Industrial Control Transformer Market Surge Towards Solid Growth by 2027

New Revenue Pockets:

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. 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.

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.

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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 or low volt-amp ratings that demand constant voltage or constant current.

There is also been growth in manufacturing industry. According to UNIDO World Manufacturing Report 2021, global manufacturing production experienced a consistent year-over-year output growth of 3.3% in the fourth quarter of 2021, following increase of 5.8% and 17.8%, respectively, in the previous two quarters. The manufacturing output of the industrialized economies in the Asia & Pacific area increased by 4.1% in the fourth quarter of 2021. The manufacturing output of Taiwan, China, and the Republic of Korea increased by 3.8% and 11.7%, respectively, year over year. This growth was mostly attributed to the thriving pharmaceutical, computer, and electronics industries. Hence, growing manufacturing and chemical industry to fuel demand for industrial control transformer.

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The three phase segment, by phase, is expected to be the fastest growing segment of the industrial control transformer market. The three phase segment dominated the industrial control transformer market. Three phase transformers have three sets of primary and secondary windings. These transformers enable the smooth operations of heavy equipment. Three phase transformers are mostly used in heavy industrial applications as they can carry the high power required in these applications. These transformers are used in the chemical, power, and other industrial and mining sectors to power a range of general machinery, including compressors, pumps, crushers, cutting tools, and other mechanical equipment. Compared to single phase industrial control transformers, three phase industrial control transformers are more effective in controlling the power for high industrial loads.

The above 1,500 VA segment, by power rating is projected to be the fastest growing segment of the industrial control transformer market during the forecast period. Industrial control transformers provide stable voltage regulation with smooth and safe operation. These transformers are designed to provide a high degree of secondary voltage stability during the period of an overload condition in different circuits requiring different constant voltage or constant current. Above 1,500 VA power rating transformers are majorly used in the oil & gas and power generation sectors. Equipment, such as draft fans, compressors pumps, and drillers are required in the power generation industry. Pumps are used in the oil & gas industry to extract fluid from underneath the ground and are required to sustain harsh environments. The pumping operations need to be regulated accurately, as any voltage inconsistencies can lead to an explosion. above 1,500 VA industrial control transformers ensure smooth and safe operations of equipment across industries, which is fueling the growth of the 1,500 VA segment.

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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.