India Transformer Market Size (2024 - 2029)

The Indian transformer market is poised for growth, driven by increasing energy demands from industries and the expansion of transmission and distribution systems. The market has rebounded to pre-pandemic levels, supported by favorable government policies aimed at boosting energy demand. However, the market's expansion may be hindered by delays in project implementation due to lengthy government procedures. The adoption of smart grid technology presents opportunities for further development, offering a more efficient and economical solution to reduce carbon emissions and upgrade existing networks.

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Market Size of India Transformer Industry

India Transformer Market Summary
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

India Transformer Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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India Transformer Market Size Summary

The transformer industry in India is poised for significant growth, driven by increasing energy demands from industrial sectors and the expansion of transmission and distribution systems. The market has rebounded to pre-pandemic levels, with government policies supporting the surge in energy demand. However, the industry faces challenges such as delays in project implementation due to lengthy governmental procedures. The adoption of smart grid technologies presents opportunities for enhancing efficiency and reducing carbon emissions, further propelling the market's growth. The distribution transformer segment is expected to dominate, supported by the country's rapid urbanization and industrialization, which necessitates the expansion of transmission lines and substations to meet the growing energy demand.

India's power sector is undergoing a transformation to address the steep growth in electricity demand, which has led to frequent power cuts in some regions. Government initiatives like the Deen Dayal Upadhyaya Gram Jyoti Yojana and the Integrated Power Development Scheme aim to improve the distribution infrastructure, thereby driving the demand for transformers. The mandatory Bureau of Indian Standards certification and the BEE star labeling scheme have enhanced the quality and energy efficiency of transformers produced in the country. Additionally, the rapid increase in renewable energy installations requires transformers for voltage regulation, further boosting the market. Key players in the fragmented market include Siemens AG, ABB Ltd., and General Electric Company, among others, who are actively expanding their manufacturing capacities to meet the growing demand.

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India Transformer Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Rating

      1. 2.1.1 Small

      2. 2.1.2 Large

      3. 2.1.3 Medium

    2. 2.2 Cooling Type

      1. 2.2.1 Air-Cooled

      2. 2.2.2 Oil-Cooled

    3. 2.3 Transformer Type

      1. 2.3.1 Power Transformer

      2. 2.3.2 Distribution Transformer

India Transformer Market Size FAQs

The India Transformer Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

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.

India Transformer Market Report Snapshots

Transformer Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)