New York, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Traction Transformer Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Traction Transformer Market Research Report, Type, Overhead Line Voltage, Mounting Position, Rolling Stock and Region - Forecast till 2027” the market size is projected to be worth USD 2.91 billion by 2027, registering a CAGR of 5.13% during the forecast period (2021 - 2027), The market was valued at USD 1.12 billion in 2020.
COVID-19 Analysis
Several industries have been impacted by the COVID-19 crisis and the global traction transformer market too is no exception. It has also experienced the brunt of the deadly outbreak. Economic consequences, supply chain disruptions, fluctuations in demand share, and long-term & immediate impact of the COVID-19 crisis had a negative effect on the market growth. But with the relaxation of lockdowns, the market is likely to get back into normalcy soon.
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Key Players
Eminent players profiled in the global traction transformer market report include –
- ABB (Switzerland)
- Siemens (Germany)
- Toshiba Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Altrafo Srl (Italy)
- Emco Limited (India)
- Alstom (France)
- JST Group (France)
- International Electric Co Ltd (South Korea)
- Schneider Electric (France)
- Hind Rectifiers Limited (India)
- CG Power and Industrial Solutions Limited (India)
- WEG (Brazil).
The global traction transformer market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Industry Updates
Hitachi ABB Power Grids has recently launched two new traction transformers- the Natural Cooling Effilight Traction Transformer and the RESIBLOC CRAIL 25 kV. Both these products have been specially designed on the company’s existing successful and proven platforms, that is, Effilight for liquid-filled traction transformers and RESIBLOC for dry traction transformers. These will help in bringing new, additional value that will assist customers in improving reliability and reducing operating costs.
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Drivers
Government Initiatives to Improve Railway Infrastructure to Boost Market Growth
The government of various countries is taking the initiative to improve their railway infrastructure as well as starting new projects like high-speed trains with high power may boost market growth over the forecast period.
Opportunities
Growing Adoption of Rail Traction Systems in Next-Generation Locomotives to offer Robust Opportunities
Increasing adoption of rail traction systems in next-generation locomotives such as high-speed trains, tram-trains, and electric and diesel locomotives for accommodating the surging number of passengers and travel routes will offer robust opportunities for the market in the forecast period.
Restraints
High Cost of Electrification of Rail Network to act as Market Restraint
The high cost incurred in the electrification of rail networks coupled with the dominance of diesel-powered rail engines in specific countries like Brazil, Mexico, Taiwan, and the UK may act as market restraints over the forecast period.
Challenges
Complexity of Design to act as Market Challenge
The complexity of design and performance degradation over time may impact the global traction transformer market share over the forecast period.
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Market Segmentation
The global traction transformer industry has been segmented based on type, overhead line voltage, mounting position, and rolling stock.
By type, the tap changing segment will lead the market over the forecast period.
By overhead line voltage, the AC system will dominate the market over the forecast period and at a high CAGR. The growing awareness about the need for switching to energy-efficient products to reduce ecological and economic damage caused by outdated technologies is leading to the growing demand for AC type equipment across the globe. Besides, the growing popularity of AC systems in mainline railways is also adding to the growth of the segment.
By mounting position, the machine room segment will spearhead the market over the forecast period. Equipment installed in machine rooms provides utmost flexibility and reliability in multi-phase rail systems.
By rolling stock, the electric locomotives will have the lions share in the market over the forecast period for the rising population, increasing preference for moving goods by rail over road transportation, and growing need for rail transportation.
Regional Analysis
APAC to Dominate Traction Transformer Market
The Asia Pacific region will dominate the market over the forecast period. Increased demand for public transport, rise in population, technological advances in transport and infrastructure industry, the presence of a growing economy such as China and India, rapid developments and urbanization in China, increase in energy demand need and electrification of railways, the world’s highest high-speed rail network in China, increasing need for public transport infrastructure, the development in the rolling stock infrastructure, the Indian government planning to attract players for upgrading rolling stocks in the country, are adding to the global traction transformer market growth in the region. Besides, countries such as Australia, Taiwan, South Korea, Japan, and China increasing the number of trains for reliable transportation, increasing investment in high-speed rail network, the development of new lines, the expansion of existing rail networks, increase in the number of trains to offer better transportation facility, and rapid expansion of rail industry are also adding market growth.
Segmentation of Market covered in the research:
Information by Type (Tap Changing and Rectifier), by Overhead Line Voltage (AC System and DC System), by Mounting Position (Underframe, Machine Room and Roof), by Rolling Stock (Electric Locomotives, High Speed Trains and Metros) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)
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