The increase in electricity demand is the major boost behind the global power transformer market.

Power transformers link electrical systems of varied voltages to permit power transfer between them. Applications of power transformers include power generation, transmission, power intensive industrial applications, and domestic household & commercial applications. Transformer oils form a major component of power transformers; they act as a heat dissipating and insulating agent. The global market for mineral oil, silicon oil, and bio-based transformer oil is driven by the extensive growth in power capacity, economic growth, and the need to cater the upsurge in power demand in developing countries.
Mineral oil-based transformer oil is classified into naphthenic and paraffinic, which are an outcome of hydrocarbon refining, and classified based on their molecular structure. The rise in power generation through conventional and unconventional sources leads to grid development, which again creates demand for power transformers, thereby creating a huge market for mineral oil-based transformer oil. Developing economies such as the BASIC countries are an attractive market for mineral oil transformer oil.
http://www.micromarketmonitor.com/market-report/mineral-oil-transformer-oil-reports-8173841285.html

Transformer oil with silicone as a base additive is also known as silicone-based transformer oil. This is a viable alternative to mineral-based transformer oil. It provides additional superiority over mineral-based transformer oil. Silicone-based transformer oil provides improved fire resistance over mineral-based transformer oil. The rise in power generation through conventional and unconventional sources leads to grid development, which again creates demand for power transformers, thereby creating a huge market for silicone-based transformer oil. Developing economies such as the BASIC countries are an attractive market for silicone-based transformer oil.
http://www.micromarketmonitor.com/market-report/silicone-transformer-oil-reports-7704204520.html

The presence of sulfur, the corrosiveness, and the non-biodegradable nature of conventional mineral-based transformer oil pose a threat to environment. Bio-based transformer oil has superior insulating and heat dissipation properties. It is superior in terms of performance, and is economical and environment friendly as well. The comparatively superior functionality of bio-based transformer oil, clubbed with drastic growth in grid capacity, creates a very lucrative opportunity in the market.
http://www.micromarketmonitor.com/market-report/bio-based-transformer-oil-reports-2537186500.html