Traction Transformer Market is poised to touch USD 1758 million by 2022
Traction Transformer Market size and Growth Rate:
According to our research report, the Traction Transformer Market Size is estimated to be USD 1508 Million in 2017 and is projected to reach USD 1758 Million by 2022, at a CAGR of 5.84% from 2017 to 2022.
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Traction Transformer Market Overview:
The traction transformer is an electrical device which is practiced in designing and manufacturing of railway system. It gives the energy from one circuit to another through electromagnetic electricity. The principal application areas for traction transformer include electrical multiple units, high-speed trains, and double-decker electrical multiple units, among others.
Traction Transformer Market Growth Drivers and Restraints:
Important government funding for rail infrastructure development will drive the market for traction transformers. Furthermore, the shift towards low carbon rail transport and liberalization of rail transport network are also expected to positively trigger the traction transformer market. Also, there is a growth in the demand for electric vehicles across the globe which results in a reduction in carbon emissions, which will drive the market of traction transformer.
The global traction transformer market is predicted to grow at a moderate rate during the forecast period, mainly due to growing power sector and power generation capacities across the globe. Some of the factors restraining the market are the voltage drop or special degradation, which hinders the smooth functioning of the transformer system. Further, inadequate power supply also acts as a challenging factor in the growth of the market.
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Traction Transformer Market Geographical Segmentation:
Based on regions, Asia Pacific (APAC) is the largest region in the traction transformer market and is anticipated to witness increased investments in the railway sector, principally in the nations like China, India, and Japan. Europe is the biggest market in terms of revenue and early development of electric traction technology is the main driver that contributes to the growth of this market in Europe. APAC region is the quickest growing market by the revenue due to the high-density population in countries like China and India. It is expected that the Asia-Pacific region would be the fastest growing market during the forecast period, largely due to the rising population leading to increased connectivity across the region. Moreover, the increasing investment in the high-speed rail network, the development of new lines, and expansion of existing rail networks are driving the demand for traction transformers in this region.
Key Players of the Traction Transformer Market:
Some of the key players of global traction transformer market include International Electric Co., Ltd., EMCO Limited, Wilson Transformer Company, Alstom SA, ABB Ltd, JST Transformations, Siemens AG, Mitsubishi Electric Corporation, Suntan Electric, and Veterans Holding AS, among others.
Traction Transformer Market Segmentation:
By Type:
· Dry-type Traction Transformer
· Oil-immersed Traction Transformer
By Application:
· Railways
· Urban Transportation
By Region:
· North America
· South America
· Europe
· Asia Pacific
· Middle East and Africa
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