The locomotive traction transformer market is expected to grow at a CAGR of 4.4% from 2023 to 2033. The market is projected to reach a valuation of US$ 737.7 Mn by 2033, from the current valuation of US$ 479.6 Mn in 2023.
During the current forecast period, several factors positively influence the growth of the locomotive tractions market. Factors include rising investment in public transportation, the upgradation of railway infrastructure with new-age electrical systems, and the popularity of modern metro systems. The recent rise in sustainability concerns also pushes many to rely on public transportation systems and warranting their expansion.
Government Endeavors to Drive Market Expansion
Governments are striving to expand the railway systems propelling the market growth. Much recently, Public-Private Partnerships (PPP), have been aiding in the expansion of public transport infrastructure. As a result of government policies bolstering private ventures into transport infrastructure expansion, the market shows a positive growth outlook.
The demand for highly sophisticated, advanced railway transformers is driving market growth. Hence, key players are working towards meeting the demand for highly efficient and affordable railway transformers that enhance rail safety.
High Cost of Railways Electrification to Impede Market Growth
The mass-scale electrification of railways has emerged as a significant growth driver for the market. However, the high costs of railways electrification processes have emerged as a market growth deterrent. This is true for developing markets where public transport infrastructure lacks the necessary investment.
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Key Takeaways from the Report:
Between 2023 and 2033, the locomotive traction transformers market is expected to grow at a CAGR of 4.4%.
The market is worth around US$ 479.6 Mn in 2023.
By 2033, the locomotive traction transformer market is expected to reach a valuation of US$ 737.7 Mn.
The United States market is expected to grow at the largest CAGR of 18.2% during the forecast period.
The Australian market is expected to grow at a CAGR of 1.6% between 2023 and 2033.
Technological Innovation Key to Market Growth
Key players are investing heavily in research and development to manufacture efficient new-age variants. It is only through the introduction of new and innovative products that key players can fuel the demand rising from the rapidly evolving railway sector.
Recent Market Developments:
Recently, Hitachi ABB Power Grids Ltd launched oil-free and plug-and-play traction transformers. The RESIBLOC® Rail dry-type traction transformer comes with an integrated cooling system that reduces CO2 emissions, as well as operating costs. The product is in demand due to its high energy efficiency attributes.
In 2019, Siemens AG developed propulsion systems for public transport systems. This included the 9,000 HP electric locomotive, an indigenously developed integrated propulsion system equipped with a steel tank transformer. Recently, Alstom SA started the production of onboard transformers. It finds application in the electric locomotive as a part of an EKZ joint venture. Currently, the expected production capacity is about 300 transformers/per year.
Key Players:
ABB
Mitsubishi Electric Corporation
Emco Ltd
International Electric Co. Ltd.
JST Transformateurs
Hind Rectifiers Ltd
Setrans Holding AS
Wilson Transformer Company
Wolong Electric
Tianwei Group
Sunten Electric
TBEA
China XD Group
Sunlight Electric
Dachi Electric
Luneng Mount.
Tai Electric