India Transformers Market Assessment, By Type [Distribution Transformers, Power Transformers, Others], By Cooling Type [Air Cooled, Oil Cooled], By Voltage [Low Voltage Transformers, Medium Voltage Transformers, High Voltage Transformers], By Application [Utility, Residential, Commercial and Industrial, Others], By Region, Opportunities and Forecast, FY2018-FY2032F

India Transformers Market is projected to witness a CAGR of 8.50% during the forecast period FY2025- FY2032, growing from USD 2.78 billion in FY2024 to USD 5.34 billion in FY2032.

India Transformers Market Size, Growth, Report 2032

India transformers market&nbsp;is projected to witness a&nbsp;CAGR of 8.50%&nbsp;during the forecast period FY2025- FY2032, growing from&nbsp;USD 2.78 billion&nbsp;in FY2024 to&nbsp;USD 5.34 billion&nbsp;in FY2032.
Technological advancements in the industrial sector and growing energy demand in the residential industry drive the demand for transformers in India. The adoption of electricity-dependent appliances and technologies boosts per capita energy consumption in India, creating a need for more transformers to manage higher electricity loads in the residential sector.
The Indian government and higher authorities are engaged in railway electrification projects that require specialized transformers for high-voltage power distribution. In addition, the ongoing development of power transmission and distribution in rural areas has fostered the demand for high-quality distribution transformers. Moreover, the transition to clean energy sources, such as solar, wind, and hydropower, requires high-quality transformers to connect grids and substations.
In July 2024, as per the report published by the International Energy Agency (IEA), an unprecedented surge in electricity demand, driven by rapid growth in industrial and residential power consumption, is expected to spike India&rsquo;s electricity demand by 8% in 2024.
<h2 style="text-align: justify;">Rapid Urbanization and Population Growth Augment Market Growth</h2>
India is investing in infrastructure to bring rapid urbanization, boosting the demand for households, commercial buildings, offices, shopping malls, and industries. The rise in urbanization requires reliable electricity, putting pressure on existing power grids. Transformers play a crucial role in fluctuating voltage levels to ensure efficient transmission and distribution of electricity from power plants to end-users.
Urbanization often leads to expanding public transport systems, including electrifying buses, trains, trams, and metro systems. The electrification of transport systems requires both types of power and distribution transformers to manage the voltage levels that are necessary to power transport networks. As energy demand rises, more transformers are needed to support electricity distribution.
Utilities and governments are investing in upgrading power infrastructure to prevent frequent disruptions. Moreover, building developers invest in urban development strategies, including establishing smart cities and buildings requiring modern and efficient power grids. The grids incorporate advanced transformers, including smart and digital transformers, to manage the sophisticated power distribution requirements of smart city infrastructure, which drives the demand for robust transformers in the market. Thus, with the rise in energy consumption, expansion of power distribution networks, and modernization of urban infrastructure, the <a href="https://www.marketsandata.com/industry-reports/transformers-market">global transformers market</a> is expected to rise.
According to the Invest India report, in February 2024, the government of India decided to allocate about 3.3% of GDP to the infrastructure sector in FY2024, focusing on the transport and logistics segments.
<h2 style="text-align: justify;">Renewable Energy Integration Proliferates Market Growth</h2>
<a href="https://www.marketsandata.com/industry-reports/renewable-energy-market">Renewable energy</a> integration is significantly driving the demand for transformers in India. The country&rsquo;s move towards clean energy sources, such as solar, wind, hydro, and others, creates the demand for advanced transformers.
High-capacity power transformers are installed to transmit the power generated from large solar and wind farms over long distances, fostering the growth of the transformers market in the forecast period. In India, companies are investing in utility-scale renewable energy projects to meet clean energy goals, driving the demand for high-voltage transformers in the market.
Furthermore, renewable projects are designed as hybrid systems, combining multiple sources, such as wind and solar, with energy storage or power backup. The hybrid systems require transformers to manage different voltages and power flows between the generation sources, storage units, and the grid. Thus, the integration of renewable energy into power grids is a key driver for the transformers market, creating demand for power and distribution transformers in India.
For instance, in October 2022, Hitachi Energy India Limited (Hitachi Energy) entered into a contract with NTPC Renewable Energy Limited (NTPC REL) to supply power transformers for the new renewable energy park in Gujarat.
<h2 style="text-align: justify;">Government Support and Investment in Power Infrastructure to Expand Market Size</h2>
The government is prioritizing reliable electricity supply, grid expansion, modernization, and renewable energy integration in the grid, which creates opportunities for transformers. The government of India has launched rural electrification programs to expand electricity access to remote and underserved areas. Projects such as India's Saubhagya Scheme are engaged in the extension of power grids to rural regions. The grid expansions create significant demand for distribution transformers to step down high-voltage electricity for safe delivery to homes and businesses.
Government initiatives have largely determined the direction of India transformer market. Schemes such as the Revamped Distribution Sector Scheme and the Green Energy Corridors Program, have modernized transmission infrastructure, improved electrification, and ensured last-mile connectivity.
Governments often provide tax credits, subsidies, or grants to encourage investment in the production of transformers for smart cities and renewable energy infrastructure. Authorities provide incentives regarding the upliftment of large-scale power infrastructure projects, which boosts the demand for high-voltage and distribution transformers in the market.
Governments invest in power infrastructure to improve the reliability of national grids and avoid power outages. Moreover, the government is promoting the development of smart cities with advanced infrastructure and integrated energy systems, creating opportunities for market transformers.
For instance, in 2024, The Energy Conservation Act and the National Electric Mobility Mission Plan, enacted by the Indian government, encouraged the usage of eco-friendly and energy-efficient transformers.
