Global Industrial Control Transformer Market Overview

An industrial control transformer is essentially an isolation transformer that offers great voltage regulation. It is sometimes referred to as control transformer, or control power transformer, or even machine tool transformer. These are designed with low impedance windings for voltage regulation, and can accommodate the high inrush current associated with contactors, starters, solenoids, and relays. Growth in manufacturing industry and chemical industry to offer remunerative opportunities for the industrial control transformer market during the forecast period.

According to a latest research, the global industrial control transformer market is expected to grow from an estimated USD 0.9 billion in 2022 to USD 1.2 billion by 2027, at a CAGR of 5.0% during the forecast period.

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Key Drivers of Market Growth

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.

Key Industry Players

The leading players in the industrial control transformer market include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Eaton (Ireland) Growth strategies adopted by these players include acquisitions, product launches, and sales contract to increase their presence in the global market.

Asia Pacific is expected to lead the industrial control transformer market globally, by value and volume, during the forecast period.

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. However, the COVID-19 pandemic caused an economic decline of about 1.5% in 2020. The major end users of industrial control transformers include industrial sectors, such as power generation, oil & gas, chemical & petrochemical, and others. 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 (IEA), demand for electricity in the Asia Pacific region is expected to have grown by 8% in 2021, from a low of 2% in 2020.

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Report Objectives

• To define, describe, segment, and forecast the industrial control transformer market by phase, power rating, primary voltage, frequency, end user, and region based on market size and volume
• To forecast the market size, in terms of value and volume, for five key regions: North America, South America, Europe, Asia Pacific, and the Middle East & Africa, along with their key countries
• To provide detailed information about the key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
• To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size
• To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
• To strategically profile the key players and comprehensively analyze their market shares and core competencies
• To analyze competitive developments, such as sales contracts, agreements, investments, expansions, new product launches, mergers, partnerships, joint ventures, collaborations, and acquisitions, in the industrial control transformer market