인도의 변압기 시장 평가 : 유형별, 냉각 유형별, 전압별, 용도별, 지역별, 기회, 예측(2018-2032년)

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.

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's electricity demand by 8% in 2024.

Rapid Urbanization and Population Growth Augment Market Growth

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 global transformers market 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.

Renewable Energy Integration Proliferates Market Growth

Renewable energy integration is significantly driving the demand for transformers in India. The country'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.

Government Support and Investment in Power Infrastructure to Expand Market Size

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.

Distribution Transformers to Dominate India Market Share

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.

West and Central to Lead India Transformers Market Share

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 - FY2032F)

Urbanization will drive the demand for transformers as new housing developments extend, in addition to commercial complexes, industrial parks, and public infrastructure projects.

Government plans to electrify all forms of public transport system will further increase demand for transformers.

As India modernizes its power infrastructure, developing smart grids will majorly shape the demand for transformers in the market.

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.

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.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. India Transformers Market Outlook, FY2018-FY2032F

• 4.1. Market Size Analysis & Forecast
  • 4.1.1. By Value
  • 4.1.2. By Volume
• 4.2. Market Share Analysis & Forecast
  • 4.2.1. By Type
    • 4.2.1.1. Distribution Transformers
    • 4.2.1.2. Power Transformers
    • 4.2.1.3. Others
  • 4.2.2. By Cooling Type
    • 4.2.2.1. Air Cooled
    • 4.2.2.2. Oil Cooled
  • 4.2.3. By Voltage Rating
    • 4.2.3.1. Low Voltage Transformers
    • 4.2.3.2. Medium Voltage Transformers
    • 4.2.3.3. High Voltage Transformers
  • 4.2.4. By Application
    • 4.2.4.1. Utility
    • 4.2.4.2. Residential
    • 4.2.4.3. Commercial and Industrial
    • 4.2.4.4. Others
  • 4.2.5. By Region
    • 4.2.5.1. North
    • 4.2.5.2. South
    • 4.2.5.3. East
    • 4.2.5.4. West and Central
  • 4.2.6. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 4.3. Market Map Analysis, FY2024
  • 4.3.1. By Type
  • 4.3.2. By Cooling Type
  • 4.3.3. By Voltage Rating
  • 4.3.4. By Application
  • 4.3.5. By Region

All segments will be provided for all regions covered

5. Porter's Five Forces Analysis

6. PESTLE Analysis

7. Pricing Analysis

8. Market Dynamics

• 8.1. Market Drivers
• 8.2. Market Challenges

9. Market Trends and Developments

10. Competitive Landscape

• 10.1. Competition Matrix of Top 5 Market Leaders
• 10.2. SWOT Analysis for Top 5 Players
• 10.3. Key Players Landscape for Top 10 Market Players
  • 10.3.1. CG Power and Industrial Solutions Limited
    • 10.3.1.1. Company Details
    • 10.3.1.2. Key Management Personnel
    • 10.3.1.3. Products and Services
    • 10.3.1.4. Financials (As Reported)
    • 10.3.1.5. Key Market Focus and Geographical Presence
    • 10.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 10.3.2. Bharat Heavy Electricals Limited. (BHEL)
  • 10.3.3. WEG INDUSTRIES (INDIA) PVT. LTD
  • 10.3.4. TBEA Energy (India) Private Limited
  • 10.3.5. Hitachi Energy India Limited
  • 10.3.6. Siemens Limited
  • 10.3.7. Schneider Electric India Pvt. Ltd:
  • 10.3.8. Kirloskar Electric Company
  • 10.3.9. Vijai Electricals Ltd.
  • 10.3.10. Electro-Tech Transmission Pvt. Ltd.

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

11. Strategic Recommendations

12. About Us and Disclaimer