Posted On: 2022-03-08
The Bangladesh transformer market would register significant growth in revenues owing to increasing power consumption along with growing renewable power generation – 6Wresearch
Oil type three phase transformers held the largest revenue share in the overall market for the year 2021 owing to the large usage of such transformers for distribution purposes by power utilities. Single-phase oil type transformers held the largest volume share for the year 2021 as Bangladesh Rural Electrification Board (BREB) procures such transformers in bulk quantities to provide 100 percent rural electrification in villages.
By application, the Government sector acquired the largest market revenue as well as volume share for transformers in 2021 and would continue to do so in the future owing to a large number of power system network expansion projects going throughout the country.
According to 6Wresearch, Bangladesh Transformer Market revenue is projected to grow at a CAGR of 6.8% during 2022-2028. Bangladesh Transformer market is expected to register growth during the forecast period owing to the increasing power consumption and growing renewable power generation in the country. The government has increased the power sector budget in the 8th Five Year Plan to bolster the development of power projects and new substations. The government is also upgrading the Power System Master Plan 2016 to re-access its energy requirements, increase its focus on renewables and upgrade the grid system network. Moreover, the industrial and manufacturing sector is projected to exhibit significant growth in the coming years as Bangladesh has positioned itself as the second largest exporter for garments with yearly exports of more than $30 billions. Therefore, the growing investments in the manufacturing and power sector would bolster the growth of the market in the coming years.
According to Mohit Poddar, Research Analyst, 6Wresearch, “The market for transformers was not much impacted due to the outbreak of COVID-19 as most of the government projects are pre scheduled and continued as usual. The market is expected to register significant growth during the forecast period as the government is reducing its dependence on traditional sources and moving towards renewables by opening new solar parks and wind farms, thereby opening new prospects for the transformer manufacturing companies. The government plans to increase the share of renewables in total power generation mix and generate 4100 MW electricity through renewable sources by 2030. Moreover, mega projects like the Dhaka Metro Rail, Padma Rail Link, Hazrat Shahjalal International Airport Terminal 3 project, Matarbari Deep Sea Port Project etc. would bolster the growth of the market.
By type, oil type transformers would maintain its dominance over the years as power utilities are the largest buyers of transformers in Bangladesh and prefer oil type transformers for replacement, upgradation and grid expansion projects.
Some of the major companies in Bangladesh transformer market include Energypac Engineering Limited, Powermann Bangladesh Limited, TS Transformers Limited, Bengal Telecommunication & Electric Corp. (Pvt.) Ltd.
Bangladesh transformer market (2022-2028)” report provides an in-depth analysis with 22 figures and 11 tables, covered in 84 pages. The report estimates and forecast the overall Bangladesh transformer market by types, KVA ratings, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.