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India Dry Type Transformer Market Growth Analysis and Trends Forecast to 2024

Author : Rahul Sankrityayan | Published Date : 2019-08-01 

Global Market Insights has launched a report on India Dry Type Transformer Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

North India dry type transformer market is predicted to surpass USD 70 million by 2024. Increasing electricity demand from off-grid areas along with growing investments from private and public entities to develop new and existing infrastructure will foster the business growth. The International Finance Corporation has announced its plan to allocate USD 5 billion by 2020 towards the establishment of renewable and sustainable energy networks across the nation.

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India Dry Type Transformer Market is set to surpass USD 250 million by 2024. Favorable regulatory regimes related to the expansion of effective energy infrastructure coupled with increasing suburban population will fuel the dry type transformer market across the nation. Introduction of several government aided initiatives including Intended Nationally Determined Contribution and the India Energy Security Scenarios will further strengthen the industry dynamics.

Favorable regulatory framework towards Foreign Direct Investments coupled with large scale integration of renewable energy technologies will embellish the dry type transformer market share. The consistent escalation pertaining to the demography and economy of the country will further stimulate the business outlook. In 2015, the Government of India introduced Green Energy Corridor Project with a planned investment of USD 1 billion toward the expansion of self-sustained grid network infrastructure for the renewable energy transmission.

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Effective insulation capabilities, sustainable product applicability, and temperature bearing strength across distribution networks are some of the features which lay competitive grounds for the deployment of Class H transformers. Rapid technological advancements pertaining to the efficient designing and product development have led to introduction of innovative insulation technologies catering a broader application prospect.

Growing concerns for energy efficiency along with increasing emphasis towards multifarious frequency electric links will fuel the dry type transformer market share. Rising demand for HV networks to sustain increasing peak load demand will positively influence the product demand. Growing investments by governmental and private organizations to electrify remote locations will in turn positively influence the industry landscape.

The vacuum pressure encapsulated (VPE) transformer is predicted to witness growth owing to its long service life and effective transformation capabilities when compared with its existing substitutes. These products feature series of dip processes lined up with the construction of overall transformer that offer better protection from harsh and wet environments.

Rapidly expanding high-tension electrical infrastructure networks to fulfill the growing demand of electricity across isolated load centers will enhance the outdoor transformers industry growth. The restructuring and revamping of existing grid infrastructure across the suburban areas along with expansion of the inter-regional electric networks will further complement the dry type transformer market share.

Eminent participants in the India dry type transformer market include Schneider Electric, ABB, Siemens, Kirloskar, GE, Eaton, WEG, Toshiba, Prima, BHEL, CG, Voltamp, and Vijay Power & Control Systems.

Related Report

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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