Key Market Indicators
Indian demand for transformers is set to reach $2.8 billion dollars by 2026, up 3% year-on-year on average since 1993. In 2021, South Korea overtook India to become the ninth largest importer of transformers, at $2.3 billion. China, Germany and Mexico were the second, third and fourth biggest importers, respectively. India's exports of transformers are expected to hit $1.8 billion by 2026, a 2.6% year-on-year increase since 1993. In 2021, France surpassed India to become the fourteenth largest exporter, at $1.5 billion. Germany, the United States and Japan were the second, third and fourth largest exporters, respectively.
