Transmission and distribution of electrical energy from power generating sources to user end requires step-up and step-down of voltages at different ends that necessitate the utilization of transformers at every stage. Moreover, requirement to reduce the transmission losses and short circuit in high voltage transmission, liquid-immersed transformers that have mineral oil as an electric insulating medium to act as an arc-quenching medium and provide optimum operational temperature range are expected to drive the industry growth through the forecast period.

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Increasing demands for electrical energy and proliferating energy generating capacities of renewable sources are expected to fuel the industry growth
According to International Energy Outlook 2016, by U.S. Energy Information Administration, world energy consumption is expected to witness surge of over 48% by 2040, with China and India accounting the major share of the increased demands. Moreover, increasing reliance on renewable fuels that include solar, wind, hydroelectric, and geothermal are among the major forms of energy to for on grid installations are expected to attract major demand. Requirement to step-up the voltage and transmit the electrical energy over the long distance range is expected to be the primary growth factor over the forecast period. Moreover, increasing kWh demands in conjunction with the increasing costs of space, specifically in the urban areas, will present substantial growth prospects for the liquid-immersed transformers market.

Liquid-Immersed Transformers Market Taxonomy
On the basis of dielectric fluids, the global liquid-immersed transformers market is classified into:
• Natural esters
• Synthetic esters
• Mineral oils
• Silicone oils
On the basis of application, the global liquid-immersed transformers market is classified into:
• Power transformers
• Distribution transformers
◦ Residential
◦ Commercial
◦ Industries

Better performance characteristics such as long life cycles, low noises and smaller sizes are expected to garner higher consumer inclination
Most commonly used alternative products used in the all the major applications includes dry-type and pad-mounted transformers. However, other than low cost of the dry type alternatives, liquid immersed transformers are featured with longer operating lifecycles, minimal or no annual maintenance time and costs, no outages over its lifecycles, and enhanced safety against fire hazards. Increased power capacities also result in significant decline in the overall capital expenditure, owing to the economies of scale. Moreover, capability of the equipment to repairable is among the chief advantageous factors which has led to increased applications specifically at power generation end.

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Transformer oil is the most widely used form of insulating medium owing to its low affinity towards oxidation
Windings are insulated with cellulose which has substantial affinity to oxygen. When immersed in oil, the exposure to air is cut off. Moreover, it has been the most conventional form of fluid that has been used in these applications for arc quenching, in conjunction with other switchgears and circuit breakers. However, in order to reduce the environmental impacts and the carbon footprint, several other ecofriendly biodegradable substitutes have started gaining momentum in the industry applications. In conjunction with minimal environmental impacts, these offer enhanced life cycle and considerably reduce the maintenance requirements, in turn leading to increased inclination of the users and manufacturers.

Asia Pacific is expected to remain the most dominating regional segment, primarily owing to the large scale requirements, and the presence of the largest consumer base. Technological advancements that can enhance the functioning of these equipment by several decimal units will find increased consumer inclinations owing to the energy efficiency that can be achieved owing to large scale power requirements.

Key liquid-immersed transformers market participants include CG, ABB, Schneider Electric, GE, and Siemens. Industry presence is characterized by the presence of several regional participants competing in their specific region with the international players. Since pricing is the chief perspective in the transmission and distribution segment, regional players are expected to present significant challenge to the international players. Some other vendors in the industry include Altrafo Transformers, CNC Group, CELME, Dandong Xintai Electric, China XD Group EREMU, and Elsewedy Electric.