The India transformers market size reached around USD 2.24 Billion in 2024. The market is projected to grow at a CAGR of 7.60% between 2025 and 2034 to reach nearly USD 4.66 Billion by 2034. The market growth can be attributed to increasing government initiatives to modernise existing power infrastructure and the ongoing development of new metro rail networks. Besides, the increasing production of green transformers and greater emphasis on the use of prime-grade CRGO steel are expected to favourably influence the market growth over the forecast period.
Base Year
Historical Year
Forecast Year
Auxiliary and traction transformers ensure the safe and uninterrupted operation of metros while supporting the smooth operation of electrical systems in metro substations. As of 2024, over 1000 km of the metro rail network was under construction in India. Thus, the ongoing surge in the development of metro rail networks is expected to directly increase the demand for high-capacity and advanced transformers.
The increasing generation of renewable energy is creating lucrative India transformers market opportunities. In October 2024, India's total renewable energy installed capacity reached 203.18 GW, witnessing a y-o-y growth of 24.2 GW (13.5%). As renewable energy capacity surges, the demand for transformers to handle power distribution and transmission, manage voltage fluctuations, and integrate renewable energy into the grid is expected to rise in the coming years.
CRGO steel is a critical raw material to produce energy-efficient cores of power transformers. As per industry reports, the demand for CRGO steel in India is expected to rise at a rate of 10%-12% annually. With the improved access to CRGO steel, manufacturers are exploring innovative technologies and designs to enhance the efficiency, capacities, and miniaturisation of transformers.
Value in USD Billion
2025-2034
India Transformers Market Outlook
*this image is indicative*
|
India Transformers Market Summary |
Description |
Value |
|
Base Year |
USD Billion |
2024 |
|
Historical period |
USD Billion |
2018-2024 |
|
Forecast Period |
USD Billion |
2025-2034 |
|
Market Size 2024 |
USD Billion |
2.24 |
|
Market Size 2034 |
USD Billion |
4.66 |
|
CAGR 2018-2024 |
Percentage |
XX% |
|
CAGR 2025-2034 |
Percentage |
7.60% |
|
CAGR 2025-2034 - Market by Region |
East India |
8.7% |
|
CAGR 2025-2034 - Market by Region |
West and Central India |
8.1% |
|
CAGR 2025-2034 - Market by Application |
Commercial and Residential |
8.3% |
|
CAGR 2025-2034 - Market by Power Rating |
Medium Power Transformers (10 MVA to 100 MVA) |
8.0% |
|
Market Share by Region 2024 |
South India |
21.4% |
In FY 2024, India imported 239.2 thousand tons of CRGO (Cold-Rolled Grain-Oriented) steel, which is extensively used in the production of distribution transformers. Distribution transformers face the highest failure rate worldwide due to inadequate infrastructure capacity and poor installation processes. India annually produces 50,000 tons of CGRO steel. However, it has an annual requirement of 40,000 tons of steel, which is met through imports from China, South Korea, Russia, and Japan. As the supply of raw materials to small and medium size enterprises improves, the India transformers market expansion is expected to rise in the coming years.
The Indian government is expected to create a favourable environment for CRGO steel production by providing tax incentives to market players. The construction of a CRGO production facility requires around USD 400-600 of investment and can take 3-5 years for completion. As supply improves, the India transformers market value is expected to rise significantly. Moreover, the introduction of star-label upgrades by the Bureau of Energy Efficiency to improve the performance of distribution transformers (effective from January 1st, 2025) is creating a favourable market outlook. As India aims to integrate 500 GW of green energy into its electricity grid by 2030, the market revenue is expected to increase significantly, as transformers are extensively used for transferring electrical energy between different circuits via electromagnetic induction.
Rising demand for dry type transformers; shift towards international manufacturing standards; government emphasis on prime grade CRGO steel; and increasing production of green transformers are the major factors driving the India transformers market growth.
Rapid industrialisation and urbanisation, growth of steel production industry, and increasing establishment of data centres are leading to a higher demand for dry type transformers in India. These require less maintenance, are relatively safer and power-efficient, and reduce the risk of fire breakout in confined spaces.
BIS rating for transformers has evolved rapidly in recent times, which has increased time and cost pressure on manufacturers due to a lack of an adequate number of certification labs. Over the forecast period, manufacturers are expected to shift towards manufacturing transformers for Indian applications as per international standards, thereby driving India transformers market expansion.
