India Dry Type Transformers Market Assessment, By Type [Open Wound Transformers, Cast Coil Resin Transformers, Vacuum Pressure Impregnated Transformers, Vacuum Pressure Encapsulated Transformers], By Voltage [Low Voltage, Medium Voltage, High Voltage], By Phase [Single Phase, Three Phase], By End-user [Industrial, Commercial, Utility, Others], By Region, Opportunities and Forecast, FY2019-FY2033F

India dry type transformers market is projected to witness a CAGR of 6.63% during the forecast period FY2026- FY2033F, growing from USD 514.89 million in FY2025 to USD 860.50 million in FY2033

India Dry Type Transformers Market Size, Share, Growth Forecast 2033

India dry type transformers market is projected to witness a CAGR of 6.63% during the forecast period FY2026- FY2033F, growing from USD 514.89 million in FY2025 to USD 860.50 million in FY2033. The India dry type transformer market has experienced significant growth in recent years due to shift toward renewable energy sources and rising rapid urbanization and industrialization. Moreover, with the rising investment in smart cities and infrastructure projects boost the demand for dry type transformers market. The dry type transformers utilize air or resin-based cooling which eliminates the fire hazards and environmental risks thus making dry type transformers ideal for indoor and high-safety applications. Furthermore, the rising stringent regulations towards fire safety for electrical equipment driving the demand for the dry type transformers.
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Report Attribute
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Details
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Base Year of the Analysis
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FY2025
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Forecast Period
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FY2026-FY2033
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Historical Period
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FY2019-FY2024
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Projected Growth Rate
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CAGR of 6.63% between FY2026 and FY2033
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Revenue Forecast in FY2033
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USD 860.50 million
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The rising investment in renewable energy projects is significantly driving the demand for dry type transformers in the market. Dry type transformers are essential for integrating renewable sources into the grid due to their safety features, and efficiency in lowering energy loss thus creating the opportunity for the dry type transformers market. In addition, the Indian government is investing in urban development, including airports, hospitals, metro rail networks, and high-rise buildings in which safety is paramount has increased the adoption of dry type transformers in different sectors. The rising government initiatives towards the modernization of electricity distribution networks while promoting energy efficiency, align perfectly with the benefits offered by <a href="https://www.marketsandata.com/industry-reports/dry-type-transformers-market">dry type transformers</a> thereby driving its demand in the market.
For instance, as per India Investment Grid, the country is planning to add 17,500 Ckm of transmission lines and 80,000 MVA transformation capacity annually over three years. The initiatives are taken under the &lsquo;Revamped Distribution Sector Scheme' which further solidifies reliable power supply, with a significant investment of USD 36.74 billion from scheme and USD 11.81 billion support from the central government. This development highlights the rising investment in power infrastructure that drives the demand for dry type transformers market.
<h2>Rising Integration of Renewable Energy in Grids Propelling Market Growth</h2>
India is investing in large-scale renewable energy generation plants across the country which require dry type transformers. Renewable energy sources are inherently variable and often located in remote or challenging environments creating the need for specialized transformers regarding the integration of renewable energy sources in the power grid. The dry type transformers have the ability to operate efficiently under fluctuating loads and ensure reliable grid connection thus driving its demand in the market. Moreover, the rising integration of renewable energy into the rural and suburban areas grids drives the demand for dry type transformers in the market. The dry type transformers are compact in design which allows for easy installation close to load centers which improves energy efficiency by minimizing line losses. Moreover, the country is investing heavily in solar farms, and onshore and offshore wind farms. The integration and expansion of renewable energy plants directly create the dry type of transformer market opportunity in the coming years.
