The industrial control transformer market is expected to grow at a CAGR of around 3.5% during the forecast period. Factors such as the increasing number of industries (such as chemical, and metal and mining), and the demand to reduce equipment failure on account of frequent voltage fluctuations are likely to drive the market, especially in the emerging economies. However, due to the outbreak of COVID-19, slow down, or delay of different industrial projects are likely to hinder the market growth during the forecast period.
– With significant global capital spending during 2018 and increasing demand for chemicals in multiple industries, it is expected that the chemical industry is likely to witness significant growth during the forecast period.
– The government of the United Arab Emirates (UAE) is concentrating on having a higher share of the manufacturing sector in its country’s GDP. With its shrinking prospects for investment in the oil & gas industry, the country is planning to diversify its business to other business segments, such as manufacturing. For instance, the Abu Dhabi Economic Vision 2030 aims to grow the non-oil sector by more than 7.5% annually to help the country achieve a neutral non-oil trade balance. This, in turn, is expected to create an opportunity for the industrial control transformer market in the near future.
– Asia-Pacific is likely to dominate the market during the forecast period, with the majority of the demand coming from China, India, Japan, and South Korea.
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Key Market Trends
Chemical Sector is Likely to Witness Significant Growth
– The chemical sector is one of the prominent segments that utilize industrial control transformer to operate its heavy machinery under constant current or voltage. Fluctuation in voltage may damage equipment and may incur considerable expenses to its business.
– The sector primarily uses three-phase control transformers for continuous power delivery, better efficiency, and to operate parallel activities.
– During 2018, world chemical sales were around EUR 3.34 trillion, grew by nearly 5.2% as compared to 2008. With the growing demand for chemicals in various sectors like fertilizer and pharmaceuticals, it is likely to have higher sales during the upcoming years.
– Regarding capital expenditure, the sector has spent EUR 193.1 billion in 2018, which grew by nearly 5.9%, as compared to 2008. China is one of the major countries that has contributed to almost 45% of the global investment in 2018.
– On account of COVID-19, the slowdown of manufacturing units occurred all around the world. Chemical market like the United States is expected to squeeze its chemical production by 0.4% in 2020.
– On the other hand, an excess requirement of medicines to tackle COVID-19 has boosted the pharmaceutical sector in 2020 and is likely to grow positively during the upcoming years. Chemicals such as hydrochloric acid are primarily used in pharmaceutical industries to manufacture active pharmaceutical ingredients (API). Thus, increasing demand for hydrochloric acid in pharmaceutical companies is likely to have a positive impact on the chemical sector and would help in the growth of the market during the forecast period.
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