India Current Transformers Market Assessment, By Product Type, By Application, By End-user, By Region, Opportunities and Forecast, FY2018-FY2032F

India current transformers market is projected to witness a CAGR of 7.59% during the forecast period FY2025- FY2032F, growing from USD 294.90 million in FY2024 to USD 529.28 million in FY2032. The market has experienced significant growth in recent years due to rapid industrialization, urbanization, and expanding power infrastructure and is expected to maintain a strong pace of expansion in the coming years. Current transformers are becoming essential components in electrical systems as devices are used for accurate current measurement, monitoring, and protection. The rising investment in the power generation and transmission sector, as well as in renewable energy sources, is driving the growth of current transformers in the market. Current transformers are capable of handling variable energy sources in the grid while ensuring stability and efficiency. Additionally, the government's focus on smart grid development and the deployment of smart meters under initiatives like the Smart Meter National Program has further boosted the demand for current transformers in the market.

Furthermore, the country is pushing for energy efficiency and the modernization of power infrastructure, which is being supported by several government schemes and initiatives. These initiatives contribute to the rising demand for current transformers in the market. Moreover, the industrial sector in the country is inclined towards adopting automation and IoT technologies, which require precise current measurement and monitoring, thereby driving the demand for current transformers in the industrial sector. In conclusion, the increasing demand for current transformers in India is fueled by the country's energy transition, infrastructure modernization, and the growing emphasis on efficiency, safety, and reliability in power systems.

For instance, In October 2024, the power ministry announced the goal to expand India's renewable transmission infrastructure and energy grid capacity by 2032. The government is looking to invest around USD 109 Billion to build the capacity for up to 500 GWs of renewable power. This development will increase the demand for current transformers in the utility sector for the transmission and distribution of renewable energy.

Inclination Towards Current Flow Measurement and Management Device Augmenting Market Growth

Current flow measurement and management devices such as current transformers are becoming the key components in meters as devices enable accurate measurement of current for billing and grid management. Current transformers are used in energy management systems to monitor and optimize power consumption in real-time. Significant investments in utility projects are boosting the demand for advanced energy flow monitoring devices in different applications. Moreover, the country's shift towards the integration of renewable energy in the grids drives the demand for current flow management devices in the substations. The country is looking to modernize electrical grids and expand renewable power infrastructure which is fostering the growth in the current transformer market size in the forecast period.

As of December 2024, the electricity generation in the country stood at 1,378.418 billion units (BU) (April-December 2024) reflecting a growth of 5.31% compared to the same time period for the year 2023-24. In 2023-2024 the total electricity generation stood at 1,739.091 BU with a growth of 7.6% compared to last financial year. Further, the electricity generation target for the year 2024-25 was fixed at 1900 BU comprising of 1444.943 BU Thermal; 147.709 BU Hydro; 55.348 Nuclear; 8 BU Import from Bhutan and 244 BU RES (Excl. Large Hydro). With the rising investment in the power generation sector drives the demand for current transformers in the market.

Furthermore, India is looking to invest in the industrial sector to automate its operations to boost productivity. The industrial sector is inclining toward the adoption of efficient machinery and equipment in different industries which creates the demand for monitoring power flow management devices in the market. The integration of devices with large equipment enables the real-time tracking of energy consumption of equipment which allows for better management of power usage and identification of inefficiencies. The rising focus on automation and optimizing energy consumption in the country is significantly fostering the demand for advanced power monitoring devices such as current transformers in the manufacturing, commercial, and renewable energy sectors.

For instance, in August 2024, India's data center industry is evolving innovative technologies such as AI, ML, and IoT for higher efficiency and sustainability in the power sector. The data center industry is adopting advanced power management and quality monitoring devices for monitoring and to prevent costly downtime and ensure reliable operations. This development highlights that industries are adopting innovative technologies for collecting power consumption data which drive the demand for current transformers in the market.

