Bio-based Transformer Oil Market Share

North-America Market Analysis

North America industry 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 North America region.

Asia-Pacific Market Analysis

The bio-based transformer oil market in the Asia Pacific region is also set to grow at a significant share in the upcoming years. This can be impelled by the 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 % over the forecast period. The electricity demand in the Asia Pacific region continued to grow, driven by population growth and economic development.