Market Overview
Industrial control transformers offer step-down voltages to machine tool control devices. It also extends efficient voltage design and regulation to offer a high range of secondary voltage stability over a brief period of overload condition. These transformers are specifically designed for industrial purposes that require solenoids, relays, and other electromagnetic equipment. Industrial control transformers are often customized which may vary in the features as per the requirement of the end-user. For instance, these transformers might be developed to comply with NEMA ST-20 sound levels. The requirement to curtail equipment failure triggered by frequent voltage spikes and surged incorporation of industrial control transformers throughout the industries will propel the industrial control transformer market.
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. 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.
Global Traction Transformer Market Segmentation
Industrial Control Transformer Market Report 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.
Regional Analysis
The worldwide industrial control transformer market has been anticipated to expand at an average rate over the forecast period, mainly owing to the expanding power generation capacities and power sector across the globe. For instance, in 2016, worldwide installed power capacity reached 6,437 GW with growth rate 4.1%. Additionally, substantial growth being witnessed in Asian economies such as India and China including the rising usage of coal resources has propelled the growth of industrial control transformers used in the power sector. Besides, evolving markets in Asia-pacific extends several opportunities for wind power capacity additions being made in these nations. For instance, by 2027, Asia’s offshore wind power capacity is projected to grow 20 times reaching 43 GW. These factors would eventually boost the growth for industrial control transformer market.
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).
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