India transformer markets, underpinned by massive electrification efforts, distribution network expansion, and the integration of over 100 GW of renewable capacity. With the government’s push toward “Make in India,” domestic players like Bharat Heavy Electricals Limited (BHEL), Jyoti Transformers, and Crompton Greaves have ramped up production of power and distribution transformers, catering to voltage levels from 11 kV to 765 kV. Exports to neighboring South Asian and African countries have become a significant revenue stream.
In addition to scale, the Indian market is witnessing a shift toward smart transformers equipped with remote monitoring, condition-based maintenance, and enhanced safety features. Regulatory mandates on energy efficiency (such as the Bureau of Energy Efficiency’s star-rating program) are driving the replacement of older, high-loss units. Over the next five years, investments under schemes like Saubhagya (household electrification) and the National Smart Grid Mission are expected to sustain a compound annual growth rate (CAGR) of 7–8 %.
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