Increase in Electrification of Railways to Boost the Traction Transformer Market Growth
New York, US, Dec. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Traction Transformer Market Research Report: Information by Type, by Overhead Line Voltage, by Mounting Position, by Rolling Stock and by Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 2.91 billion by the end of 2027. The reports further predict the market to flourish at a robust CAGR of over 5.13% during the assessment timeframe.
Traction Transformer Market Key Players
Eminent industry players profiled in the traction transformer market report comprise-
CG Power and Industrial Solutions Limited (India)
Altrafo Srl (Italy)
Hind Rectifiers Limited (India)
JST Group (France)
Toshiba Corporation (Japan)
International Electric Co Ltd (South Korea)
Schneider Electric (France)
Mitsubishi Electric Corporation (Japan)
Emco Limited (India).
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Revenue forecast in 2027
USD 2.91 Billion
CAGR of 5.13% from 2022 to 2030
Key Market Opportunities
Growing Metro And High-Speed Rail In Developing Countries
Key Market Drivers
Growth Of Intracity Railway Infrastructure
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Increase in Electrification of Railways to Boost Market Growth
More governments around the world are investing in the traction substation infrastructure as the electrification of railways increases. The traction substation converts the electrical energy supplied by the electrical system into a form that delivers electric traction while also being consistent with its power distribution mode. The traction transformer is the traction substation's primary component.
Government Initiatives to Augment Railway Infrastructure to Bolster Market Growth
The government of several nations is taking the initiative to upgrade their rail network and launch new projects, such as high-speed trains with high power, which could accelerate market growth during the forecast period.
Restraints and Challenges
High Price of Electrification of Rail Network to Remain as Market Restraint
The high cost of electrification of rail network, complexity of design, and higher prevalence of the diesel-powered rail engine may remain as market restraints over the forecast period.
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Traction Transformer Market- Segmentation
The global traction transformer market is bifurcated based on rolling stock, mounting position, overhead line voltage, and type.
By type, the traction transformer market is segmented into rectifier and tap changing.
By overhead line voltage, AC system will lead the market over the forecast period.
By mounting position, machine room will dominate the market over the forecast period.
By rolling stock, electric locomotives will spearhead the market over the forecast period.
Traction Transformer Market COVID-19 Analysis
All of the nations and the global market trends for traction transformers have been impacted by COVID 19. Lockdowns that never end have an impact on the market for traction transformer lasers. The global pandemic posed a number of difficulties for the market growth sector because it had an impact everywhere. The development of the ongoing demand and supply has primarily been impacted by significant factors like transportation infrastructure, new construction, distribution, a lack of spaces, and significantly reduced development activities. Fewer people are travelling than in the past. There are significant strategic developments going on because of the rising demand from consumers in various countries, MNCs and local governments.
Traction Transformer Market Regional Analysis
APAC to Sway Traction Transformer Market
According to several distribution channels, Asia Pacific is expected to contribute the most. Additionally, the markets for traction transformers in Australia and China are anticipated to expand quickly due to rising investment. Additionally, there has been an increase in demand in important developing nations like India and China, which are expected to drive growth across a number of markets in the Asia-Pacific region. Without a doubt, Asia Pacific is leading the Traction Transformer Markets due to the presence of major international players and increased technological advancement in this particular region. One of the world's most important regions, Asia-Pacific, is anticipated to experience rising demand for public transportation due to population growth and technological advancements in the transportation and infrastructure sectors. This is anticipated to fuel the region's traction transformer market's expansion. The most populous nation within the world, China also has the fastest-growing economy. The need for energy and the electrification of railways are growing as a result of China's rapid urbanization and development. With its rapid urbanization and economic development, China, according to the World Bank, has the largest high-speed rail network in the world. The demand for the traction transformer market in India is also anticipated to be driven via the growth in the need for public transportation infrastructure and the infrastructure development for rolling stock. The Indian government intends to draw players for the upgrade of rolling stocks in the nation with the developments in the railway infrastructure.
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North America to Have Admirable Growth in Traction Transformer Market
Between 2016 and 2022, North America is anticipated to have the fastest rate of traction transformer market growth. Rapid industrialization and modernization, government funding and support in the United States for the creation and implementation of high-speed trains and metros in the nation, and improvements in rail infrastructure are the main factors propelling the market's growth in North America. Because of the high cost of electrifying the rail network and the predominance of diesel-powered rail engines, North America is thought to be another region where traction transformers are growing noticeably. Public infrastructure projects, which are being carried out quickly, are a key factor in North America's growth. The development and implementation of high-speed rail, metros, and improvements to the nation's rail infrastructure are all supported by U.S. government funding and assistance.
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