Summary

The transformer market in India is expanding quickly. The development of transmission and distribution networks, the expansion of the renewable energy industry, and increased industrial energy demand are all predicted to have a positive impact on the Indian transformer market. The market for transformers in India is anticipated to be driven by government laws that are favourable to increased energy demand. India consumed around 1.71 trillion terawatt-hours of electricity in 2021. A stronger and more intelligent electrical grid is being built throughout India as a result of improved electrical infrastructure, as indicated by the surge in energy production. According to plans approved by the Indian government in February 2022, the integrated power development program will spend more than USD 4 billion to improve sub-transmission and distribution networks in metropolitan areas of the country, which is expected to aid the growth of the transformer market in India. The country's quick economic development, rising urbanization, and continuous reform of its energy system all contribute to the market's growth in India. One of the main factors is India's rising energy demand, which is being driven by the country's developing middle class and expanding population. Transformer demand is sparked by the need for a reliable and effective electrical system to meet the world's growing energy needs. The ambitious renewable energy goals of India are another key factor. For the capability of renewable energy sources like wind, solar, and hydropower, the government has established high standards. Transformers are essential for integrating sporadic renewable energy sources into the grid and guaranteeing its stability and dependability.

According to the research report "India Transformers Market Outlook, 2028," published by Bonafide Research, the India Transformers market is expected to grow at 9.09% CAGR from 2023 to 2028. A significant driver is the electrification of rural and distant areas. Transformers are essential for scaling down voltage levels to provide safe and effective distribution, enabling economic development and an improved quality of life in these areas. India is aggressively working to expand access to electricity in underserved regions. Another important factor is the advancement of smart grids and improved grid reliability. With the addition of smart grid technologies and sophisticated monitoring systems, India is investing in updating its electrical infrastructure. Smart transformers are crucial to this grid modernization endeavor since they include real-time monitoring and control features. A steady and trustworthy power supply is necessary for India's expanding manufacturing and heavy industrial sectors. Transformers are necessary for supplying these industries with electricity, supporting industrial processes, and driving economic growth. India's demand for smart transformers is being driven by the implementation of smart grid technologies. These transformers have sensors and communication capabilities that allow for real-time observation, data gathering, and remote management. In order to improve grid management, optimize power distribution, and respond swiftly to problems and outages, smart transformers are essential. In Nigeria, attempts are being made to electrify a number of industries, including transportation and rural electrification. Transformers are essential for supplying the electricity needed for the development of EV charging infrastructure, the electrification of railroads, and the lighting of rural regions. In India, smart meters are being installed more often to track electricity consumption. Real-time information on energy usage is provided through smart meters and smart transformers, allowing customers to make informed choices about energy conservation.

Based on product type market is divided into distribution transformers, power transformer, instrument transformer and others (isolation transformers, pulse transformers, traction transformer, etc.). Distribution transformers dominate the market of India with significant market share. India's diversified population is served by a sizable and comprehensive electrical distribution network in both urban and rural locations. This network is not complete without distribution transformers, which step down voltage levels to provide safe and effective power delivery to households, companies, and industries. India is actively increasing its capacity for renewable energy, especially wind and solar energy. To ensure effective distribution of clean energy, distribution transformers are crucial for integrating sporadic renewable energy into the grid at the distribution level. The need for distribution transformers is driven by India's efforts to electrify a number of industries, including transportation and rural areas. They are essential for supplying electricity for programs to electrify rural areas and build infrastructure for electric vehicle charging. India's diversified population is served by a sizable and comprehensive electrical distribution network in both urban and rural locations. This network is not complete without distribution transformers, which step down voltage levels to provide safe and effective power delivery to households, companies, and industries. India is actively increasing its capacity for renewable energy, especially wind and solar energy. To ensure effective distribution of clean energy, distribution transformers are crucial for integrating sporadic renewable energy into the grid at the distribution level. The need for distribution transformers is driven by India's efforts to electrify a number of industries, including transportation and rural areas. They are essential for supplying electricity for programs to electrify rural areas and build infrastructure for electric vehicle charging.

