Yes, transformers do have oil in them, specifically, oil-filled transformers utilize mineral oil or ester oil to provide insulation and cooling for their components. This oil helps to dissipate heat generated during operation and protects the internal parts from electrical and thermal stress, ensuring efficient and reliable performance. Additionally, the oil serves as a medium to enhance the transformer’s electrical insulating properties, preventing arcing and breakdown of the insulation system. Proper maintenance, including cleaning and regeneration of the oil, is crucial for the longevity and safe operation of transformers that contain oil.

The transformer oil market refers to the global industry for the production, sale, and distribution of insulating oils used in transformers and other electrical equipment. The market includes various types of transformer oils, such as mineral oil, silicone oil, and biodegradable oils, and is influenced by factors like energy demand, industrial growth, and environmental regulations.