- Global Market Insights (GMI) mentioned that the global market size of transformers was over $60 billion in 2019
- GMI has forecast the global transformer market to reach market size worth $90 billion by 2026
- Dry type transformer market, as per GMI, is expected to witness a growth of over seven per cent by 2026
The power transformer market exceeded $25 Billion in 2019 and is set to grow on account of increasing peak load energy consumption and coherent reforms favoring
the integration of long route electric infrastructure.
“Key industry players have instituted various integral research & technological platforms to suffice the persisting demand for uninterruptible electricity. Revenue generation through service provisions along with long term strategic tie-ups, and joint ventures have been the major strategic breakthroughs,” read a recent report published by GMI.
Annual deployment of over 1,50,000 transformer units in India by 2026
The India transformer market, as per the report, is expected to witness an annual deployment of over 1,50 000 units by 2026. The national electricity industry has gained impetus subjected to consistent and sustainable policies including the Integrated Energy Policy (IEP), rural electrification reforms, IPDS and similar initiatives.
“Government infused FDI schemes along with the Make in India program has led to a significant flow of funds from various international agencies and industry participants. Leading players have aligned focus to attain market penetration through joint ventures, technological collaborations and regional expansion which in turn has positively influenced the overall industry landscape,” read the report.
Factors fueling demand for effective electrical components
Ongoing industrialization and large-scale suburban migration across emerging economies have considerably uplifted electricity consumption which in turn will fuel the
demand for effective electrical components. Technological upliftment, minimal losses, operational flexibility, sustainable network integration along with strict energy efficiency reforms will augment the business scenario.
“Moreover, rise in competence across the industrial peripheral supported by key players tapping potential across niche markets will establish a favorable business platform. Dry type transformer market is expected to witness a growth of over seven per cent by 2026. Effective resistivity to electrical surges & short circuits coupled with environmental sustainability have paved favorable grounds for technological adoption,” read the report.
It continued, “Although, high system costs adhered by lower overall efficiency when compared to auxiliary counterparts have restrained product adoption. However, environmental compatibility, effective fire prevention, efficient performance across extreme climatic zones supported by stringent energy efficiency protocol are few indispensable parameters defining technological prevalence.”
