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Transformer Oil Market – Forecast, 2020-2027

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Date11/25/2020 11:20:47 AM
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The significant factors driving the growth of the transformer oil market include the upgradation of electric grids in developing countries due to the rising industrialization and urbanization. Growing demand for modernization of aging grid infrastructure, coupled with wide-scale capacity addition, will further propel the market growth. For instance, in 2016, the U.S. DOE financed USD 220 million under the Grid Modernization Initiative. Rapid urbanization, coupled with rising expenditure across the infrastructure sector in developed economies, will further propel the transformer oil market growth. The other major factors bolstering the market growth include rising power consumption and growing investment in the power sector.
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