Traction Transformer Market to Garner US$ 1.87 Bn, Globally by 2031 at 5.2% CAGR: TMR

Traction Transformer Market: Introduction

Transparency Market Research delivers key insights on the global traction transformer market. In terms of revenue, the global traction transformer market is estimated to expand at a CAGR of 5.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global traction transformer market.

The global traction transformer market is broadly affected by several factors, including increase in use of railways for travelling, and increasing adoption of advanced technology. Thus, increase in applications of traction transformers in different types of rolling stock is propelling the global market

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Traction Transformer Market: Dynamics

Countries across the world are focused on infrastructural development and public transport, such as metros and trams, which plays a vital role in improving infrastructure. Intra-city light rail systems carry passengers typically along rails embedded in roads or cobblestone paths, called trams. A metro is also popular in several metro cities across the world is the same sort of transportation within a city concept, except it usually runs wholly or in part underground or aboveground.

Governments are promoting public transport to reduce traffic and to reduce global warming; consequently, a huge number of people prefer travelling through EMU (Electrical multiple units), trams, metros, etc., which has increased the demand for rolling stock all across the world.

The expansion of intra-city travel is estimated to boost the demand for locomotives, thus, driving the traction transformer market during the forecast period. However, high initial investment in electrification of rail network is a key factor that is likely to hamper the global traction transformer market.

Traction Transformer Market: Prominent Regions

The traction transformer market in Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and rise in usage of traction transformer in various types of trains in the region. The traction transformer market in Europe is projected to expand considerably during the forecast period, due to rise in investments by manufacturers in the region. The traction transformer market in North America is likely to expand during the forecast period, owing to an increase in usage of traction transformer in high-speed trains and electrification of rail lines in the region.

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Traction Transformer Market: Key Players

Key players operating in the global traction transformer market are Hitachi ABB Power Grids Ltd, Siemens AG, Toshiba Corporation, Mitsubishi Electric Corporation, SPX Transformer Solutions Inc., MGM Transformer, Neeltran , Altrafo Srl, Alstom SA, and JST Transformateurs.

Rise in Adoption of Electrical System in Rolling Stock: Key Driver

In most countries across the world, the railway is a government entity and governments across the world are focusing on electrification of existing rail network or development of new electrical rail network, as it offers substantially better energy-efficiency, lower emissions, low noise, and lower operating costs

A railway electrification system supplies electric power to railway trains and trams without an on-board prime mover or local fuel supply. This reduces the overall weight of the locomotive and hence, the speed of locomotive increases.

Considering the factors mentioned above, adoption of electrical system in railways has been increasing for the past few decades, and it is estimated to increase in the near future. Hence, rise in integration of electrical systems in railways is projected to boost the demand for traction systems in electric locomotives and consequently, boost the traction transformer market during the forecast period.

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Increase in Demand for Metro and High-speed Railway in Developing Countries

Rapid urbanization is fueling the demand for a transportation mode that is fast, frequent, and able to handle passengers during rush hours. In large cities, demand for metro for intra-city travel and high-speed railways for inter-city travel is considerably high.

Metro rails and high-speed railways are often given preference due to the belief that road-based bus systems cannot cater to capacity requirements as much as metro systems

Metro rails are also perceived to offer higher levels of comfort, speed, and efficiency, as compared to bus systems, making them more attractive to both policymakers and potential users of the system
Increased adoption of rail traction systems in both traditional and next-generation locomotives such as electric locomotives, high-speed trains, and tram-trains in order to cater to the rising number of passengers and travel routes is expected to drive the market

These factors are anticipated to drive the adoption of metro and high-speed railways, which, in turn, is projected to create significant opportunities for traction transformer market during the forecast period

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