Bio-based Transformer Oil Industry- Regional Synopsis
North American Market Analysis
North America market is likely to dominate majority revenue share of 31% by 2037. The growing demand for electricity in different sectors, including residential, commercial, and industrial, which is a major driver of the oil-filled transformer industry in the region. Moreover, the development of the infrastructure in the region, due to the ongoing smart cities project, is increasing the requirement of transformers in the region.
Asia Pacific Market Analysis
The Asia Pacific bio-based transformer oil market is set to grow at significant CAGR in the upcoming years, impelled by rapidly developing transmission & distribution network across Asia that facilitates the efficient supply of electricity. In addition, the Asian Pacific transformer oil market is expected to grow at an annual growth rate of around 6.5% during the forecast period. The electricity demand in the Asia Pacific region continued to grow, driven by population growth and economic development.
