Traction Transformer Market Insight
Traction transformer market is gaining precedence owing to its importance as a component that is designed to transform power from the locomotives and delivered to the electric motors. On this note, Market Research Future reveals a study that entails, the global traction transformer market can experience a 5.00% CAGR during the forecast period (2018-2023). The study also covers drivers of the said market and segments in details, and with the help of it, the market’s progress is identified in comprehensive way.
Market Drivers & Trends
According to the study, the Traction Transformer Market is gaining traction due to its primary application areas, which include high-speed trains, electrical multiple units, and double-decker electrical numerous units, and more. With this, there has also been significant government funding raised for rail infrastructure development, which has considerably driven the market for traction transformer and paved ways for opportunities to come in the coming years.
At the same time, the mega shift towards low carbon rail transport and liberalization of rail transport network also claim to be a positive approach to the market’s growth, which is anticipated to take the growth level to a greater extent. Many regions, across the world, are favoring traction transformer as the regions have invested immensely in the railway sector and enhanced the entire sector with developments and innovation. Such an action has eventually impacted the market to grow without any hindrance that would continue during the progression period.
The countries like China, India, and Japan have introduced transformer traction, as there has been a rise in demand for electric vehicles and across the world as well. All these factors are tremendously forcing the market to reach high valuation in the coming years.
Global Traction Transformer Industry Segmentation
As per the study, the global traction transformer market can be segmented into mounting position, overhead line voltage, and rolling stock.
In terms of rolling stock, the market has been classified into electric locomotives, high-speed trains, and metros, where the electric locomotives segment is expected to expand at the highest CAGR during the forecast period. The demand for electric locomotives is mounting to reduce the emissions and to surge the effectiveness of the vehicles by declining the dependence on internal combustion engines.
In terms of the mounting position, the market splits into underframe, machine room, and roof.
In terms of overhead line voltage, the market splits into AC and DC.
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Regional Outlook
Global traction transformer market is regionally studied among the regions of North America, Asia-Pacific, Europe, Middle East & Africa, and South America.
Among these, Asia-Pacific is anticipated to witness a modest growth rate during the assessment period owing to noteworthy government funding for rail infrastructure development and liberalization of the rail transport network. In a case, on February 2018, BNSF (US) invested USD 3.3 billion in network expansion. In this region, China is touted to be the leading market for electric vehicles with the sales of plug-in hybrids. Also, China is projected to reach 12.43 million cars by 2035. These developments would impact positively to the demand for traction transformer globally. Apart from this, factors such as rising urbanization, demand from the railway sector, and supportive government plans are also to drive the market for electric traction transformer in this region. China, India, and Japan are the leading countries contributing to the growth of the electric Traction Transformer Market in Asia Pacific.
Traction transformer market is also led by Western Europe after by North America region. Western Europe leading the market is attributed to existence of major players based in the region. Eastern Europe, Latin America, and MEA are estimated to observe a moderate growth rate in the traction transformer market.
Key Players
The well-known players of Global Traction Transformer Market are listed as Wilson Transformer Company (Australia), International Electric Co., Ltd. (South Korea), EMCO Limited (India), Mitsubishi Electric Corporation (Japan), Alstom SA (France), ABB Ltd (Switzerland), JST Transformateurs (France), Siemens AG (Germany), Sunten Electric (China), and Setrans Holding AS (France) and many more.
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