New Jersey, NJ, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Rapid pace development of rail infrastructure in a several countries across the globe and liberalization of rail transport network are the two factors driving the demand for traction transformers. The global traction transformer market is expected to grow from USD 670.32 Million in 2017 to USD 1,050.61 Million by 2025 at a CAGR of 5.8% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Traction transformer is defined as an electrical device which is used in designing and manufacturing of railway system. It allocates the energy from one circuit to another through electromagnetic induction. Traction transformer is an important component of rolling stock. Traditionally, transformers were used in railway traction, as it was considered to be the most key alternative to the conventional fossil-fuel-based traction systems. Now-a-days it is one of the most vital components of an electric traction system in the vehicle and helps in the smooth movement of motors used in such as locomotives, high-speed trains, and trams as it feeds power at safe voltages for essential train functions like traction, lighting, heating and ventilation, passenger information, brakes, and communication.
Liberalization of the rail transport network is one of the driving force for the global traction transformer market. Also, the rapid pace development of rail infrastructure in several countries across the globe is fuelling the growth of the market. Supportive government initiatives emphasize on the implementation of this equipment which strengthens operational capabilities of railway infrastructure. But the high cost of electrification hampers the growth of the market. However, electrification of rail networks should drive the traction transformer industry growth in the coming years.
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Key players in the global traction transformer market include ABB, Mitsubishi Electric Corporation, Alstom, Siemens AG, Avago technologies ltd, Altrafo Trasformatori, Brush Traction, 10+, SPX transformer, EMCO Limited, JST Transformateurs, Hind Rectifiers Limited, Schneider Electric SA, and among others. To enhance their market position in the global traction transformer market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in 2017, Meidensha Corporation received an order from the consortium of Sojitz Corporation of Japan and Larsen & Toubro Limited of India to supply Scott-connected transformers and auto-transformers on the Western Dedicated Freight Corridor (Western DFC), a railway being constructed between Delhi and Mumbai.
- For instance, in 2016, ABB Ltd, launched its next-generation traction transformer named Effilight, designed to reduce the weight of on-board components and ensure more energy-efficient rail networks.
- For instance, in 2016, Mitsubishi Electric strengthened its traction transformer business in Europe with IRIS Certification. Mitsubishi Electric is the first Japanese manufacturer to be awarded an IRIS certification for traction transformers
The electric locomotives segment is dominating the market with the highest share of 48.30% in 2017.
The rolling stock segment is classified into electric locomotives, high-speed trains, and metros. The electric locomotives segment dominated the traction transformer market in 2017. The growing number of population, rising demand for rail transportation, and increasing preference for moving goods by rail over road transportation are driving the growth of the segment.
The underframe mounting segment valued around USD 314.38 Million in 2017
Mounting position segment is divided into segments such as underframe, machine room, and roof. The underframe mounting segment dominated the global traction transformer market by registering a value of around USD 314.38 million in 2017. Increased space and high comfortability level for passengers are influencing the growth of the segment.
The AC segment is dominating the market with the highest share of 61.20% in 2017
Overhead line voltage segment includes AC and DC. The AC segment dominated the global traction transformer market by accounting the highest market share of 61.20% in 2017. Most of the electric traction systems are equipped with AC overhead lines because of the advantage of low power loss over long-distance travel.
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Region Segment Analysis of the Traction Transformer Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia- Pacific region dominated the global traction transformer market with USD 260.75 Million in 2017 whereas North America is the rapidly growing region in the market. Asia- Pacific is dominating the market as the number of trains are rising day by day to provide better transportation facility. Also, high investment in the high-speed rail network, development of new lines, and expansion of existing rail networks are driving the demand for traction transformers in APAC. North America is a rapidly growing region. It is due to the rapid industrialization and modernization, government funding and support in the U.S. for the development and implementation of high-speed trains and metros in the country, and improvement in rail infrastructure.
About the report:
The global traction transformer market is analysed on the basis of value (USD Million), volume (Thousand Units), consumption (Thousand Units), import (Thousand Units), and export (Thousand Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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