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A 2021 business review to see if last year is truly one of the most tumultuous times, not only for the business landscape but the entire world in general.

A business review for 2021, can we say the same?

Rising energy consumption is a key driver for the market growth. Also, booming chemical industry to drive the demand for industrial control transformer in the near future. According to a latest market research, the global industrial control transformer market size will grow to USD 1.2 billion by 2027 from USD 0.9 billion in 2022, at a CAGR of 5.0% during the forecast period. 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, 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.

The global air and missile defence radar (AMDR) market was valued at USD 8.79 Billion in 2016 and is projected to reach USD 12.52 Billion by 2021, at a CAGR of 7.34% from 2016 to 2021. Increased concerns towards prevention from ballistic and stealth missiles, target racking and early warning, airborne fire control, surveillance, and ground mapping, among others, are driving the demand for AMDRs across the globe.

The critical power and cooling market is expected to grow from an estimated USD 16.87 billion in 2016 to USD 25.80 billion by 2021, at a CAGR of 8.88%, from 2016 to 2021. A rise in digitalization and cloud computing leading to an increase in demand for data centers, increasing demand for improved cooling efficiency in data centers, a need to reduce anomalies in power supply, and regulations and initiatives by institutes and associations are the prime factors driving the critical power and cooling market.

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