Govt schemes drive demand for transformers
The Indian Power and Distribution Transformers market is anticipated to grow at a CAGR of over 6.89% in the next six years, owing to the growing demand for power due to rapid increase in population, industrialization, and urbanization. It was valued at US$2.065 billion in 2020, said an industry report on 25 Mar 2021.
India being the 5th largest power producer in the world, in terms of installed capacity, is calling for an increase in the market of power and distribution transformer market, noted the report by ResearchAndMarkets.
India had installed capacity of the country was 375.323 GW by the end of 2020, according to the Power Ministry.
The Government schemes like Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for strengthening and enhancement of sub-transmission distribution infrastructure in rural areas, involve an increased demand for distribution transformers in the future.
Also, the Integrated Power Development Scheme (IPDS) for fulfilling the power demand of urban areas add to the demand for the transformers.
Major players dominating the Indian Power & Distribution Transformers Market are Toshiba Transmissions & Distribution Systems, Bharat Heavy Electricals Ltd, Crompton & Greaves Power, ABB Hitachi India Ltd, General Electric, Schneider Electric, Alstom, Transformers & Rectifiers India Ltd, Bharat Bijlee and Voltamp Transformers
The companies are focusing on extensive research and development activities in order to stay competitive in the market. The launch of smart transformers depicts their objective to stay up to date with the latest technology. Other competitive strategies include the formation of alliances and partnerships, said the report. #investment #projects #manufacturing #technology /fiinews.com
