India Power and Distribution Transformers Market to Grow at over 10%, Concludes
India power and distribution transformers market to witness robust growth due to growing demand for electricity and government initiatives for power additions
According to recently published TechSci Research report “India Power and Distribution Transformers Market Forecast and Opportunities, 2020” the market for power & distribution transformers in India is projected to grow at a CAGR of 10.5% during 2015-20. Growth of the country’s power transmission and distribution (T&D) sector remained sluggish during 10th and 11th five year plan due to inadequate investments allocated by the Indian government. However, under the 12th five year plan, the Indian government is focused towards expansion of the country’s T&D network with significantly higher investments than previous five year plans, which is expected to result in robust growth of the power & distribution transformers industry over the next five years.
Upcoming government projects like Green Energy Corridor for power generation from renewable sources would further add to the overall power and distribution transformer installations in the country. India has also entered into a technological collaboration with Germany under which Germany would extend its technical assistance for upgrading India’s existing power grid and facilitate flow of renewable energy through the grid. Other initiatives like Restructured Accelerated Power Development and Reforms Programme are aimed at providing basic power infrastructure to rural inhabitants and households in the country, thereby buoying the demand for power and distribution transformers in India. The report also highlights the increasing penetration of Chinese transformer manufacturers in the Indian market, signaling higher competition ahead for domestic transformer manufacturers.
“Two major Chinese companies, TBEA and Baoding Tianwei Baobian, have already set up their transformer manufacturing units in Gujarat, while other Chinese players are showing interest in entering India through joint ventures and collaborations. Indian companies, on the contrary, are more focused towards exports as they earn higher profit margins on transformer exports to countries like the US, South Africa, Cyprus and Iraq. To reduce their dependence on overseas laboratories for testing extra high voltage transformers, Indian players are also focusing on establishing their in-house testing facilities, mainly for UHV class transformers.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Power and Distribution Transformers Market Forecast and Opportunities, 2020” has analyzed the potential of power & distribution transformers market in India and provides statistics and information on market size, industry behavior and trends. The report includes market projections and demand forecasting. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the power & distribution transformer market in India.