Based on core market is divided into closed shell and berry. The remarkable energy efficiency of shell-core transformers is well recognized. They have lower core losses and are intended to reduce energy losses during transmission and distribution. This efficiency can lead to cost savings and lower energy usage, which is critical in a rapidly rising and energy-demanding market like India. Shell-core transformers are frequently more compact than other transformer types with comparable voltage and power ratings. Their small size makes them ideal for installations in highly populated urban and suburban regions with limited room for electrical infrastructure. Based on winding market is segmented into two winding and auto transformer. Two-winding transformers are well-known for their ease of use and dependability. They have fewer windings and components than more complex transformer topologies, which reduces failures and maintenance requirements. Reliability is critical in a country as large as India, where the electrical infrastructure crosses varied geographic and climatic circumstances. In India, two-winding transformers are widely employed at various voltage levels, making them commonly available and easier to obtain. Because of its extensive use, technicians and engineers are more familiar with its operation and maintenance.

Based on cooling type market is segmented into air cooled and oil cooled. Air cooled segment is growing at fastest rate in India transformers market. India is determined to increase its use of renewable energy sources such as solar and wind power. Demand for air-cooled transformers is being driven by the use of these transformers to connect renewable energy sources to the grid. India's industrial sector is increasing as the country becomes a manufacturing and other industry center. Demand for air-cooled transformers is driven by the use of these transformers to power industrial machinery and equipment. In terms of insulation market includes, liquid immersed, dry, gas and solid. Instead of liquid insulation, dry-type transformers use solid insulation. They are less flammable and safer than liquid-immersed transformers. This is critical in India, where fire laws are strictly enforced. The data center market in India is expanding fast as more enterprises move their activities to the cloud. Dry-type transformers are well-suited for this application since data centers demand stable and efficient power supplies.

Based on mounting market includes pad and pole. Pole mounting type is predicted to register significant CAGR in India transformers market. India is a rapidly developing nation with a rapidly growing population. This is increasing demand for electricity, and pole-mounted transformers are a cost-effective way to deliver power to rural and isolated locations. The Indian government is investing in modernizing its outdated infrastructure, notably its power grid. Pole-mounted transformers are being utilized to replace old and obsolete transformers, which is increasing demand for these transformers. Based on voltage range market is segmented into up to 500 VA, 501 VA to 1 kVA, 2 kVA to 5000 kVA, 5001 kVA to 1000 MVA, and above 1000 MVA. Voltage range of 2 kVA to 5000 is playing crucial in development of transformers market in India and is expected to dominate the market as well. The voltage range of 2 kVA to 5000 kVA is appropriate for a variety of applications, including residential, commercial, and industrial. As a result, it is the most commonly used voltage range for transformers in India. The Indian government is assisting firms that employ transformers in this voltage range with financial assistance. This is helping to increase demand for transformers. Transformers in this voltage range are widely available in India, making them accessible to enterprises.

Based on phase market is segmented into three phase and single phase. Three phase segment is expected to register highest growth rate in India transformers market. The industrial sector in India is one of the biggest consumers of electricity. Transformers with three phases are necessary to supply industrial machinery, heavy manufacturing, and other equipment that requires higher voltage and power. Three-phase transformer demand rises in direct proportion to India's ongoing industrialization and expansion of its manufacturing base. Thousands of people are relocating to urban areas across India at a rapid rate. For residential and commercial buildings, public facilities, and industrial zones in these urban regions, a dependable and consistent power supply is necessary. Due to their capability of handling greater loads effectively, three-phase transformers are the preferred option for powering metropolitan areas. Based on application market is segmented into utility, industrial and residential and commercial. Utility application is projected to lead the market of India. India has started ambitious electrification projects to increase access to power throughout the entire nation. Utility transformers are essential to these projects because they help rural electrification efforts and provide electricity to remote locations. Utility companies are seeing an increase in demand for electricity as India's economy expands. Utility transformers are essential parts of the electrical infrastructure that allow for the effective transmission and distribution of electricity from power-producing sources to users, such as businesses, residential buildings, and other types of buildings.

Considered in this report:
• Geography: India
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• India Transformers market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:
• Distribution Transformer
• Power Transformer
• Instrument Transformer
• Others (Isolation Transformers, Pulse Transformers, Traction Transformer, etc.)

By Core:
• Closed
• Shell
• Berry

By Winding:
• Two Winding
• Auto Transformer

By Cooling Type:
• Air Cooled
• Oil Cooled

By Phase:
• Three Phase
• Single Phase

By Insulation:
• Liquid Immersed
• Dry
• Gas
• Solid

By Mounting:
• Pad
• Pole

By Voltage Range:
• Up to 500 VA
• 501 VA to 1 kVA
• 2 kVA to 5000 kVA
• 5001 kVA to 1000 MVA
• Above 1000 MVA

By Application:
• Utility
• Industrial
• Residential and Commercial

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Transformers industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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