In 2023, the import value of transformers with a power handling capacity of 1-16 kVA to India was recorded at approximately $17.26 million. Based on forecasted data, imports are expected to grow steadily over the next five years, reaching $20.417 million by 2028. This reflects a year-on-year increase of about 3.63% from 2024 to 2028. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is projected at approximately 3.48%.
Future trends to watch for:
- Increased domestic demand driven by infrastructure development and urbanization.
- Technological advancements in energy efficiency and smart grid integration.
- Potential shifts in global trade dynamics affecting import costs and competition.
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