Market Research Future has conducted extensive studies on the industrial control transformers market. Reports by Market Research Future (MRFR) states that the industrial control transformer market is likely to develop at 5.12% CAGR, globally, over the forecast period. As per the reports revealed by World Energy Outlook 2018, administrative bodies across the areas are concentrating on handling the surging requirement for electricity. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Industrial Control Transformer Market is included in the present report.Industrial control transformer, also known as isolation transformer provides significant voltage regulation. It is designed in order to produce high level of secondary voltage stability during brief periods of overload condition. These transformers are mainly designed for industrial applications where electromagnetic devices such as relays and solenoids are used. Hence, industrial control transformer is used to maximize inrush capability and outage voltage regulation when electromagnetic devices are initially energized.
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According to the planned and current policies launched by different governments, by 2040, the demand for energy is anticipated to expand by more than 25%. This would propel the demand for industrial control transformer applied in the power sector. Furthermore, in 2016, The U.S. Department of Energy (DOE) issued a new ruling for efficacy level for transformers. Following these novel regulations, the producers redesigned their products to maintain the efficacy levels. Thus, boosting the market for new industrial control transformers and replenishment of existing transformers applied in different industries.
Market Segmentation
Industrial control transformer market across the world has been segmented based on phase, power rating, and end-user. Based on phase, the market has been segmented into three phase and single phase. The three phase governs the market on account of the requirement for improved efficacy in industrial applications. The three-phase industrial transformers are used to run several general machineries such as pumps, compressors, crushers, and other mechanical devices in mining, power plants, chemical, and other industries.
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Regional Outlook
Region wise, Asia Pacific held the largest market share of the global industrial control transformer market in 2017. It is also estimated that Asia-Pacific region would also be the fastest growing market during the forecast period. emerging markets in Asia-pacific offers many opportunities for wind power capacity additions being made in these countries.
Key Players
The global industrial control transformer market has been dominated by key players such as Broadman Transformers (UK), MCI Transformers (US), Rockwell Automation (US), General Electric (US), Hubbell (US), ABB (Switzerland), Eaton (Ireland), Siemens AG (Germany), Emerson Electric Co. (US), Schneider Electric (France), Electric Hammond Power Solutions (Canada), SNC Manufacturing Co., Ltd (US), Dongan Electric Manufacturing Co. (US), and Foster Transformer Company (US).