Sri Lanka Transformer Market (2024-2030) | Forecast, Outlook, Size, Revenue, Trends, Industry, Growth, Companies, Analysis, Value & Share

Topics Covered in Sri Lanka Transformer Market Report

Sri Lanka Transformer Market report thoroughly covers the market by Core, Product, Winding, application, Cooling, Rating and Phase. The market report provides an unbiased and detailed analysis of the ongoing market 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.

Sri Lanka Transformer Market Synopsis

Sri Lanka Transformer Market is gaining profound growth and is projected to rise more significantly during the forecast period on the back of the rising electricity demand in the country, expanding population rate, and modern way of living. Despite the growth of this market, it is still facing some challenges that can hamper its growth in the near future.

According to 6Wresearch, Sri Lanka Transformer Market size is expected to rise at a CAGR of 7.10% during 2024-2030. Sri Lanka's transformer market is primarily driven by the increasing demand for electricity across the country. The demand for electricity is driven by population growth, urbanization, and industrialization. The government has embarked on a significant power sector expansion initiative, investing heavily in adding more power-generating capacity. This has resulted in a growing demand for transformers in different voltage classes over the last few years.

However, the market faces several challenges that could hinder growth. One of the most significant challenges is the cost of importing transformers. Sri Lanka is heavily reliant on imported transformers, which account for almost 90% of the market. The high cost of importing transformers is mainly due to the depreciation of the Sri Lankan rupee against the US dollar and a lack of significant domestic manufacturing capabilities. These challenges can affect the Sri Lanka Transformer Market Growth in a negative manner.

Sri Lanka Transformer Industry: Key Players

several key players dominate the Sri Lankan transformer market. These companies include Ceylon Electricity Board (CEB), Lanka Transformers Limited (LTL), and Noratel Lanka (Pvt) Limited. CEB is the largest player in the market and is responsible for the majority of transformer procurement in the country. LTL is a local manufacturer of transformers and has an almost 30% market share of the country's transformer market. Noratel Lanka is a subsidiary of Noratel Norway and produces transformers for both local use and export.

Transformer Market in Sri Lanka: Government Regulations

To sustain the growth of the transformer market, the Sri Lankan government has put in place several regulations. One of the significant regulations is the Sri Lanka Standards Institution (SLSI) certification, which ensures that all transformers that enter Sri Lanka meet specific minimum requirements. Another regulation is the Renewable Energy Act of 2019, which aims to increase the country's renewable energy mix and reduce reliance on fossil fuels.

Market Segmentation by Product

According to Shivankar, Research Manager, 6Wresearch, the power transformer segment has been growing rapidly due to investments in the power generation sector. The distribution transformer segment has also been growing steadily due to the need for greater energy distribution to remote and urban areas.

Market Segmentation by Rating

The 11 MVA to 60 MVA and 61 MVA to 600 MVA segments are currently growing the most, due to increasing demand for electricity from industrial and infrastructure development projects.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Sri Lanka Transformer Market Outlook
• Market Size of Sri Lanka Transformer Market, 2023
• Forecast of Sri Lanka Transformer Market, 2030
• Historical Data and Forecast of Sri Lanka Transformer Revenues & Volume for the Period 2020 - 2030
• Sri Lanka Transformer Market Trend Evolution
• Sri Lanka Transformer Market Drivers and Challenges
• Sri Lanka Transformer Price Trends
• Sri Lanka Transformer Porter's Five Forces
• Sri Lanka Transformer Industry Life Cycle
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Core for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Closed for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Shell for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Berry for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Product for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Power transformer for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Distribution transformer for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Instrument transformer for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Others for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Winding for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Two-winding for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Auto-transformer for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Residential & Commercial for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Utility for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Industrial for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Cooling for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Dry type for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Oil Immersed for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Insulation for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Gas for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Oil for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Solid for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Air for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Others for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Phase for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Single phase for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By 3 - phase for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By Rating for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By ? 10 MVA for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By 11 MVA to 60 MVA for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By 61 MVA to 600 MVA for the Period 2020 - 2030
• Historical Data and Forecast of Sri Lanka Transformer Market Revenues & Volume By > 600 MVA for the Period 2020 - 2030
• Sri Lanka Transformer Import Export Trade Statistics
• Market Opportunity Assessment By Core
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Winding
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Cooling
• Market Opportunity Assessment By Insulation
• Market Opportunity Assessment By Phase
• Market Opportunity Assessment By Rating
• Sri Lanka Transformer Top Companies Market Share
• Sri Lanka Transformer Competitive Benchmarking By Technical and Operational Parameters
• Sri Lanka Transformer Company Profiles
• Sri Lanka Transformer Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Core

• Closed
• Shell
• Berry

By Product

• Power Transformer
• Distribution Transformer
• Instrument Transformer
• Others

By Winding

• Two-Winding
• Auto-Transformer

By Application

• Residential & Commercial
• Utility
• Industrial

By Cooling

• Dry-Type
• Oil Immersed

By Phase

• Single Phase
• 3 – Phase

By Rating

• 10 MVA
• 11 MVA To 60 MVA
• 61 MVA To 600 MVA
• > 600 MVA

Sri Lanka Transformer Market (2024-2030): FAQs