POWER TRANSFORMER MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Economic growth and urbanization

Rapid pace of industrialization and infrastructure development especially in developing economies is fueling their electricity needs manifold. At the same time, trends like urbanization where majority of population is shifting bases to cities have led to dense localization of power consumption patterns. This has necessitated governments and private players to invest heavily in setting up new transmission corridors and substations, extending the distribution networks deep into rural hinterlands. As a result, the power transformer demand is expected to rise substantially in the coming years to support these capacity expansion initiatives. For example, countries like India and China undergoing massive urban transitions are undertaking ambitious projects like “Power for All” and “Rural Electrification” which would need setting up of thousands of new transformers. Similarly, construction of smart cities and developing industrial townships or special economic zones requires robust power supply infrastructure backbone which acts as a key demand driver

For instance, in January 2023, the State Grid Corporation of China revealed plans to invest approximately USD 77 billion in transmission infrastructure and energy storage systems for the year, marking a nearly 4.0% year-over-year increase.