Transformer oil market to reach $6.08 B by 2030
The transformer oil market is growing at a CAGR of 12.8 % and is projected to reach $6.08 B by 2030.
Image for illustration purposes
According to Report Ocean’s published report, the global transformer oil market was valued at $1.7 B in 2020 and is projected to reach $6.08 B by 2030, growing at a CAGR of 12.8 % from 2022 to 2030.
Key drivers include the growing transition towards renewable energy sources, increased investments in enhancing electricity grids, and rising environmental concerns, all of which are contributing to the expanding market share for transformer oils.
Key players in the market: Nynas AB, Ergon International, Petrochina Company Limited. Apar Industries, Sinopec Lubricant, Calumet Specialty Products, Hydrodec Group, Cargill, ExxonMobil.
Source: Taiwan News
#CAGR#electricity grids#environment#market growth#renewable energy#Transformer oil market
