New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Industrial Control Transformer Market Information by Power Rating, Phase and End-User, and Region - Forecast till 2030", With a 5.12% CAGR over the projected period of 2019–2023, the Industrial Control Transformer Market can anticipate crossing USD 1,138 Million by 2023.
Industrial Control Transformer Market Overview
Relays, solenoids, and other electromagnetic devices are used in industrial applications for which industrial control transformers are designed. They are ideal for applications that demand constant current or constant voltage with a low power rating and include capacitors or other filtering devices to reduce output variances. The market for industrial control transformers is expected to increase as a result of the rapidly expanding power generation industries, rising energy consumption around the world, and rising desire to decrease equipment failures brought on by voltage swings.
Although secondary voltage stability must be improved in a shorter amount of time due to industrial control transformer constraints, this is a crucial aspect of the market's expansion. When a large current is present, it helps keep the voltage powering the device at a consistent level. It aids in avoiding issues like technical difficulties and short circuits.
Market Competitive Landscape:
The affluent companies in the industrial control transformer market 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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Significant potential exist for important manufacturers as a result of rising energy generation targets, rising disruptive technology acceptance, rising clean coal use, and rising renewable energy resource shares. Also, because of the temporary overload on the transformer, the output voltage directive may be slightly exposed to drop, impairing device functionality in general. The global market for industrial control transformers is anticipated to face challenges as a result of this voltage decrease, which could not be within acceptable limits for the industry.
Industrial Control Transformer Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant value |
| CAGR during 2022-2030 | 5.12% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Power Rating, Phase and End-User |
| Key Market Opportunities | Increasing energy generation targets Adoption of disruptive technologies Rising clean coal Increasing share of renewable energy resources |
| Key Market Drivers | Increased implementation of industrial control transformers across the industries |
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Industrial Control Transformer Market USP Covered:
Market Drivers:
The majority of the commercial and industrial sectors today rely heavily on electricity. To deliver dependable and high-quality power in these places, electrical equipment is crucial. Any industry's main constraint is power equipment failure. Voltage instability and lighting transients disrupt business operations. These interruptions may result in numerous losses and damages. Machinery failure can result from the sudden voltage instabilities. Capacitors, transformers, switches, gears, overlines, tractors, and motion systems are all easily impacted by power fluctuations. Industrial control transformers are therefore highly necessary to avoid these issues. It is an electric control technology that can stop industrial equipment from breaking down and getting damaged. It also makes it possible for power to flow freely and smoothly to any sector.
Without the use of industrial control transformers, a sector of the economy may encounter several difficulties. Among the challenges include manufacturing delays, high electricity prices, delays, and a labor that isn't working. Another important factor driving the market for industrial control transformers is the need to lower failure and loss rates. These key factors will contribute to the market's strong demand and profitability over the forecast period. These factors will ensure that the positive Industrial Control Transformer Market Trends last throughout the forecast period.
Also, there is a market for industrial control transformers that is emerging and needs to expand. One of the key market players with several potential opportunities is the Middle East. In the anticipated time frame, the regional players are attempting to boost production capacity.
Even the already-established industry companies are working to increase their market share in the Middle East. Middle Eastern countries, especially Saudi Arabia, have plenty of access to raw commodities. The arrival of major players in this area will also provide opportunities for product diversity and other forms of development. The main players are taking advantage of these resources for their own benefit. The major participants in the Middle East's market expansion plans will present remarkable development chances.
Market Restraints:
In many industries, the industrial control transformer is an essential technology. Yet, the oil and gas industries have less of a need for this technology. The oil and gas industry's tangential demand is a substantial market restraint. Less demand is resulting in a decrease in the industrial control transformers industry's output rate. Due to lower oil prices, the oil and gas industry is experiencing a downward market trend. A sizable portion of the market for industrial control transformers is held by the oil and gas sector. Also, it is a sizable industry that has a significant demand for industrial control transformer technology. The industrial control transformer market may be impacted by this industry's demand changes in a variety of ways.
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COVID 19 Analysis
After its breakout in December 2019, Covid-19 has spread to other nations, prompting the World Health Organization to declare a global public health emergency. Because of Coronavirus, the global market for industrial control transformers has already seen significant losses.
Travel bans, aircraft delays, restaurant closings, emergency declarations, limits on indoor activities, a decline in corporate confidence, volatility in the stock market, and an increase in public panic are just a few examples of how the upheaval in the world has affected daily life.
Industrial Control Transformer Market Segmentation
By Power Rating
25-500 VA, 500-1,000 VA, 1,000-1,500 VA, & Above 1,500 VA are the key power ratings.
By Phase
Single & three are the top phases considered in the report.
End-User
Food and beverage, Oil and gas, Chemical, Power generation, Metal and mining, Water and glass, Cement and pulp are the key industry end-users.
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Industrial Control Transformer Market Regional Insights
The industrial control transformer market would see the fastest growth in the Asia Pacific region during the anticipated period. The market for commercial transformers is followed by North America. The industrial activity in this area runs smoothly. The primary causes of high growth are both increased adoption and capital expenditures.
The robust industries of Europe are well-known. Throughout the projection term, the region anticipates a strong demand rate.
Due to the numerous potential for growth and expansion, the Middle East is a significant region. The major stakeholders in each of these locations have numerous plans to encourage further growth in their respective areas.
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