Global Industrial Control Transformer Market Overview
Industrial control transformers are known to provide step-down voltages to machine tool control devices. It is also used to gain better voltage regulation and is designed for the provision of high degree of secondary voltage stability for a brief period of overload condition. Industrial control transformers are specifically designed for industrial applications which require relays, solenoids, and other electromagnetic devices. Industrial control transformers are usually customized which may differ in the features as per the requirement of the consumers. The global Industrial Control Transformer Market is anticipated to witness proliferated growth over the forecast period, as concluded by the researchers at Market Research Future (MRFR).
A need for the reduction of equipment failure that is caused due to frequent voltage spikes is expected to drive the global industrial control transformer market over the forecast period. Further, rising adoption and implementation of industrial control transformers across various industries is also expected to drive the market exponentially. Moreover, increasing energy generation targets, and the adoption of disruptive technologies, upscaling use of clean coal, and a hike in the share of renewable energy sources in the power generation mix is also expected to present lucrative growth opportunities in the global industrial control transformer market. The experts at Market Research Future (MRFR) have stated that the global industrial control transformer market is estimated to expand at 5.12% CAGR over the forecast period.
Industrial Control Transformer Industry Segmentation
The global industrial control transformer market is studied for a detailed segmentation that was done on the basis of power rating, end-user, phase, and region. Based on phase, the global industrial control transformer market is segmented into single phase and three phase. Among these, the three phase segment is anticipated to lead the global industrial control transformer market by the end of the forecast period. The three phase industrial transformers are generally applied for driving various general machinery such as pumps, compressors, crushers, and other mechanical equipment used in industry verticals such as mining, chemicals, and power plants.
Based on power rating, the global industrial control transformers market is segmented into 25-500VA, 500 to 1000 VA, 1000 to 1500 VA, and above 1500 VA. Based on end-users, the global industrial control transformers market is studied for the segments of chemical, oil & gas, power generation, and metal and mining. The global industrial control transformers market is expected to be led by the power generation segment during the forecast period. The power generation segment is also estimated to witness the fastest growth rate among all end-user segments. The power generation sector, especially in the developing economies such as India, China, and Japan, are poised to contribute the highest to the ascension of the global industrial control transformer market.
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Regional Analysis
The global industrial control transformer market is studied for the regions of the Americas, Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific is estimated to upscale at the fastest CAGR in the global market over the forecast period. This growth can be accredited to the existence of many developing countries in the region. Further, these emerging economies are expected to present many lucrative growth opportunities for market vendors, owing to the wind power capacity additions that are resumed in these countries.
Key Players
Researchers have included a profiling in the MRFR analysis that include MCI Transformers (US), Broadman Transformers (UK), Rockwell Automation (US), Hubbell (US), General Electric (US), Eaton (Ireland), ABB (Switzerland), Siemens AG (Germany), Schneider Electric (France), Emerson Electric Co. (US), Electric Hammond Power Solutions (Canada), Dongan Electric Manufacturing Co. (US), SNC Manufacturing Co., Ltd (US), Foster Transformer Company (US).
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