Furthermore, government initiatives and investments in renewable energy infrastructure, such as India's Green Energy Corridor&nbsp;further boost the demand for dry type transformers. The ongoing and upcoming projects aim to integrate large-scale renewable energy installations into existing grids by constructing substations and transmission lines which create the demand for dry type transformers in the market. In addition, India is highly focused on boosting the share of renewable power in its energy mix which drives the demand for dry type transformers in the market.
For instance, The National Renewable Energy Laboratory (NREL) partners directly with states in India to evaluate strategies for integrating renewable energy into India's power system. The Government of India made a commitment to transition to clean energy in its power sector through several nationwide targets, such as reaching 450 GW of renewable energy by 2030 and a nationally determined contribution commitment of 40% renewable electricity capacity by 2030.&nbsp;This development highlights the rising focus on renewable energy integration which drive the demand for dry type transformers in the market.
<h2>Government Support and Investment in Power Infrastructure Creates Market Opportunity</h2>
The Indian government is prioritizing the efficient electricity supply by investing in grid expansion and modernizing the existing grid. Moreover, the Indian government plans to boost power generation and transmission infrastructure to meet rising electricity demands, thus creating opportunities for dry type transformers in the market. The government is coming up with a revised distribution sector scheme (RDSS) which focuses on modernizing and strengthening distribution infrastructure in urban and rural area, which includes upgrading substations and transmission lines thereby creating the demand for&nbsp;efficient and reliable dry type transformers in the market.
For instance, in November 2024, Kashmir Power Distribution Corporation Limited (KPDCL) is in the process of installing 7,000 new distribution transformer substations across Kashmir valley under the Centre&rsquo;s premier Revamped Distribution Sector Scheme (RDSS). In another instance, in February 2022, the Government of India approved a new project amounting USD 4.12 Billion under the Integrated Power Development Program (IPDP). The program is set up to strengthen sub-transmission and distribution networks in urban areas of the country. This development highlights the government's initiative to drive demand for dry type transformers in the country.
Furthermore, the Indian government has taken initiatives for the electrification of the rural areas in the country by launching schemes such as Integrated Power Development Scheme (IPDS), the National Electricity Fund (NEF), and Green Energy Corridors program which aimed at improving the electrification and modernized transmission infrastructure thereby driving the demand for dry type transformers in the market. India's Saubhagya Scheme and Rajiv Gandhi Grameen Vidyutikaran Yojna (RGGVY) have made substantial improvements in the rural electricity infrastructure, which would directly add to a greater need for dry type transformers and hence market growth opportunities in the future years.
<h2>Cast Coil Resin Transformers to Dominate the Market Share</h2>
The demand for cast coil resin transformers is increasing in the market as products provide superior performance, reliability, and adaptability across diverse applications.&nbsp;Moreover, the rising investment in the integration of renewable energy drives the demand for efficient transformers that could manage varying power inputs and facilitate smooth integration into the grid. Cast coil resin transformers are able to handle extreme environmental conditions and have a high insulation capacity which drives its demand in different applications.
The cast coil resin transformers have a small carbon footprint and require low maintenance which drives its demand in industrial applications. The product is able to handle high loads and capability to be used safely within indoor environments. Furthermore, rising focus on industrialization necessitates the deployment of effective power distribution equipment which contributes to increasing demand for cast coil resin transformers in the market. Furthermore, upcoming advancements in technology and designs will enhance the cooling systems and bring greater durability to the product which will drive its popularity in the market.
West and Central Region Leads the India Dry Type Transformers Market
The west and central regions dominated the dry type transformers market with the highest market share. The west and central region states that investing in the integration of renewable sources into the grid as well as rising urbanization in the region has propelled the demand for dry type transformers in the market. The state government is looking to modernize the existing power infrastructure which therefore needs to be substituted with more effective transformers, further driving the demand for dry type transformers in the market. The modernization of power infrastructure improves reliability and lowers energy loss which further drives the demand for dry type transformers in the market.
For instance, in December 2024, The Maharashtra Electricity Regulatory Commission (MERC) and Global Energy Alliance for People and Planet (GEAPP) have signed a Statement of Intent (SoI) to advance Maharashtra&rsquo;s energy transition through regulatory and policy innovations. The collaboration focuses on integrating renewable energy and promoting inclusive development which drive the dry type transformers in the market.
