North America Transformer Oil Market Outlook
The North America transformer oil market was valued at USD 562.94 million in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 6.4% between 2025 and 2034, reaching USD 990.32 million by 2034. The market's growth is driven by the increasing demand for transformer oils in the power generation, transmission, and industrial sectors, as well as the expansion of railways and metro systems. Transformer oils are essential in electrical equipment such as transformers, switchgear, and circuit breakers, where they are used as an insulating and cooling medium to ensure the efficient operation of electrical systems.
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