India transformer market size expected to reach $4.47 bn by 2030

The India transformer market size is estimated at USD 3 billion in 2025, and is expected to reach USD 4.47 billion by 2030, at a CAGR of 8.33 percent during the forecast period (2025-2030).

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Rapid grid modernisation, peak demand growth, and government funding collectively drive this growth path. Investments worth INR 17 lakh crore over 2016-2024, and a similar quantum under construction, are scaling transmission corridors. Meanwhile, peak demand has jumped from 130 GW in 2014 to 243 GW in 2024 and is projected to exceed 400 GW by 2030. (Ministry of Power, "Annual Report 2025.") Distribution-side upgrades under RDSS, surging renewable integration, and the build-out of HVDC corridors are pushing utilities and commercial customers alike to place record transformer orders. Price volatility in CRGO steel and copper tempers margins but is partly offset by material-efficiency mandates and domestic manufacturing incentives.

Modernisation and expansion of T&D infrastructure

The India transformer market benefits most strongly from large-scale grid build-outs authorised in the National Electricity Plan, which envisages 123,577 circuit km of new lines between 2022-2027. More than 193,000 circuit kilometers were already completed between 2014 and 2024, and 3,000 new substations were commissioned, creating consistent demand for power and auto-transformers across 220 kV to 800 kV classes. Power Grid Corporation's Pan-India HVDC corridors, such as the Raigarh–Pugalur link, rely on specialised converter transformers, cementing domestic capability upgrades.

The Green Energy Corridor-II, set to evacuate 33 GW of renewables, further tilts specifications toward 765 kV equipment, stimulating high-margin orders for extra-large units. Manufacturers with test bays above 800 kV are thus favoured in utility tenders.

Surge in renewable-energy grid integration