Albany, NY -- (SBWire) -- 08/30/2017 --A transformer is a static electro-magnetic electrical device which operates on Faraday's law of electromagnetism by converting electrical energy from one value to another. Single phase transformers are electrical devices which transfer energy between circuits through electromagnetic induction. This type of transformer generally consists of two electrical coils of wire, known as primary winding and secondary winding. The windings of these transformers are enclosed in pressurized and sealed tanks, and are air-cooled.

Moreover, it provides safety against leakage and fire, and also reduces health and environmental concerns. Single phase transformers can withstand moisture and have better short circuit strength and impulse compared to liquid filled transformers. This type of devices are widely used in industrial as well as domestic segments.

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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.

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.

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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.

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).