Transformer Oil Market Is Expected To Reach $ 6.1 Billion By 2030
San Francisco, 30 Aug 2023: The Report Transformer Oil Market Size, Share & Trends Analysis Report By Product (Mineral-based, Silicone-based), By Rating, By End-use (Utilities, Industrial), By Region, And Segment Forecasts, 2023 - 2030 The global transformer oil market size is expected to reach USD 6.1 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.1% from 2023 to 2030. The growth is driven by the high utilization of transformer oil in the power generation sector along with an increase in demand for electric grids in emerging economies. The product is used to insulate high-voltage electrical transformers. It is developed to operate at very high temperatures. Transformer oil surrounds the windings and the core of transformers to prevent their wiring and cellulose-based insulation from corroding and oxidizing. Recent market expansion is driven by technological development and rising R&D activities by key i