India Converter Transformers Market Assessment, By Voltage [Low, Medium, High], By Phase Type [Single Phase, Three Phase], By End-user [Utility, Industrial, Commercial] By Region, Opportunities and Forecast, FY2018-FY2032F

India converter transformers market is projected to witness a CAGR of 7.80% during the forecast period FY2025- FY2032F, growing from USD 123.47 million in FY2024 to USD 225.17 million in FY2032. The converter transformers market has experienced significant growth in recent years due to the country's rapid energy transition and focus on modernizing its power infrastructure and is expected to maintain a strong pace of expansion in the coming years. The country is forming the vision of transmission of renewable energy goals and increasing the capability of energy generation which propels the need for converter transformers within the market. Converter transformers are emerging to be a very crucial part in high voltage direct current (HVDC) systems, which prove to be significant for effective transmission and integration of long-distance renewable power and stable grid. Secondly, Utility corporations in the country are seeking investment in HVDC systems and projects to boost which is impacting the converter transformer market size.

For instance, in February 2025, Power Grid Corporation of India Ltd (PGCIL) is expecting to receive the contracts for the mega HVDC scheme in Ladakh in the first quarter FY26. PGCIL is developing the project under the regulated tariff mechanism (RTM) mode. This development highlights that companies are doing investment in the development of HVDC systems which drives the demand for converter transformers in the market.

Furthermore, attempts of the country to upgrade the power grid to become modern and to increase the grid stability are fueling adoption the of demand converter transformers for smooth power conversion and handling. Policies initiated by the government of India like the Green Energy Corridor Project and National Smart Grid Mission are further fastening investments in HVDC infrastructure. Also, the increased development of cross-border transmission of power with other countries is responsible for adopting HVDC systems that result in increasing demand for converter transformers in the market.

Report Attribute Details

Base Year of the Analysis FY2024

Historical Period FY2018-FY2023

Forecast Period FY2025-FY2032

Projected Growth Rate CAGR of 7.80% between FY2025 and FY2032

Revenue Forecast in FY2032 USD 225.17 million

Rising investment in Grid Modernization and Transmission Sector Driving Market Size

India is prioritizing the upgrade of infrastructure to support energy production and transmission capacities. India is implementing HVDC technology to provide an uninterrupted supply of power for fuel demand for converter transformers. The country is also increasing investment and embracing innovative technologies for grid modernization and transmission to fill a large amount of energy loss during power transmission. Converter transformers are crucial in power transmission networks and are most used in the market to counter the problem of energy losses thereby, stimulating converter transformer demand in the Indian market. Converter transformers facilitate effective long-distance power transmission, decrease energy losses, and make the grid more stable by controlling power flow better which stimulates its demand in the market. The country is looking to expand the transmission lines for proper transmission of power to end-users, which drives the demand for converter transformers in the market.

For instance, in February 2025, as per TnD India, the country is expected to add 15,432 km of transmission lines and 32,250 MW of transfer capacity through HVDC schemes during the five-year period from FY28 to FY32. This development highlights the rising investment in the transmission sector which drives the demand for converter transformers in the market.

Converter transformers allow the incorporation of these renewable sources into the grid through the conversion of AC power to DC for transmission and, once again, back to AC for distribution to ensure a reliable and stable power supply. Increased demand for electricity and the incorporation of renewable energy into the currently established grid spur the market demand for converter transformers. In addition, the power utility industry is implementing advanced and reliable grid systems which are adding to the growth in the demand for converter transformers.

Government Investment in Rural Electrification Initiatives Creates Market Opportunity

The Indian government is prioritizing reliable electricity supply in rural areas by investing in grid expansion, modernization, and renewable energy integration in the rural grid networks which creates opportunities for converter transformers in the coming years. The government participates in investments which include significant upgrades to power transmission networks and the construction of new substations in rural areas which contribute to rising demand for converter transformers market growth in forecast period. In addition, converter transformers are used to integrate decentralized renewable energy sources into the grid, ensuring efficient power distribution at required voltage levels. Furthermore, the rural electrification schemes such as Saubhagya Scheme and Rajiv Gandhi Grameen Vidyutikaran Yojna (RGGVY) by the Indian government have enhanced the rural electricity network that will straight away fuel demand for converter transformers in the country.

For instance, the government has taken initiatives for the electrification of the rural areas in the country by launching schemes like the Revamped Distribution Sector Scheme, Integrated Power Development Scheme (IPDS), National Electricity Fund (NEF), and Green Energy Corridors Program which aimed at improving electrification and modernized transmission infrastructure thereby driving the demand for converter transformers in the country.

For instance, in February 2022, the Government of India approved a new project amounting to USD 4.12 Billion under the Integrated Power Development Program (IPDP). The program is set up to strengthen sub-transmission and distribution networks in urban areas of the country. This development highlights the government's initiative to drive the demand for converter transformers in the country.

High Voltage to Dominate the India Market

The high voltage segment is in great demand in the India converter transformers market due to increased investment in high-voltage transmission projects. The emphasis on high-voltage direct current (HVDC) projects for effective long-distance power transmission also increases the demand for converter transformers. The nation is planning to integrate renewable energy into the grid which requires the use of sophisticated high-voltage transformers to manage variable power loads effectively. Moreover, government policies for grid modernization and development of transmission and distribution networks in the nation thus leading to the increased demand for high-voltage converter transformers in the market.

South Region is Expected to be the Fastest Growing Market

The south region is expected to be the fastest growing region among others. The region is concerned about urban development and smart cities, which place the region as the primary market in the next few years. The area encompasses states such as Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh which are leaders in the development of power infrastructure will requires the addition of converter transformers to cater to growing electricity usage from residential, commercial, and industrial sectors. The area has enormous investments in integrating renewable energy which also supports the need for converter transformers.

Additionally, government initiatives aimed at enhancing electricity access and modernizing power infrastructure have resulted in a robust demand for converter transformers to ensure reliable power supply.

For instance, in June 2024, State Minister for Finance and Human Resources Management and Energy, Thangam decided to purchase 2,500 new and additional distribution transformers with capacities of 25 KVA to 250 KVA with a cost of USD 24 million. This development highlights the rising demand for converter transformers in the region.

Future Market Scenario (FY2025 - FY2032F)

The push towards the adoption of technologies is another significant trend which drives the demand for the converter transformers market.

Government policies aimed at promoting renewable power infrastructure development are set to boost the demand for converter transformers in the country.

Integration of renewable energy sources in large-scale grids creates the opportunity for converter transformers market growth in coming years.

Converter transformers align with government goals regarding energy efficiency and sustainability energy policies which drive its market in the forecast period.

Key Players Landscape and Outlook

Companies are adopting several strategies and focusing on partnerships, mergers and acquisitions, and product innovations to expand product portfolios and increase market shares in the converter transformers industry. Additionally, companies are establishing new service delivery centers and optimizing service processes to improve customer satisfaction and retention rates. The market outlook remains positive, owing to increased demand for the integration of renewable energy and rising investment in the power distribution sector.

For instance, in November 2024, Siemens India Limited 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.