Market Highlights
Market Research Future (MRFR) anticipates the global traction transformer market is projected to be worth USD 2.91 billion by 2027, registering a CAGR of 5.13% during the forecast period, The market was valued at USD 1.12 billion in 2020.
Growth Boosters and Top Barriers
Promising advancement rate of rail infrastructure ion various countries along with the hike in the demand for better and faster commuting networks is helping the traction transformer market share gain traction across the globe. A number of original equipment manufacturers (OEMs) within the traction transformer industry are entering private-public partnerships in an attempt to develop advanced rail infrastructure in several nations worldwide.
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Surge in government initiatives such as high spending on the betterment of public transportation can lead to higher implementation of traction transformers. This can mean enhanced operational capacity of railway infrastructure across countries in the near future.
Traction power transformer market growth is also warranted by factors such as increasing adoption of rail traction systems in next-generation locomotives like electric and diesel locomotives, tram-trains and high-speed trains to accommodate the surging number of passengers as well as travel routes. It is noted that more and more usual components are being replaced with power electric technology on account of the increase in technological advancements. This emerging lucrative opportunity in the market is being known as fourth revolution in the traction technology.
Traction Transformer Market Trends
The railway industry is increasingly deploying novel technologies as well as faster and cleaner machines. This trend is gaining speed quickly in the market, as a result of which the demand for traction transformers in the electric locomotives category can mount exponentially over the review period. Also, traction transformers are expected to note massive demand in high-speed trains in the near future, giving a significant boost to the market growth.
Market Segmentation
The global traction transformer market analysis by MRFR highlights the primary segments as type, overhead line voltage, mounting position and rolling stock.
The various types of traction transformer considered in the report are tap changing as well as rectifier.
The overhead line voltages mentioned in the report are DC system and AC system.
The mounting positions discussed by MRFR experts in the report are machine room, roof and underframe.
Lastly, the segments that are based on rolling stock include high-speed trains, metros and electric locomotives.
Regional Outlook
The traction transformer market share is most likely to expand in the primary regions of North America, Asia Pacific (APAC), Middle East & Africa (MEA), South America and Europe.
APAC stands among the top participants in the global market, given the soaring demand for public transport due to the rapidly expanding population. Technological developments in the transport & infrastructure industry also justify the significant market growth in the region. The rail infrastructure in the region has observed the emergence of high-speed metros in recent years, because of the rising electrification of national railroads. Also, some prominent electric traction programs have been introduced in the developing countries like India and China, which stimulates the market growth in the overall region.
In North America, the high government funding, and the large number of high speed train projects in the United States (U.S.) and Canada adds to the strength of the traction transformer market. Liberal railway system regulations paired with the quick rate of electrification of rail networks also boosts the adoption of traction transformers in the region.
Top Contenders
Top contenders boosting the global traction transformer market share across the globe are CG Power and Industrial Solutions Limited (India), WEG (Brazil), Alstom (France), Altrafo Srl (Italy), Hind Rectifiers Limited (India), JST Group (France), Toshiba Corporation (Japan), International Electric Co Ltd (South Korea), Schneider Electric (France), Siemens (Germany), ABB (Switzerland), Mitsubishi Electric Corporation (Japan), Emco Limited (India), to mention a few.
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