According to the new market research report “Industrial Control Transformer Market by Phase (Single and Three), Power Rating (25–500 VA, 500–1,000 VA, 1,000–1,500 VA, and > 1,500 VA), End-User (Power Generation, Oil & Gas, Chemical, Metal & Mining), and Region – Global Forecast to 2023”, the global industrial control transformer market is expected to grow at a CAGR of 5.14%, from 2018 to 2023, to reach a market size of USD 1,039.8 million by 2023. The factors driving the market include increased usage of industrial control transformers across major industries, booming power sector and augmented power generation capacities worldwide, and need to reduce equipment failure caused by frequent voltage spikes.
The industrial control transformer market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the industrial control transformer industry include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Schneider (France), GE (US), Hubbell (US), Emerson (US), and Rockwell (US).
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The industrial control transformer market has been segmented on the basis of phase into single-phase and three-phase. The three-phase segment is estimated to grow at the highest CAGR during the forecast period. The three-phase industrial control transformer market is driven by technical factors such as high mechanical resistance and better efficiency in industrial applications. Three-phase industrial control transformers are mostly used in heavy industrial applications as they can easily carry high power for the operations. Also, the three-phase power transmission requires less copper and aluminum, as compared to single-phase, to transfer a certain amount of power. Thus, it is the most economical way of power transmission.
On the basis of power rating, the demand for above 1,500 VA segment is expected to grow at the highest rate from 2018 to 2023. These industrial control transformers have power ratings of above 1,500 VA and find application mostly in heavy industries, such as oil & gas, metal & mining, and power generation, for voltage regulation which is necessary for heavy machinery.
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Based on region, the industrial control transformer market in Asia Pacific is projected to grow at the highest rate followed by North America and Europe. China accounted for the maximum share in the Asian region in 2017. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. Industrialization and infrastructural developments in China and India and growing GDP and investment in this region are likely to boost the demand for industrial control transformers in the region.