<h2 style="text-align: justify;">Distribution Transformers to Dominate India Market Share</h2>
In India, the distribution transformers have a high adoption rate, which makes the segment dominate the market share. Government-backed urban development projects lead to increased demand for distribution transformers to manage power loads from commercial, industrial, and residential sectors. Distribution transformers are essential for extending power grids into rural communities.
Distribution transformers are helpful in achieving rural electrification, requiring the deployment of thousands of distribution transformers to step down the voltage from the grid for use in homes, businesses, and farms. New residential developments, commercial spaces, and public infrastructure projects in urban areas require distribution transformers to provide a reliable power supply, which drives the transformers market. Key factors contributing to the dominance include the government's push for improved rural electrification and infrastructure development, along with technological advancements enhancing transformer efficiency and durability. Thus, several beneficial aspects of distribution transformers sustain their dominance in the transformers market.
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<h2 style="text-align: justify;">West and Central to Lead India Transformers Market Share</h2>
The west and central regions in India dominated the transformers market with the highest market share. The region comprises states that are investing in renewable energy sources and power distribution sectors that drive the regional market growth. Mumbai, Pune, and Gujarat are focusing on the commercial and manufacturing industries, which foster the demand for transformers in these cities. The demand for power transformers is on the rise as they are used to supply electricity to factories, industrial zones, and production facilities. As industrial output grows, the need for power transformers will rise to handle high electricity loads. Additionally, the rise in interest in electrification of rural areas is expected to be a major factor for market growth during the forecast period.
Future Market Scenario (FY2025 &ndash; FY2032F)
1.&nbsp;Urbanization will drive the demand for transformers as new housing developments extend, in addition to commercial complexes, industrial parks, and public infrastructure projects.
2.&nbsp;Government plans to electrify all forms of public transport system will further increase demand for transformers.
3.&nbsp;As India modernizes its power infrastructure, developing smart grids will majorly shape the demand for transformers in the market.
4.&nbsp;Power grids are being expanded to meet the energy demand, driving the need for more transformers to support the transmission and distribution of electricity to urban, suburban, and rural areas.
Report Scope
&ldquo;India Transformers Market Assessment, Opportunities and Forecast, FY2018-FY2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of India transformers market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between FY2025 and FY2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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FY2024
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Historical Period
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FY2018-FY2023
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Forecast Period
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FY2025-FY2032
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Projected Growth Rate
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CAGR of 8.50% between FY2025 and FY2032
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Revenue Forecast in FY2032
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USD 5.34 billion
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Segments Covered
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Type, Cooling Type, Voltage Rating, Application
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Regions Covered
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North, South, East, West and Central
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Key Companies Profile
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CG Power and Industrial Solutions Limited, Bharat Heavy Electricals Limited. (BHEL), WEG INDUSTRIES (INDIA) PVT. LTD, TBEA Energy (India) Private Limited, Hitachi Energy India Limited, Siemens Limited, Schneider Electric India Pvt. Ltd, Kirloskar Electric Company, Vijai Electricals Ltd., Electro-Tech Transmission Pvt. Ltd.
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfil your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;India transformers market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Type
<ul>
<li>Distributed Transformers</li>
<li>Power Transformers</li>
<li>Others</li>
</ul>
</li>
<li>By Cooling Type
<ul>
<li>Air Cooled</li>
<li>Oil Cooled</li>
</ul>
</li>
<li>By Voltage Rating
<ul>
<li>Low Voltage Transformers</li>
<li>Medium Voltage Transformers</li>
<li>High Voltage Transformers</li>
</ul>
</li>
<li>By Application
<ul>
<li>Utility</li>
<li>Residential</li>
<li>Commercial and Industrial</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North</li>
<li>South</li>
<li>East</li>
<li>West and Central</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
In India transformers market, companies compete to outperform one another in terms of the production of power and distribution transformers. Transformers manufacturers are concerned with supply chain resilience, energy efficiency, and environmental practices, which will define the industry's future. Production expansion, collaborations, agreements, and developing technologies are projected to increase competition in this fast-paced market.
For instance, in July 2024, Toshiba Transmission and Distribution Systems-India (TTDI) company decided to enhance its output of power and distribution transformers during the next three years.
In January 2023, CG Power and Industrial Solutions Ltd. will expand the production of power transformers and distribution transformer units at Malanpur and Bhopal in India.
Key Players Operating in India Transformers Market are:
<ul style="text-align: justify;">
<li>CG Power and Industrial Solutions Limited</li>
<li>Bharat Heavy Electricals Limited. (BHEL)</li>
<li>WEG INDUSTRIES (INDIA) PVT. LTD</li>
<li>TBEA Energy (India) Private Limited</li>
<li>Hitachi Energy India Limited</li>
<li>Siemens Limited</li>
<li>Schneider Electric India Pvt. Ltd:</li>
<li>Kirloskar Electric Company</li>
<li>Vijai Electricals Ltd.</li>
<li>Electro-Tech Transmission Pvt. Ltd.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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India Transformers Market Assessment, Opportunities and Forecast, FY2018-FY2032F

India transformers market is expected to experience growth due to increase in demand for power in manufacturing sector with the government’s focus to provide electricity in rural regions and push to promote electric vehicles, coupled with grid modification.

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