Oil Filled Transformer Market Regional Analysis:
North American Market Insights
The North America oil filled transformer market is anticipated to hold the highest revenue share of about 40% over the forecast period. The growth of the market in this region could be attributed to growing government investment in smart grid network projects. The US Department of Energy (DOE) requested input regarding an approximately USD 9 billion plan for smart grids and other grid-strengthening improvements in late 2021.
APAC Market Insights
The oil filled transformer market in Asia Pacific is also estimated to grow with a notable share. This growth could be owing to the rising need to provide electricity in rural areas. A significant part of Asia Pacific is covered with rural regions and their concern about electricity is also growing. Most rural parts in this region lack the supply of electricity. As a result, the adoption of oil-filled transformers is surging in this region owing to its ability to provide electricity over longer distances.
