Piyush Goyal, Minister of Power, to lead a high-powered delegation in Singapore
India: The Minister of Power,
Piyush Goyal, is set to lead the high-powered delegation in Singapore focusing
on engaging with the leading energy and technology firms thereby strengthening
connection with Singapore’s strong investor community. Singapore, is considered
to be the global financial hub for clean technology funds, asset management
companies and private equity funds. Therefore, this step would result in
improving the overall power transmission and distribution network in India.
TechSci Research depicts that the government
has taken up various initiatives including Deendayal Upadhyaya Gram Jyoti
Yojana (DDUGJY) for electrification of rural pockets of India, which has
spurred significant investments in the country’s power sector. This would increase the demand for power and
distribution transformers in India at a significant level. Under the 12thfive year plan
(2012-2017), Indian government allocated US$ 200 billion for strengthening the
country’s power generation, transmission and distribution sector. One of the
major developments underway includes the country’s shift from 765 KV to 1200 KV
power transmission. This, in turn, is fuelling the demand for EHV and UHV class
power transformer installations throughout the country.
According to released report of TechSci Research “India Power and Distribution Transformers Market Forecast & Opportunities, 2020”, the power and
distribution transformers market in India is projected to grow at a CAGR of
over 10% till 2020. India is focusing
on use of alternative energy resources like nuclear and solar energy for power
generation, which is expected to further boost transformer deployments in the
country in the coming years.