LONDON, UK | PRNewswire —
India has been witnessing a significant rise in power demand for the past few decades on account of rapid growth in population, industrialization and urbanization.
The government has taken up various initiatives for electrification of rural pockets of India, which has spurred significant investments in the country’s power sector.
Notable technological upgrades are underway to reinforce the country’s transmission and distribution network, which would continue to drive the demand for power and distribution transformers in India. Considering the negative impact of these technological developments on the environment, the industry has been undergoing a paradigm shift towards green technologies.
As a result, transformer manufacturers in India as well as in other countries have started investing heavily towards their research and development efforts.
Foreign players, especially Chinese and Korean electrical equipment manufacturers, have captured almost one fourth of Indian transformers market, mainly in EHV and UHV class power transformers, as the products offered by them are considered cheaper and technologically advanced.
According to “India Power & Distribution Transformers Market Forecast & Opportunities, 2020”, the power and distribution transformers market in India is projected to grow at a CAGR of over 10% till 2020.
Power transformers contribute a major portion in overall market revenues due to their higher price points. Under the 12th five year plan (2012-2017), Indian government allocated US$ 200 billion for strengthening the country’s power generation, transmission and distribution sector. One of the major developments underway includes the country’s shift from 765 kV to 1200 kV power transmission.
This, in turn, is fueling the demand for EHV and UHV class power transformer installations throughout the country. India is also focusing on use of alternative energy resources like nuclear and solar energy for power generation, which is expected to further boost transformer deployments in the country in the coming years.