CHICAGO, July 22, 2022 /PRNewswire/ — Industrial Control Transformer Market is projected to grow from USD 0.9 billion in 2022 to USD 1.2 billion by 2027, at a CAGR of 5.0% according to a new report by MarketsandMarkets™. Rising energy consumption across industries, increasing usage of industrial control transformers in major industries, hence these are driving the demand of industrial control transformer globally. Moreover, growing manufacturing industry and booming chemical industry also creating demand for industrial control transformers. According to BASF report 2021, Global chemical production (excluding pharmaceuticals) is expected to grow by 3.5% in 2022, slower than last year (2021) growth of 6.1%, it will still be higher than the average for the years preceding the COVID-19. For instance, the US, chemical production forecast is significantly stronger in 2022 which is 4.5% compared to 1.8% in 2021, following the production halts brought on by poor weather the previous year. Along with statistical base effects, it is anticipated the rising demand is particularly from the automobile, energy, and consumer goods industries therefore growth in chemical industry giving rise to opportunities for growth of the Industrial Control Transformer Market.
The Industrial Control Transformer Market includes prominent Tier I and Tier II manufacturers like ABB, Schneider Electric, General Electric, Siemens, and Eaton. These companies have their manufacturing facilities spread…
