Three phase transformers hold high importance in power systems. They have higher economic benefits than single phase transformers. They consist of three sets of primary and secondary coils, each set wound around a core made up of iron. These transformers facilitate proficient working of heavy machineries and let voltage transformation using less size, less material requirement, and less weight.
The two types of construction method of three-phase transformer are single core and two cores. These construction methods can be further divided into symmetrical and asymmetrical. The type of connections used in these transformers are star and delta.
The ever-rising electricity demand is triggering the adoption of price-effective solutions in the power industries. This is creating preference for three phase transformer to single phase transformers, which in turn is stoking the global market.
Moreover, the merits such as high efficiency and easy assembling of these transformers are translating into their greater adoption worldwide. The expanding power and industrial sectors in emerging countries is also leading to the increasing investments in the three phase transformer market.
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On the other hand, the hefty prices of standby units of these transformers are limiting their widespread adoption. Moreover, the cost of spare parts for these transformers is higher compared to that of single phase transformers, which in turn is adversely affecting the growth of the global three phase transformer market. However, trailblazing researches in the field are likely to unfold ample growth opportunities for the market.
The report segments the market on the basis of geography into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. While developed regions will be major revenue contributors, developing regions are expected to emerge as prominent destinations over the coming years.
North America and Europe will account for a large cumulative share in the market, owing to rapid technological advancements and high funding from private and public sectors.