India Transformer Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Transformer Market Analysis
The India transformer market is expected to rise at a CAGR of more than 5% during the forecast period. COVID-19 moderately impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Factors such as increasing energy demands from the industries and expansion of transmission and distribution systems are likely going to drive the Indian transformer market. Also, several favorable government policies in India made to the increasing energy demand are likely going to drive the Indian transformer market.
- However, delay in the implementation of the projects due to lengthy government procedures is expected to restrain the Indian transformer market.
- A smart grid is seen as 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 transformer market in the future.
India Transformer Market Trends
Distribution Transformer Expected to Dominate the Market
- A distribution transformer or service transformer is utilized in the electric power distribution system to facilitate the final voltage transformation. Its primary function is to decrease the voltage from the distribution lines to a level suitable for residential, commercial, and industrial customers.
- India, because of its rapidly increasing urbanization and industrialization, is expanding its existing transmission and distribution system by laying new transmission lines and installing new substations to fill the energy demand-supply gap in the country.
- In 2021, the electricity generation for India was about 1714.8 Terawatt-Hour (TWh), which was higher than what the country produced in 2020, 1563.3 TWh. The increase in electricity generation exhibits an increase in the power generation capacity, which is likely to use new distribution transformers for the transmission of electricity to consumers.
- In January 2022, the Government of India approved Green Energy Corridor (GEC) Phase - II. It will facilitate grid integration and power evacuation of approximately 20 GW of Renewable Energy (RE) power projects in seven states: Gujrat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh. The estimated investment in the phase is USD 1.44 billion. Under this phase, 10,750 kilometers of transmission lines will be constructed, and 27,500 MVA substations are being planned to be added.
- In February 2021, the Indian Government signed a loan agreement of USD 304 million from the Asian Development Bank (ADB) for the development of the Assam Intra-State Transmission System Enhancement project, which aims to improve the reliability, capacity, and security of the power transmission network in the northeastern state of Assam. This followed ADB's USD 190 million loans for the upgradation and modernization of Bengaluru's power distribution system in December 2020 and a USD 132.8 million loan for improving the power distribution network in the northeastern state of Meghalaya.
- Hence, owing to the above points, the distribution transformer segment is likely to dominate the Indian transformer market during the forecast period.
Favorable Government Policies Expected to Drive the Market
- India's power sector is undergoing a wide-scale transformation, owing to the country facing steep electricity demand growth rates. Several parts of India witness high power cuts due to the growing demand for electricity and the supply gap. To address the issue of electricity reliability, the government has implemented policies to increase electricity generation and encourage consumers to reduce their consumption during peak hours.
- In recent years, the government has launched several schemes, such as the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS), and National Electricity Fund (NEF), to improve the distribution sector in the rural and urban areas, which is expected to drive the demand for transformers in India.
- Moreover, transformers produced in the country have been brought under mandatory Bureau of Indian Standards (BIS) certification that has resulted in the standardization of the product, which has led to quality improvement and reduction of failure in transformers. These transformers have been brought under a mandatory BEE star labeling scheme, which has resulted in the use of modern technology in manufacturing energy-efficient transformers.
- Moreover, government policies towards the rapid increase in renewable energy installations at different sites that require transformers of step-up and step-down of the electrical voltage that is being transferred through it will likely drive the market. In 2021, the total renewable energy installation in the country was 147.12 gigawatts (GW), which is higher than its installation in 2020, 134.45 gigawatts (GW).
- Hence, owing to the above points, government policies are expected to drive the India transformer market during the forecast period.
India Transformer Industry Overview
The India transformer market is fragmented. Some of the key players in this market (in no particular order) include Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electric Corporation, and CG Power and Industrial Solutions Ltd.
India Transformer Market Leaders
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Siemens AG
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ABB Ltd.
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General Electric Company
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Mitsubishi Electric Corporation
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CG Power and Industrial Solutions Ltd.
*Disclaimer: Major Players sorted in no particular order
India Transformer Market News
- January 2023: CG Power and Industrial Solutions Limited announced its plan to expand the manufacturing capacity of its power and distribution transformer units.
- October 2022: Hitachi Energy India acquired a contract from NTPC Renewable Energy to supply power transformers for a 4.75 GW renewable energy park in Gujarat, which is part of India's largest solar park.
India Transformer Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 Power Rating
- 5.1.1 Small
- 5.1.2 Large
- 5.1.3 Medium
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5.2 Cooling Type
- 5.2.1 Air-Cooled
- 5.2.2 Oil-Cooled
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5.3 Transformer Type
- 5.3.1 Power Transformer
- 5.3.2 Distribution Transformer
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
- 6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
- 6.3.1 Siemens AG
- 6.3.2 ABB Ltd.
- 6.3.3 General Electric Company
- 6.3.4 Mitsubishi Electric Corporation
- 6.3.5 Schneider Electric SE
- 6.3.6 Panasonic Corporation
- 6.3.7 Hitachi, Ltd.
- 6.3.8 JiangSu HuaPeng Transformer Co., Ltd.
- 6.3.9 Baoding Tianwei Baobian Electric Co., Ltd.
- 6.3.10 Toshiba Corp
- 6.3.11 CG Power and Industrial Solutions Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityIndia Transformer Industry Segmentation
A transformer is an electrical device that transfers energy from one electric circuit to another using the electromagnetic induction principle. It is intended to change the AC voltage between the circuits while keeping the current's frequency constant. The India transformer market is segmented by power rating, cooling type, and transformer type. By power rating, the market is segmented into small, medium, and large. By cooling type, the market is segmented into air-cooled and oil-cooled. By transformer type, the market is segmented into power transformers and distribution transformers. The report also covers the market size and forecasts for the transformer market. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Power Rating | Small |
| Large | |
| Medium | |
| Cooling Type | Air-Cooled |
| Oil-Cooled | |
| Transformer Type | Power Transformer |
| Distribution Transformer |
India Transformer Market Research FAQs
What is the current India Transformer Market size?
The India Transformer Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in India 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 Transformer Market.
What years does this India Transformer Market cover?
The report covers the India Transformer Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Transformer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Transformer in India Industry Report
Statistics for the 2024 India Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Transformer analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
