The Global Transformer Oil market is valued of $3019mn at a CAGR of 5.47% during the forecast period 2017 -2023. Bio-based transformer oil is witnessing significant popularity in the market and is estimated to grow fastest during the forecast period owing to the increase in fire accidents in mineral oil-based transformers and the non-biodegradable nature of mineral oil. Modernization of existing transformer is one of the key factors impacting the growth of the market. The rise in demand for electricity globally is resulting in demand for new transformers and replacement of old ones are set to drive the market. APAC region is estimated to witness fastest growth in terms of revenue with major share in global market followed by Americas and Europe.
