Single Phase Transformer Market Overview and Outlook Research Report 2024
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The key driving factors for single phase transformer market are increasing demand for electricity worldwide and extensive applicability of these transformers in distribution of electricity. Rapid industrialization in emerging countries coupled with rapid expansion of electricity transmission network globally is likely to fuel the growth of the market for single phase transformers. Moreover, these transformers have various safety advantages over liquid-filled transformers. Thus, single phase transformers are largely used in mining, marine, oil & gas and other industries, which have specific voltage requirements, owing to importance of fire safety in these sectors. Considering all these factors, the market for single phase transformers is expected to witness strong growth during the forecast period. However, factors such as high cost of these devices and lack of government investment in grid stability are restraining the market growth to some extent.
Single phase transformer market can be broadly classified on the basis of voltage, technology, applications and geography. By voltage, the market is segmented into low voltage and medium voltage. The low voltage segment is likely to hold the largest share of the market by 2024. Low voltage transformers are very efficient and reduces the risk of electric shock, thereby providing protection to the user. The market is divided by technology into VPI single phase transformer and cast resin single phase transformer. Moreover, these transformers have different application areas including commercial and industrial among others. The industrial application segment is anticipated to grow significantly during the forecast period. The major reason is attributed to increasing development of electricity distribution network in industrial sectors. By geography, the single phase transformer market is segmented into North America, Europe, Asia pacific, Middle East and Africa and Latin America.
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Currently Asia Pacific is dominating the market for single phase transformer in terms of revenue, followed by North America and Europe. The major reason is attributed to increasing government investments and development of long-distance projects in Asia Pacific. Countries such as Japan and China among others are continuously focused on investing significant amounts for the expansion of this market. Moreover, Latin America and Africa are also anticipated to enhance investments in power sector in the future, which in turn is likely to fuel the growth of single phase transformer market. The rate of industrialization is also high in South Africa and Brazil and many power infrastructure development projects are being planned in these regions of the world. In addition, power distribution and transmission infrastructure is also expanding in the Middle East. Huge investments are being made by the government of Saudi Arabia and Iran among others. Developing economies such as China, India, Russia, Brazil and South-Africa are likely to be attractive market for single phase transformers.
Top players in this market are ABB Ltd. (Switzerland), Hammond Power Solution Inc. (Canada), General Electric (U.S.), Siemens AG (Germany), Jinpan International Ltd.(China), Schneider Electric (France), Eaton Corporation (Ireland), TBEA Transformer Industrial Group (China), Voltamp Transformer Ltd.(India) and Crompton Graves Ltd. (India).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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