Industrial Control Transformer Market Anticipated to Reach $1.2 billion by 2027, Witnessing a CAGR of 5.0% During Forecast Period

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

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The global industrial control transformer market is primarily being driven by increasing energy consumption and increasing usage of industrial control transformer across major industries. The demand for energy has been gradually increasing, due to increase in energy consumption. According to the IEA, in 2019, world total electricity final consumption reached 22,848 TWh, up by 1.7% from 2018. Total annual energy investment is expected to reach USD 5 trillion by 2030 which will add an extra 0.4% per year to annual global GDP growth, based on a joint analysis with the IMF.

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Industrial control transformers have a wide range of applications, mainly in metals & mining (rolling mills, hoists, blowers, and processing lines), chemicals, oil & gas, paper & pulp (grinders, chippers, and refiners), wastewater, automotive, and power utilities (pumps & condensers). Regions like Asia, North America, Middle East, and Africa and Europe have offer lucrative opportunities for the industrial control transformer in the water & wastewater. The stringent environmental laws and regulations at regional and global levels about water management and treating downstream water that people or animals might consume, along with the requirement of industries to have the right quality of upstream water for their processes, has further put impetus on the importance and the growth of the water & wastewater treatment industry. Furthermore, the UN, under its Sustainable Development Goal 6 (SDG 6), aims to ensure water and sanitation for all by 2030. This may lead to enormous investments in the water & wastewater treatment sector driving the demand for industrial control transformer.

On the other hand, the pharmaceutical industry utilizes pumps to process, mix, unload, and transfer liquids which requires industrial control transformer for smooth and non-stop operation of electrical equipment's or machinery. Meanwhile, as per the International Federation of Pharmaceutical Manufacturers & Associations, the pharmaceutical market will exceed USD 1.5 trillion by 2023. Bayer Global has stated that the global pharma industry is expected to grow at a CAGR of 3-6% till 2025. Therefore, all these factors to drive demand for industrial control transformers.

Industrial control transformers are used in industrial applications such as relays, timers, solenoids, contactors, motor starter buttons, industrial starter circuits, control room push buttons, machine tool control devices, OEM electrical equipment, AC motor starter coils, industrial machinery indicator lamps, electrical distribution systems. These transformers have attributes, such as durable design, superior performance, low maintenance requirements, and so forth. According to BASF report 2021, Global chemical production (excluding pharmaceuticals) is expected to grow by 3.5% in 2022, slower than last year's (2021) growth of 6.1%, higher than the average for the years preceding the COVID-19. For instance, in the US, chemical production forecast is significantly stronger in 2022 which is 4.5% compared to 1.8% in 2021. The chemical industry is an energy intensive industry and requires high and constant power supply for production of various chemicals. This creates demand for industrial control transformer as they are typically utilized in electrical circuits with minimal power requirements.

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Asia Pacific is estimated to be the largest and the fastest growing market for industrial control transformer during the forecast period. The regional market has been segmented into China, India, South Korea, Japan, Australia, and the Rest of Asia Pacific (Malaysia, Indonesia, Singapore, Philippines, and Vietnam). China dominated the Asia Pacific industrial control transformer market. Asia Pacific 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 IMF, the region's economy grew by 6.5% in FY2021 and is expected to increase by 5.7% in FY2022. The major end users of industrial control transformers include industrial sectors, such as power generation, oil & gas, chemical, and others. Electricity generation is perceived as an essential service. This region is also global hub for manufacturing activities. According to the BP Statistical Review of World Energy 2021, the region had the highest refining capacity of 35.8% in the world in 2020, which is expected to grow further. Therefore, growth of these industries is expected to fuel the growth of the industrial control transformer market during the forecast period.

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