Market players with access to prime grade CRGO steel can obtain special government incentives for ease of doing business in India since it has a significant impact on transformers’ quality and helps lower power losses.
Green transformers are produced from bio-based ester oils, eco-friendly plastics, acrylic adhesives, glass-fibre-reinforced paper, and dry insulation systems. They are comparatively more durable and energy efficient than other transformers, which is boosting their appeal.
The strengthening of government regulations surrounding the energy performance of transformers and the push for sustainable energy solutions, smart grids, and renewable power generation have necessitated the adoption of energy-efficient transformers across various industrial applications. These facilitate a substantial reduction in operational costs, enhance system reliability, and support green energy initiatives. Thus, India transformers market expansion is being driven by the introduction of innovative designs and advanced technologies of transformers that can successfully meet the evolving demands of consumers.
The National Industrial Corridor Development Program aims to create a necklace of 12 industrial smart cities along the backbone of India’s Golden Quadrilateral network. It is expected to attract net investments worth INR 1.5 lakh crore-28, 602 crore and incorporate the latest concepts of urban planning, such as 'plug-n-play'. By spurring regional economic development, these industrial cities across 6 corridors and 10 states are expected to revolutionise Indian economic growth. This is expected to fuel the market development in the upcoming years.
The EMR’s report titled “India Transformers Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Breakup by Type
Breakup by Power Rating
Breakup by Cooling Type
Breakup by Insulation
Breakup by Number of Phase
Breakup by Application
Breakup by Region
Based on region, the market is segmented into East India, West and Central India, North India, and South India. Over the forecast period of 2025-2034, the market for transformers in East India is expected to grow at a CAGR of 8.7% amid rapid infrastructural development activities and increasing investments in rural electrification and industrial expansion.
As per the India transformers market analysis, West and Central India, meanwhile, is estimated to grow at a CAGR of 8.1% between 2025 and 2034 amid rapid industrialisation, increasing infrastructural development activities in cities like Pune, Mumbai, Surat, and Ahmedabad, and surging production of renewable energy.
|
CAGR 2025-2034 - Market by |
Region |
|
East India |
8.7% |
|
West and Central India |
8.1% |
|
North India |
XX% |
|
South India |
XX% |
Major players are expanding their in-house testing capabilities for high-quality transformers to reduce their dependence on European labs. Moreover, they are making substantial investments in the development of sustainable and smart transformers that can support smart grid systems. This can increase the India transformers market revenue. As companies bolster their service capabilities to meet the burgeoning demand from the power distribution sector, the market is expected to witness significant growth.
Bharat Heavy Electricals Limited was founded in 1964 and is headquartered in New Delhi. It is one of the world’s leading manufacturers of power equipment products, with a network of 16 manufacturing facilities and 8 service centres.
Transformers and Rectifiers (India) Ltd. was founded in 1994 and is headquartered in Ahmedabad, Gujarat. It is India’s 3rd largest transformer manufacturer with a total installed capacity of around 36000 MVA.
Kirloskar Electric Company Ltd. was founded in 1946 and is headquartered in Bangalore, Karnataka. It produces over 70 different products under 8 categories to cater to the requirements of the power generation, transportation, transmission and distribution, and renewable energy sectors.
Crompton Greaves Consumer Electricals Ltd. was founded in 1937 and is headquartered in Mumbai, Maharashtra. It is engaged in manufacturing and marketing a wide range of consumer products, including LED lighting products, water heaters, pumps, and transformers.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the India transformers market report are ABB Ltd., Siemens AG, Voltamp Transformers Limited, and GE Grid Solutions, LLC, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 2.24 Billion.
The market is projected to grow at a CAGR of 7.60% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 4.66 Billion by 2034.
The different regions considered in the market report include East India, West and Central India, North India, and South India.
The different types of transformers include power transformers, distribution transformers, instrument transformers, current transformers, and voltage transformers.
The different market segments based on insulation include dry, immersed, and liquid.
The different applications of transformers are utility, industrial, commercial and residential.
Key players in the market are Bharat Heavy Electricals Limited, ABB Ltd., Siemens AG, Crompton Greaves Consumer Electricls Ltd., Kirloskar Electric Company Ltd., Voltamp Transformers Limited, Transformers and Rectifiers (India) Ltd., and GE Grid Solutions, LLC, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Transformer Type |
|
| Breakup by Power Rating |
|
| Breakup by Cooling Type |
|
| Breakup by Insulation |
|
| Breakup by Number of Phase |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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India
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Philippines
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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