WASHINGTON, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Industrial Control Transformer Market finds that the wide-ranging applicability of Industrial Control Transformer Market in the supply of electricity is expediting market development. Additionally, the reduced machinery failure owing to frequent voltage peaks, the growing adoption of Industrial Control Transformer Market in numerous industries, and the increased power generation capacity across the world are projected to enhance the growth of the Global Industrial Control Transformer Market during the forecast period.
The Global Industrial Control Transformer Market revenue is expected to reach a value USD 1123.6 Million in 2028.
The Global Market revenue was valued at USD 848.1 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Industrial Control Transformer Market Size, Share & Trends Analysis Report by Phase (Single Phase, Three Phase), by Power Rating (25-500 VA, 500-1,000 VA, 1,000-1,500 VA, Above 1,500 VA), by Primary Voltage (Up to 120 V, 121-240 V, Above 240 V), by Frequency (50 Hz, 60 Hz), by End User (Power Generation, Oil & Gas, Chemical, Metal & Mining), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Industrial Control Transformer Market was valued USD 848.1 Million in 2021 and is all set to surpass USD 1123.6 Million by 2028, exhibiting a CAGR of 8.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Industrial Control Transformer industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Driver:
Growing Energy Consumption in Industries to Drive the Market Growth
With the increasing energy consumption, the energy demand has been progressively growing. As a result, the total annual energy investment is anticipated to reach USD 5 trillion by 2030. This may add an extra 0.4 percent per year to the annual global GDP growth, based on the joint analysis with the International Monetary Fund. Moreover, with expected investments in clean energy & energy infrastructure to triple by the year 2030, this rise will bring significant economic benefits as the world emerges from the COVID-19 emergency. Also, the jump in private and government spending has created millions of jobs in clean energy, manufacturing, engineering, and construction industries. Based on recent trends, all this will make a global GDP 4 percent high in the year 2030 than it would be. This will fuel the market for energy management systems at the global level towards clean energy and energy efficiency, surging the demand for these technologies. As a result, the growing energy consumption will likely drive the demand for Industrial Control Transformer Market.
Segment Analysis:
- Phase
- Single Phase
- Three Phase
- Power Rating
- 25-500 VA
- 500-1,000 VA
- 1,000-1,500 VA
- Above 1,500 VA
- Primary Voltage
- Up to 120 V
- 121-240 V
- Above 240 V
- Frequency
- 50 Hz
- 60 Hz
- End User
- Power Generation
- Oil & Gas
- Chemical
- Metal & Mining
- Other Users
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The report on Industrial Control Transformer Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Dominated the Global Industrial Control Transformer Market
Asia Pacific is likely to dominate the Global Industrial Control Transformer Market during the forecast period. Asia Pacific has become a global hub for manufacturing activities. The requirement for power is rising, as the countries in the region have hiked domestic production to meet the customer's demand in industries. Moreover, the region is witnessing rapid growth driven by the growth of main regions like China, Japan, India, South Korea, Australia, and Indonesia, where there are heavy industrialization rates. Also, with the increasing power generation, the chemical industry across India and China is fuelling the regional market expansion.
The rise in need to increase and progress the prevailing transmission & distribution infrastructure to support the increasing electricity demand is expected to boost the market growth in the coming years. Furthermore, the rising expansion in heavy industries, renewable energy, and the contribution of aging equipment will also stimulate the regional market to grow.
List of Prominent Players in Industrial Control Transformer Market:
- ABB (Switzerland)
- Schneider Electric (France)
- Siemens (Germany)
- Eaton (Ireland)
- General Electric (US)
- Hubbell (US)
- Rockwell Automation Inc. (US)
- Broadman Transformers (UK)
- Dogan Electric Company (US)
- MCI Transformer Corporation (US)
- SNC Manufacturing Co. Inc. (US)
- Foster Transformer Company (US)
- TEMCO Industrial (US)
- Controlled Magnetics Inc. (US)
- Micron (US)
- Grant Transformers (Australia)
- Troytrans (Spain)
- RECO Transformers Pvt. Ltd. (India)
- Trutech Products (India)
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Industrial Control Transformer Market Size, Share & Trends Analysis Report by Phase (Single Phase, Three Phase), by Power Rating (25-500 VA, 500-1,000 VA, 1,000-1,500 VA, Above 1,500 VA), by Primary Voltage (Up to 120 V, 121-240 V, Above 240 V), by Frequency (50 Hz, 60 Hz), by End User (Power Generation, Oil & Gas, Chemical, Metal & Mining), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
May 2022: Yokogawa launched the WT5000 Precision Power Analyzer – Transformer Version that is aimed to assist the transformer manufacturers in developing and validating the losses of highly efficient products for the utility industry clients.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Industrial Control Transformer Market for the base year and forecast period?
This market titled “Industrial Control Transformer Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Phase ° Single Phase ° Three Phase • Power Rating ° 25-500 VA ° 500-1,000 VA ° 1,000-1,500 VA ° Above 1,500 VA • Primary Voltage ° Up to 120 V ° 121-240 V ° Above 240 V • Frequency ° 50 Hz ° 60 Hz • End User ° Power Generation ° Oil & Gas ° Chemical ° Metal & Mining ° Other Users • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • ABB (Switzerland) • Schneider Electric (France) • Siemens (Germany) • Eaton (Ireland) • General Electric (US) • Hubbell (US) • Rockwell Automation Inc. (US) • Broadman Transformers (UK) • Dogan Electric Company (US) • MCI Transformer Corporation (US) • SNC Manufacturing Co. Inc. (US) • Foster Transformer Company (US) • TEMCO Industrial (US) • Controlled Magnetics Inc. (US) • Micron (US) • Grant Transformers (Australia) • Troytrans (Spain) • RECO Transformers Pvt. Ltd. (India) • Trutech Products (India) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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