The states are focusing on the commercial and manufacturing sectors that promote the demand for effective transformers in the region. In addition, the growing interest in electrification of rural areas and the push towards renewable energy generation is expected to be a major factor for dry type transformer market growth during the forecast period.
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Future Market Scenario (FY2026 &ndash; FY2033F)
<ul>
<li>As India modernizes its power infrastructure, the development of smart grids will be a major factor in shaping the dry type transformer market.</li>
<li>Urbanization will continuously drive the demand for dry type transformers as new housing developments extend in addition to commercial complexes, industrial parks, and infrastructure public projects.</li>
<li>Government plans to electrify all forms of the public transport system will further increase demand for dry type transformers.</li>
<li>To meet the energy demand, power grids are being expanded which driving the need for more dry type transformers to support the transmission and distribution of electricity to urban, suburban, and rural areas.</li>
</ul>
Report Scope
&ldquo;India Dry Type Transformers Market Assessment, Opportunities, and Forecast, FY2019-FY2033F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of India dry type transformers market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between FY2026 and FY2033F. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Details
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Segments Covered
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Type, Voltage, Phase, End-user
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Regions Covered
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North, South, East, West and Central
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Key Companies Profiled
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Siemens Ltd., Schneider Electric India Private Limited, GE Vernova T&amp;D India Limited, CG Power &amp; Industrial Solutions Limited, Servokon System Limited, Raychem RPG Private Limited, Sudhir Power Limited, Kirloskar Electric Company Limited, TMC Transformers (India) Private Limited, Kiran Power Rectification Services Private Limited, Toshiba Transmission and Distribution Systems (India) Private Limited
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfil your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;India dry type transformers market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Type
<ul>
<li>Open Wound Transformers</li>
<li>Cast Coil Resin Transformers</li>
<li>Vacuum Pressure Impregnated Transformers</li>
<li>Vacuum Pressure Encapsulated Transformers</li>
</ul>
</li>
<li>By Voltage
<ul>
<li>Low Voltage</li>
<li>Medium Voltage</li>
<li>High Voltage</li>
</ul>
</li>
<li>By Phase
<ul>
<li>Single Phase</li>
<li>Three Phase</li>
</ul>
</li>
<li>By End-user
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<li>Industrial</li>
<li>Commercial</li>
<li>Utility</li>
<li>Others</li>
</ul>
</li>
<li>By Region
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<li>North</li>
<li>South</li>
<li>East</li>
<li>West and Central</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
India dry type transformer landscape is marked by continuous innovation, with companies competing based on energy efficiency, product lifespan, and distinctive features. The market outlook remains optimistic due to the growing demand for integrating renewable energy and automation in the industrial sector. The competitive environment is expected to intensify with new product releases, strategic partnerships, business expansions, collaborations, and emerging technologies, all contributing to a dynamic and rapidly evolving market.
For instance, in July 2024, Toshiba Transmission and Distribution Systems (India) Private Limited decided to increase its manufacturing capacity of power transformers and distribution transformers over the next three years with an investment of around USD 58 million in a manufacturing plant near Hyderabad. This development will help the company to increase its revenue and production capacity in the coming years
Key Players Operating in India Dry Type Transformers Market are:
<ul>
<li>Siemens Ltd.</li>
<li>Schneider Electric India Private Limited</li>
<li>GE Vernova T&amp;D India Limited</li>
<li>CG Power &amp; Industrial Solutions Limited</li>
<li>Servokon System Limited</li>
<li>Raychem RPG Private Limited</li>
<li>Sudhir Power Limited</li>
<li>Kirloskar Electric Company Limited</li>
<li>TMC Transformers (India) Private Limited</li>
<li>Kiran Power Rectification Services Private Limited</li>
<li>Toshiba Transmission and Distribution Systems (India) Private Limited</li>
</ul>
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India Dry Type Transformers Market Assessment, Opportunities and Forecast, FY2019-FY2033F

India dry type transformers market is expected to experience growth due to a rise in investment in power generation plants and an inclination towards industrial automation in the country.

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