What is the transformer oil market size and growth forecast?

The transformer oil market size was valued at approximately USD 3.5 billion in 2022, with a projected compound annual growth rate (CAGR) of around 5% from 2023 to 2030. This growth forecast is driven by increasing demand for electricity, expansion of renewable energy sources, and the need for reliable power infrastructure. As a result, the transformer oil market is expected to experience steady growth in the coming years.