Industrial Control Transformer Market to Capture Unparalleled Growth with A 5.14% CAGR Growth By 2023 | | Area-Info.net - 0 views
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Almira Coyne on 24 Mar 20According to the new market research report "Industrial Control Transformer Market by Phase (Single and Three), Power Rating (25-500 VA, 500-1,000 VA, 1,000-1,500 VA, and > 1,500 VA), End-User (Power Generation, Oil & Gas, Chemical, Metal & Mining), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global industrial control transformer market is expected to grow from an estimated USD 809.2 million in 2018 to reach USD 1,039.8 million by 2023, growing at a CAGR of 5.14% from 2018 to 2023. The growth of this market is primarily driven by the increased usage of industrial control transformers across major industries, booming power sector and augmented power generation capacities worldwide, and need to reduce equipment failure caused by frequent voltage spikes.