India Power & Distribution Transformer Market: Projected to Reach USD 8.41 Billion by 2030 with a CA
The India Power & Distribution Transformer Market was valued at around USD 3.97 billion in 2023 and is expected to reach around USD 8.41 billion in 2030. Along with this, the market is projected to grow at a CAGR of about 10.84% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The factors positively contributing to the surge in demand for the power & distribution transformer market are the increasing focus of the governing bodies on providing 100% electricity in each & every state of India and the expansion of power gridlines across India.
In recent years, the nation has recorded economic growth, owing to which the inflow of foreign investments in India has drastically increased. As per the statistics by Santander Bank, the FDI inward flow in India reached USD 49.35 billion in 2022. These rising foreign investments are resulting in the development of several public as well as private infrastructural projects, which require efficient power. Therefore, the official authorities are increasingly expanding the power gridline, driving the India Power & Distribution Transformer Market.
Additionally, per the LocalCircles survey, in 2022, more than 60% of households in India face power outages. Therefore, to provide electricity security within the nation, the Indian government is also laying plans & programs. The official authorities are planning on electrifying several states to improve the quality of life of the citizens, which is further amplifying the need for the power & distribution network and enlarging the market size.
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Further, India is experiencing rapid industrialization owing to the favorable business environment in the nation. Per the statistics, as of 2024, there are more than 80 million industries in India. These industries require continuous power to ensure smooth operational activities. Thus, the increasing setup of these power-dependent industries would require an adequate electricity network, amplifying the India Power & Distribution Transformer Market in the forthcoming years, further states the research report, “India Power & Distribution Transformer Market Analysis, 2024.”
Segmentation Analysis
Distribution Transformers Hold a Major Market Share
Based on the category, the market is further bifurcated into power transformers and distribution transformers. Of them all, distribution transformers hold a significant market share in the India Power & Distribution Transformer Market. India has recorded a rise in rural area development to improve the quality of life for individuals. These development projects require power during construction as well as post-construction. Therefore, the governing bodies are actively establishing power stations & electrical substations.
Additionally, the younger population of the countries is migrating from the rural areas to the urban areas. As a result, the development authorities are gradually constructing several residential apartments & complexes. These buildings would require consistent power, thereby necessitating the installation of the power gridlines and enhancing the market growth.
The Industrial Segment Leads the Market
The industrial segment holds a noteworthy market share in the India Power & Distribution Transformer Market. The official authorities of India are increasingly encouraging private players to establish their units in India since it helps in overall economic development. Moreover, these industries contribute significantly to the Gross Domestic Product (GDP) and also help in positioning India as a leader in pharmaceutical, metal, and heavy engineering product development. These production units need the power to carry out their daily operational tasks. Therefore, rising industrial activities are ramping up power demand and necessitating the expansion of the electricity networks to ensure constant power supply, supporting market growth.
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Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including BHEL, Siemens India, ABB, GE T&D India Ltd., Schneider Electric India, GC Power & Industrial Solutions Ltd., Kirloskar Electric Co. Ltd., Transformers & Rectifiers India Ltd., Kotsons Power & Distribution Transformers, ABC Transformers Pvt. Ltd., and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across the country?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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