India dry type transformer market will gain appreciable momentum owing to the consistent economic and demographic escalation across the nation
Sellbyville, DE -- (SBWIRE) -- 10/22/2018 -- Favorable regulatory framework pertaining to establishment of sustainable transmission systems coupled with growing suburban population across the nation will foster the dry type transformer market share. The India Energy Security Scenarios and the Intended Nationally Determined Contribution (INDC) are key policies introduced by the government to strengthen the environmental and energy policy.
Northern region dry type transformer market is set to reach over USD 70 million by 2024. Rising investments from public and private entities to nourish the existing and new electric infrastructure along with growing demand for electricity from off-grid areas will stimulate the industry growth. The IFC has planned to invest USD 5 billion by 2020 toward the expansion of sustainable and renewable energy network in India.
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Large scale integration of renewable energy technologies along with favorable government policies toward Foreign Direct Investments will propel the dry type transformer market size. The consistent demographic and economic escalation across the nation will further fuel the business outlook. The Government of India in 2015, introduced the Green Energy Corridor Project proposing an investment worth USD 1 billion toward the development of a self-sustained grid infrastructure for renewable energy transmission.
Effective insulation capabilities, temperature bearing strength, and sustainable product applicability across distribution networks lay competitive grounds for Class H transformer deployment. Rapid technological enhancements in the product design and development have led to the introduction of advanced insulation technologies catering across a broader application prospect.
Increasing emphasis on the integration of wide-ranging frequency electric links along with the growing concerns for energy efficiency will stimulate the dry type transformer market growth. The rising demand for high voltage networks to sustain rising peak load demand will further complement the product penetration. Increasing investments by private and governmental organizations to electrify the remote areas will positively influence the business growth.
The vacuum pressure encapsulated transformer is set to witness strong growth on account of its effective transformation capabilities and long service life when compared with its competitive counterparts. These products include a series of dip processes aligned to the overall transformer construction that provide better protection from wet and harsh environments.
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The rapid expansion of high-tension electrical networks to cater to the rising electricity demand across isolated load centers will stimulate the demand for outdoor transformers. The ongoing expansion of inter-regional electric networks coupled with the revamping and restructuring of the existing grid infrastructure across suburban areas will further escalate the dry type transformer market.
Eminent players across the dry type transformer market include ABB, Schneider Electric, Siemens, GE, Kirloskar, GE, Toshiba, Eaton, WEG, Prima, Vijay Power & Control Systems, BHEL, CG and Voltamp.