The global traction transformer market size is estimated to reach USD 827.1 million by 2025 and is projected to grow at a CAGR of 4.9% from 2019 to 2025, according to a new report by Million Insights. The increasing demand for fast speed commutation options is driving the development of rail infrastructure. In addition, technological development such as electric locomotives is expected to increase the demand for traction transformers in the next few years.
Supportive government initiatives such as investment for developing advanced locomotives are projected to positively impact the market growth. Moreover, the companies are focusing on rail infrastructural development for convenient traveling and comfortable facilities. Thus, due to these factors, traction transformers are anticipated to have significant growth in the next few years.
Rising noise pollution, heavy fuel consumption and increasing environmental concerns about electricity consumption are growing the need for traction transformers. In addition, several benefits such as time-saving, cost-efficient service and development in transport networks are also projected to surge the demand for traction systems.
Furthermore, a growing number of rail development projects are proliferating the demand for traction transformers across the world. Market represents stiff competition due to limited players providing traction systems. However, this less concentration of companies is impacting demand & supply management, which is expected to pose a challenge to market growth.
Key manufacturers in the traction transformers market include EMCO Limited, Alstom, ABB, and Siemens. These players in the market are focusing on public-private partnership (PPPs) to remain competent in the market.
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Further key findings from the report suggest:
• Traction transformer offer better space availability, rapid acceleration, lightweight and cost-efficiency.
• In 2018, depending on the voltage network, AC system held the highest market share in the overall market. Electric locomotives are primarily increasing the demand for AC systems.
• Machine room type segment is estimated to propel at the CAGR of around 5.8% from 2019 to 2025.
• In 2018, electric locomotives dominated the market with largest share in the market.
• Europe led the market in 2018 with highest share in the overall market. Increasing development of rail network with electrification is contributing to market growth.
Million Insights has segmented the global traction transformer market based on voltage network, mounting position, rolling stock and region:
Traction Transformer Voltage Network Outlook (Revenue, USD Million, 2014 - 2025)
• Alternative Current (AC) systems
• Direct Current (DC) systems
Traction Transformer Mounting Position Outlook (Revenue, USD Million, 2014 - 2025)
• Over the Roof
• Machine room
• Under the floor
Traction Transformer Rolling Stock Outlook (Revenue, USD Million, 2014 - 2025)
• Electric locomotives
• High-speed trains
Traction Transformer Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa