Industrial Control Transformer Market worth $1.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 22, 2022 /PRNewswire/ -- Industrial Control Transformer Market is projected to grow from USD 0.9 billion in 2022 to USD 1.2 billion by 2027, at a CAGR of 5.0% according to a new report by MarketsandMarkets™. Rising energy consumption across industries, increasing usage of industrial control transformers in major industries, hence these are driving the demand of industrial control transformer globally. Moreover, growing manufacturing industry and booming chemical industry also creating demand for industrial control transformers. According to BASF report 2021, Global chemical production (excluding pharmaceuticals) is expected to grow by 3.5% in 2022, slower than last year (2021) growth of 6.1%, it will still be higher than the average for the years preceding the COVID-19. For instance, the US, chemical production forecast is significantly stronger in 2022 which is 4.5% compared to 1.8% in 2021, following the production halts brought on by poor weather the previous year. Along with statistical base effects, it is anticipated the rising demand is particularly from the automobile, energy, and consumer goods industries therefore growth in chemical industry giving rise to opportunities for growth of the Industrial Control Transformer Market.
The Industrial Control Transformer Market includes prominent Tier I and Tier II manufacturers like ABB, Schneider Electric, General Electric, Siemens, and Eaton. These companies have their manufacturing facilities spread across Europe, North America, Asia Pacific and the other regions. Power generation industries followed by other industries (food & beverage, pulp & paper, glass, cement and water & wastewater), metal & mining and chemical industries are the amongst the largest end user of industrial control transformer. The growth of these industries is expected to also lead to the growth of the Industrial Control Transformer Market.
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The three-phase segment is expected to dominate the Industrial Control Transformer Market, by phase, during the forecast period.
Three phase transformers have three sets of primary and secondary windings. They are employed in three phase motors for large industrial applications because of their high-power capability. These transformers enable the smooth operations of heavy equipment. These transformers are used in the chemical, power, and other industrial and mining sectors to power a range of general machinery, including compressors, pumps, crushers, cutting tools, and other mechanical equipment. Compared to single phase industrial control transformers, three phase industrial control transformers are more effective in controlling the power for high industrial loads. Therefore, demand for industrial control transformer in three phase segment is increasing.
The above 1,500 VA segment is expected to be the largest market, by power rating, during the forecast period.
Above 1,500 VA power rating transformers are majorly used in the oil & gas and power generation sectors. Equipment, such as draft fans, compressors pumps, and drillers are required in the power generation industry. These equipment need to operate at a uniform voltage based on the requirement. Pumps are used in the oil & gas industry to extract fluid from underneath the ground and are required to sustain harsh environments. The pumping operations need to be regulated accurately, as any voltage inconsistencies can lead to an explosion. above 1,500 VA industrial control transformers ensure smooth and safe operations of equipment across industries, which is fueling the growth of the 1,500 VA segment. The rise in the new oil & gas exploration operations, the introduction of methods for enhanced oil recovery, and the need to replace aging infrastructure in power plants are the key factors expected to drive the growth of the above 1,500 VA segment.
Asia Pacific likely to emerge as the largest Industrial Control Transformer Market
The Asia Pacific region accounted for the largest share of the Industrial Control Transformer Market in 2021. The region is experiencing rapid development fueled by the growth of major economies, such as China, India, South Korea, Japan, Indonesia, and Australia. According to the International Monetary Fund (IMF), the region's economy grew by 6.5% in FY2021 and is expected to increase by 5.7% in FY2022. Electricity generation is perceived as an essential service and was hence less affected by the coronavirus pandemic in 2020. The increased demand for power in Asia is driven by China and India. In a report by the International Energy Agency, demand for electricity in the Asia Pacific region is expected to have grown by 8% in 2021, from a low of 2% in 2020. This growth is led mainly by China and India and the countries contributed individual shares of 10% each to the demand for electricity in the region. Except for Japan, most countries in the region are expected to witness a continued rise in demand till 2024.
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The Industrial Control Transformer Market is dominated by major players that have a wide regional presence. Some of the key players in the Industrial Control Transformer Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton (Ireland), General Electric (US), Hubbell (US), Rockwell Automation Inc. (US), and Broadman Transformers (UK).
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