Based Oil, Silicone Oil), By Application (Large Transformers, Small Transformers, Utility & Others), And Region – Forecast Till 2023
Market Overview
According to Market Research Future (MRFR), the global transformer oil market is expected to expand at a CAGR of 8.29% while procuring the market value of USD 4,002.8 million by 2023.
The growing demand for electricity in rural areas in developing countries is expected to be a significant factor that can boost the transformer oil market 2020. Urbanization and industrialization are other salient causes that can trigger the oil demand and enhance the transformer oil market opportunities. The expansion of the power sector to meet electricity requirements among the growing populace is anticipated to drive the market significantly during the assessment period. Furthermore, the increasing preference for renewable energy sources may enhance the transformer oil market application that can augment the market in the review period.