Single Phase Transformer Market Analysis, Growth, Demand Research Report 2016 to 2024.
The rapid industrialization accompanied by escalating electricity demands across the world may fuel the single phase transformer market size over the coming years. These devices offer numerous benefits such as high safety over liquid-filled versions. Hence, single phase transformers are likely to witness its prominence and are widely used in marine, mining, oil & gas industrial vectors that have precise voltage requirements due to high fire safety in these industry verticals. The usage of these products in the electricity distribution may further drive the single phase transformer market size during the forecast timeline.
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These products are commonly used for voltage reduction and power distribution in commercial and residential applications. They ensure high safety against leakage and minimize health & environmental concerns. The capability to endure moisture and exhibit improved short circuit strength and impulse in comparison to liquid filled transformers is likely to increase their applications in both industrial as well as domestic applications. An increasing number of renewable energy and grid upgrade projects may positively impact revenue over the forecast timeline.
The high cost associated with these devices and the lack of government investments in grid stability may inhibit the single phase transformer market size from 2016 to 2024. Based on the voltage requirements, the industry can be fragmented into medium and low voltage. The low voltage single phase transformer market is predicted to hold a key revenue share owing to their high efficiency and electric shock risk reduction capability. Safety benefits provided by these devices for the users are the reasons for the industry growth in this segment.
Based on the technology, the single phase transformer market share can be segmented into cast resin and Vacuum Pressure Impregnated (VPI). Cast resin transformers are anticipated to witness attractive growth prospects due to features such as substantial safety against corrosive environments, increased compatibility for high vibration levels, negligible damage of wire isolation due to current peaks, and reduction of internal vibrations and noise. The VPI transformers are suitable for installations with respect to minimum flammable materials and the environment.
Based on the applications, the industry can be segregated into commercial and industrial segments. The industrial segment is predicted to witness lucrative opportunities owing to the increasing development of electricity distribution networks in the industrial sector. These devices are responsible for power distribution at high voltage, double wiring elimination, operation of 120-volt equipment from power circuits, electrical circuit isolation, separation and the establishment of branch circuits, provide 3-wire secondary circuits, and electrostatic shielding for temporary noise protection.
Based on component, the single phase transformer market share can be segmented into laminated steel core, bushings, terminals, oil conservators, and breathers. Oil conservators provide oil in the transformer tank for cooling purposes. The laminated steel core is used to prevent eddy currents. Bushings are used to insulate the transformer winding connections from the metallic enclosure.
The Asia Pacific single phase transformer market size is predicted to witness attractive growth prospects. The growth attributed to the development of long-distance projects across the region and increasing government investments in the power sector. Furthermore, countries such as China and Japan are likely to offer massive growth opportunities owing to the increasing investment.