Single phase transformers market to grow strongly by 2024
USA, NY: Transparency market research has made available a new report on single phase transformers titled “Single Phase Transformer Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.
According to the report, 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.
The market for single phase transformers is expected to witness strong growth during the forecast period. However, factors such as high cost of this equipment and lack of government investment in grid stability are restraining the market growth to some extent.
Currently Asia Pacific is dominating the market for single phase transformer in terms of revenue, followed by North America and Europe.
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).
Source: Digital Journal