Impact of the Covid-19 Outbreak on the Global Industrial Control Transformers Market
Industrial control transformers offer voltage step-downs to machine tool control devices. They are designed to provide a high degree of secondary voltage stability and voltage regulation during an overload. They help countries in meeting energy-efficiency targets, as the main function of these devices is to save energy. Industrial control transformers increase power reliability, which, in turn, enhances the quality of power supplied to customers. However, the COVID-19 pandemic has changed the entire scenario. The world is struggling against the pandemic as well as a global economic recession. The spread of the virus around the world has resulted in lockdowns, partial or complete shutting down of businesses, and canceled or postponed international events, which has impacted the demand for electricity. However, the market is managing to sustain due to the demand from the residential sector owing to the employees working from home, with a minimal contribution from the commercial sector. Besides, three-phase industrial transformers are widely used in machinery such as pumps, crushers, compressors, and other mechanical equipment in industries such as power generation, mining, and chemical. However, the lockdowns imposed by the governments have partially slowed down the operational activities in these industries, which, in turn, is hindering the growth of the industrial control transformers market.
FIGURE: WORLDWIDE DOMESTIC ELECTRICITY CONSUMPTION FROM 2014 TO 2018
The U.S. Department of Energy issued a regulation with regards to the efficiency levels of transformers in March 2016. Manufacturers are focusing on redesigning their products in compliance with these new regulations to maintain the prescribed efficiency levels. However, the COVID-19 pandemic has forced businesses to rethink their strategies to survive in the market. The adoption of the latest industrial control transformers by various industries, post the lockdown, is expected to drive the market growth over the forecast period.
Source: Primary Experts, Secondary Sources and MRFR Analysis
Source: U.S. Energy Information Administration