Rising Regulatory Measures Comply with Grid Stability and Power Quality Creating Market Opportunity

The Indian government is promoting electrification and modernization of power grids through various incentive plans. The upcoming plans follow regulatory compliance, which focuses on enhancing the power quality and safety of electrical devices, which drives the demand for efficient current transformers in the market. Moreover, the government is looking to commence new regulator measures that are going to support the upliftment of safety devices, which will create a favorable environment for the adoption of advanced current transformers in the country. The strict measures will encourage investments in reliable electric safety devices and systems, which are going to boost the market size of current transformers in the coming years.

For instance, The Central Electricity Authority (CEA) has approved the Uniform Protection Protocol to ensure grid stability, reliability, and security, aiming to support the safe integration of 450 GW of renewable energy by 2030 and 2,100 GW by 2047. The protocol mandates protection requirements for various grid components and provides for collecting adequate disturbance data for grid event analysis and protection audits.

Further, The Chhattisgarh State Electricity Regulatory Commission (CSERC) is drafting the Intra-State Deviation Settlement Mechanism and Related Matters Regulations, 2025. The regulation aims to ensure grid stability and security by mandating users to adhere to scheduled electricity drawl and injection.

Indoor Current Transformer to Dominate the Market Share

Indoor current transformers are experiencing a high adoption rate during the forecast period, which makes this segment dominate the market. The indoor transformers have compact designs and enhanced safety features, enabling seamless integration into existing electrical setups. Indoor installations offer advantages such as controlled environments, which reduce the risk of weather-related damage, ensuring reliable performance and longevity. This drives the demand for indoor current transformers in the market. In addition, the rising prevalence of electrical systems installed within commercial and industrial facilities contributes to the increasing demand for indoor current transformers. Furthermore, the indoor segment of the market is expected to experience significant growth due to the increasing demand for smart home automation systems, which require accurate and reliable power measurement devices, thereby driving market growth in the coming years.

West and Central Regions Dominate the India Market

West and central regions have dominated the current transformer market and is expected to continue during the forecast period. The demand for current transformers is on the rise due to numerous factors such as industrialization, infrastructure development, and government initiatives in the region. The region has numerous industries such as automotive, electronics, chemicals, textiles and many more, in which precise current measurement is critical for operational efficiency and safety thereby driving the demand for power measuring equipment in the market.

The West and Central regions include several manufacturing and industrial companies that are adopting automation for various operations, which drives the demand for current transformers in the region. The presence of major industrial clusters and manufacturing facilities drives the demand for current transformers to effectively monitor electrical parameters. Furthermore, the government's continued focus on infrastructure development, coupled with investments in smart grid technologies and renewable energy integration, will fuel demand for advanced transformers across the utility, industrial, and commercial segments.

For instance, in January 2025, Maharashtra government decided to boost its industrial and economic landscape by signing 54 Memorandums of Understanding (MoUs) amounting to around USD 181 billion during the World Economic Forum (WEF) in Davos. This development will increase the demand for current transformers in the industrial sector in the coming years.

Future Market Scenario (FY2025 - FY2032F)

Government policies aimed at promoting infrastructure development and electrification are set to boost the demand for current transformers in the country.

The push towards smart grid technologies is another significant trend that drives the demand for the current transformers market.

Integration of automation industrial applications creates the opportunity for current transformers market growth in coming years.

Government goals regarding energy efficiency and sustainability energy policies contributing to the rise in demand for current transformers in the forecast period.

Integration of digital technologies in current transformer is an emerging trend for enhanced accuracy and communication which drives the market demand.

Key Players Landscape and Outlook

Continuous innovation characterizes the landscape of current transformers, as the companies compete in terms of energy efficiency, product life, and unique features. The market outlook remains positive, owing to increased demand for the integration of renewable energy and automation in the industrial sector. Product launches, agreements, business expansions, collaborations, and developing technologies are projected to increase competition in the fast-paced market.

For instance, in November 2024, Siemens India Ltd, approved an additional investment of USD 11 Million at the Kalwa plant, to enable the expansion of the product range to include large reactors and transformers. The capacity expansion is aimed to cater to the global trend for energy transition and electrification, which has resulted in an increasing demand for grid technology products. This development will help the company to increase its production capacity and revenue in the coming years.