| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 104.13 Million |
| Market Size (2030) | USD 156.80 Million |
| CAGR (2025 - 2030) | 8.53 % |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
India Transformer Market Analysis
The India Transformer Market size is estimated at USD 104.13 million in 2025, and is expected to reach USD 156.80 million by 2030, at a CAGR of greater than 8.53% during the forecast period (2025-2030).
- Over the medium term, rising energy demands from industries, coupled with the expansion of transmission and distribution systems, are set to propel the Indian transformer market. Additionally, supportive government policies in India aimed at addressing the surging energy demand are further fueling this market's growth.
- On the other hand, the Indian transformer market faces challenges, notably delays in project implementation stemming from protracted government procedures.
- Nevertheless, perceived as a cost-effective solution to curtail carbon emissions, smart grid technology presents a promising avenue. Upgrading existing regional networks to integrate this technology could unlock significant opportunities for the Indian transformer market in the coming years.
India Transformer Market Trends
Distribution Transformer Expected to Dominate the Market
- A distribution transformer or service transformer is utilized in the electric power distribution system to facilitate the final voltage transformation. Its primary function is to decrease the voltage from the distribution lines to a level suitable for residential, commercial, and industrial customers.
- India, because of its rapidly increasing urbanization and industrialization, is expanding its existing transmission and distribution system by laying new transmission lines and installing new substations to fill the energy demand-supply gap in the country.
- In 2023, the electricity generation for India was about 1,738.82 Billion Unit (BU), which was higher than what the country produced in 2022, 1,624.46 BU. The increase in electricity generation exhibits an increase in the power generation capacity, which is likely to use new distribution transformers for the transmission of electricity to consumers.
- In a report to Parliament, the Union Minister of State for Power revealed that India's total installed power generation capacity surged by approximately 80% over the past decade, reaching 446,190 MW (or 4.46 GW) in June 2024. Specifically, the capacity grew from 248,554 MW in March 2014 to the current figure. The minister highlighted that coal-based power capacity rose from 139,663 MW in March 2014 to 210,969 MW in June 2024. Additionally, he noted a significant jump in the renewable sector's capacity, which expanded from 75,519 MW in March 2014 to 195,013 MW in June 2024.
- As of March 31, 2024, a report highlights the metering status of feeders, distribution transformers (DTs), and consumers in India. Since the Electricity Act of 2003, reforms have advanced generation, transmission, and distribution. The Revamped Distribution Sector Scheme (RDSS), launched in 2021, aims to reduce AT&C losses to 12-15% and bridge the ACS-ARR gap by 2024-25, supporting smart meter installations and feeder/DT integration.
- Hence, owing to the above points, the distribution transformer segment is likely to dominate the Indian transformer market during the forecast period.
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Favorable Government Policies Expected to Drive the Market
- India's power sector is undergoing a wide-scale transformation, owing to the country facing steep electricity demand growth rates. Several parts of India witness high power cuts due to the growing demand for electricity and the supply gap. To address the issue of electricity reliability, the government has implemented policies to increase electricity generation and encourage consumers to reduce their consumption during peak hours.
- In recent years, the government has launched several schemes, such as the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS), and National Electricity Fund (NEF), to improve the distribution sector in the rural and urban areas, which is expected to drive the demand for transformers in India.
- Moreover, transformers produced in the country have been brought under mandatory Bureau of Indian Standards (BIS) certification that has resulted in the standardization of the product, which has led to quality improvement and reduction of failure in transformers. These transformers have been brought under a mandatory BEE star labeling scheme, which has resulted in the use of modern technology in manufacturing energy-efficient transformers.
- Moreover, government policies towards the rapid increase in renewable energy installations at different sites that require transformers of step-up and step-down of the electrical voltage that is being transferred through it will likely drive the market. In 2024, the total renewable energy installation in the country was 203. gigawatts (GW), which is higher than its installation in 2023, 178.98 gigawatts (GW).
- Hence, owing to the above points, government policies are expected to drive the India transformer market during the forecast period.
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India Transformer Industry Overview
The India transformer market is fragmented. Some of the key players in this market (in no particular order) include Siemens Energy, Hitachi Energy Ltd., General Electric Company, Mitsubishi Electric Corporation, and CG Power and Industrial Solutions Ltd.
India Transformer Market Leaders
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General Electric Company
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Mitsubishi Electric Corporation
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CG Power and Industrial Solutions Ltd.
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Siemens Energy
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Hitachi Energy Ltd.
- *Disclaimer: Major Players sorted in no particular order
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India Transformer Market News
- November 2024: Siemens Energy's board has greenlit a fresh investment at its Kalwa transformer facility in Maharashtra. During a board meeting on November 26, 2024, directors sanctioned an investment of INR 100 crore to broaden the plant's product lineup, now set to include large reactors. Just a year prior, in November 2023, Siemens unveiled a hefty INR 360 crore investment at the same Kalwa plant. This move aims to double the manufacturing capacity from 15,000 MVA to a robust 30,000 MVA by December 2025. Progress on this expansion is steady, with completion anticipated on schedule. As with the earlier investment, Siemens will fund this additional INR 100 crore through its internal resources.
- October 2024: Hitachi Energy is set to invest USD 250 million in India over the next five years, aiming to bolster its capacity, diversify its portfolio, and enhance its talent pool. This move is a slice of Hitachi Energy's ambitious global blueprint, which earmarks a whopping USD 6 billion for initiatives spanning manufacturing, engineering, R&D, digital advancements, and strategic partnerships, all to hasten the shift towards clean energy. Notably, a substantial USD 4.5 billion chunk of this was unveiled in June. In India, Hitachi Energy is zeroing in on a major capacity boost at its large power transformers factory. Additionally, the company is relocating its bushings factory to Gujarat and is set to elevate testing capabilities for specialty transformers.
India Transformer Industry Segmentation
A transformer is an electrical device that transfers energy from one electric circuit to another using the electromagnetic induction principle. It is intended to change the AC voltage between the circuits while keeping the current's frequency constant.
The India transformer market is segmented by power rating, cooling type, and transformer type. By power rating, the market is segmented into small, medium, and large. By cooling type, the market is segmented into air-cooled and oil-cooled. By transformer type, the market is segmented into power transformers and distribution transformers. The report also covers the market size and forecasts for the transformer market. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Power Rating | Small |
| Large | |
| Medium | |
| Cooling Type | Air-Cooled |
| Oil-Cooled | |
| Transformer Type | Power Transformer |
| Distribution Transformer |
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India Transformer Market Research FAQs
How big is the India Transformer Market?
The India Transformer Market size is expected to reach USD 104.13 million in 2025 and grow at a CAGR of greater than 8.53% to reach USD 156.80 million by 2030.
What is the current India Transformer Market size?
In 2025, the India Transformer Market size is expected to reach USD 104.13 million.
Who are the key players in India Transformer Market?
General Electric Company, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Ltd., Siemens Energy and Hitachi Energy Ltd. are the major companies operating in the India Transformer Market.
What years does this India Transformer Market cover, and what was the market size in 2024?
In 2024, the India Transformer Market size was estimated at USD 95.25 million. The report covers the India Transformer Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Transformer Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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India Transformer Industry Report
Statistics for the 2025 India Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Transformer analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
