Market Size of India Power Transformer Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Power Transformer Market Analysis
The Indian power transformer market is expected to register at a CAGR of more than 3% during the forecast period.
The COVID-19 outbreak negatively impacted the market due to regional lockdowns leading to a slowdown in ongoing and upcoming projects. Currently, the market reached pre-pandemic levels.
- Factors such as increasing power generation capacity to meet energy demand and expanding transmission and distribution systems will likely drive the Indian power transformer market. Also, several favorable government policies to increase energy demand in India will likely drive the Indian power transformer market.
- However, delay in implementing the projects due to lengthy government procedures are expected to restrain the Indian power transformer market.
- A smart grid is a highly efficient and economical technology that can reduce carbon emissions. Such up-gradation for now existing networks in the region can create several opportunities for the Indian power transformer market in the future.
India Power Transformer Industry Segmentation
Power transformers are passive electromagnetic devices that transfer energy by inductively coupling two circuits together. The Indian power transformer market is segmented into capacity, type, and phase. By capacity, the market is segmented into small, medium, and large. By type, the market is segmented into oil filled and dry-filled. By phase, the market is segmented into single and triple. The market sizing and forecasts are done for each segment based on revenue (USD billion).
| Capacity | |
| Small | |
| Large | |
| Medium |
| Type | |
| Oil Filled | |
| Dry Type |
| Phase | |
| Single Phase | |
| Triple Phase |
India Power Transformer Market Size Summary
The Indian power transformer market is poised for growth, driven by increasing power generation capacity and the expansion of transmission and distribution systems. The market has rebounded to pre-pandemic levels after experiencing setbacks due to COVID-19-related lockdowns. Government initiatives aimed at boosting energy demand and the integration of smart grid technologies are expected to further propel the market. However, the progress of projects may be hindered by lengthy governmental procedures. The rapid urbanization and industrialization in India necessitate the expansion of transmission lines and substations, which is anticipated to drive the demand for power transformers. Additionally, the surge in renewable energy installations, particularly solar and wind, requires efficient step-up and step-down transformers, contributing to market growth.
The Indian government's commitment to enhancing electricity reliability through various schemes and policies is a significant factor influencing the power transformer market. Initiatives like the Deen Dayal Upadhyaya Gram Jyoti Yojana and the Integrated Power Development Scheme aim to improve the distribution sector, thereby increasing the demand for transformers. The mandatory Bureau of Indian Standards certification and the BEE star labeling scheme have led to improved quality and energy efficiency in transformers. With a target of achieving substantial renewable power generation capacity by 2030, the government is fostering growth in the renewable energy sector, which is expected to dominate the power generation landscape. Key players in the fragmented market, such as Siemens AG and ABB Ltd., are actively investing in expanding manufacturing capacities to meet the growing demand.
India Power Transformer Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Capacity
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2.1.1 Small
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2.1.2 Large
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2.1.3 Medium
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2.2 Type
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2.2.1 Oil Filled
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2.2.2 Dry Type
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2.3 Phase
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2.3.1 Single Phase
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2.3.2 Triple Phase
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India Power Transformer Market Size FAQs
What is the current India Power Transformer Market size?
The India Power Transformer Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in India Power Transformer Market?
Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electric Corporation and CG Power and Industrial Solutions Ltd. are the major companies operating in the India Power Transformer Market.
