Industrial control transformer market worth $1.2 B by 2027
Industrial control transformer market is projected to grow from $0.9 B in 2022 to $1.2 B by 2027, at a CAGR of 5.0 % according to a new report.
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Industrial control transformer market is projected to grow from $0.9 B in 2022 to $1.2 B by 2027, at a CAGR of 5.0 % according to a new report.
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 USA, 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.
The industrial control transformer market includes prominent Tier I and Tier II manufacturers like ABB, Schneider Electric, General Electric, Siemens Energy, and Eaton. These companies have their manufacturing facilities spread across Europe, North America, Asia Pacific and the other regions. Power generation industries followed by other industries (food and beverage, pulp and paper, glass, cement, and water and wastewater), metal and mining, and chemical industries are the amongst the largest end user of industrial control transformer. The growth of these industries is expected to also lead to the growth of the industrial control transformer market.
Source: MarketsandMarkets