Wilmington, Delaware, United States, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market value for traction transformers was estimated at US$ 1.08 billion in 2020. According to estimates, the global traction transformer market will reach US$ 1.87 billion by 2031. Revenue from traction transformers will increase at a CAGR of 5.2% until 2031.
Traction transformers powered by electric motors are more eco-friendly than diesel engines that power trains. The emission-free nature of these products reduces greenhouse gas emissions and air pollution. Transportation systems become more efficient and environmentally friendly when traction transformers are installed.
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A recent study found there is a need for more efficient traction transformers to meet the needs of older electric locomotives. There is a substantial demand for replacement traction transformers, which is driving market growth. Additionally, higher efficiency and reliability of traction transformers may contribute to a rise in demand. With the development of newer traction transformers, operators could upgrade their existing systems at a lower cost.
Traction transformers that are lightweight, small, and highly reliable are preferred for traction engines. Traction transformer manufacturers are increasing their research and development efforts to develop products that are capable of withstanding challenging conditions.
Key Findings of the Market Report
- A rapid urbanization trend coupled with high-speed railways and metros will drive the traction transformer market.
- By 2031, the tap-changing segment is expected to register a CAGR of 5.4%.
- A CAGR of 5.5% is expected to be achieved by 2031 by the electric locomotive segment of the global traction transformer market.
- Increasing line voltages of 20 KV will increase demand for traction transformers in the market.
- Transformer machine rooms are expected to be in high demand in the near future.
Global Traction Transformer Market: Growth Drivers
- A growing concern for the environment and stricter emissions regulations are expected to drive the demand for the product. As transportation shifts to zero-emission vehicles and electric traction is adopted more widely, the traction transformer market is expected to experience steady growth. Increasing government spending and developing rail infrastructure are the keys to gaining traction in the market.
- The increase in population and the growing demand for rail transportation are both positive developments. As good movement becomes more popular and imports and exports flourish, the market is likely to grow.
- Traction transformer manufacturers are intensifying research and development efforts in an effort to develop products that can withstand many challenges.
- The rapid growth in passenger traffic and diversification of travel routes are driving further demand for products. Using energy-efficient products to reduce environmental damage is also contributing to a rise in the use of AC transformers.
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Global Traction Transformer Market: Regional Landscape
- North America is expected to have the largest share of the market by 2031. A high demand for electric locomotives will increase the demand for traction transformers in this region.
- In addition, the United States is a leading market for traction transformers, with hundreds of manufacturers designing and producing traction transformers for railways. Rapid industrialization and technological innovation are expected to contribute to a growth in demand in these regions. Increasing innovation and demand for metros are expected to affect the demand for them in the near future.
- The Asia Pacific is projected to expand at the fastest rate during the forecast period. The growth of high-speed trains in countries such as China and India is a growing demand for traction transformers in the market.
- Most companies operating in this region have taken this opportunity to secure growth opportunities over the next few years. Technology adoption and high-speed internet are expected to propel the market's growth.
- Growing demand for bullet trains and increased rail infrastructure in countries such as China and India are driving the market upwards. As the population grows and transportation methods become more cost-effective, rail transportation will continue to be a lucrative market.
Global Traction Transformer Market: Key Players
Technological developments are key to success for key players. Several other key trends in the global traction transformer market are discussed below. The major players in the global traction transformer market are as follows:
- Hitachi
- ABB Power Grids Ltd
- Siemens AG
- Toshiba Corporation
- Mitsubishi Electric Corporation
- SPX Transformer Solutions Inc.
- MGM Transformer
- Neeltran
- Altrafo Srl
- Alstom SA
- JST Transformateurs
Key Developments
- In January 2023, RATP deployed MP89 rubber-tired trains on Paris metro Line 6 from Charles de Gaulle-Étoile to Nation as part of an upgrade program. Modifications to signalling, track, and station platforms are also included in the Line 6 upgrade programme. New traction transformers were installed as well and additional stabling tracks were laid.
- In September 2023, One Energy Enterprises Inc., a company focused on industrial power solutions, completed energization and testing at One Energy's Findlay headquarters and began commercial operation of the nation's first fully digital, plug-and-play transmission voltage substation. Designed to power a Megawatt Hub, One Energy's digital substation has been constructed to test the concept of the company's new, fully digital station.
Global Traction Transformer Market: Segmentation
By Type
- Tap Changing
- Tapped
- Rectifier
By Live Voltage
- AC
- 1.2 KV
- 15 KV
- 20 KV
- 25KV
- Above 25KV
- DC
- 0.75 KV
- 1.5KV
- 3 KV
- Above 3KV
By Mounting Location
- Machine Room
- Roof
- Underframe
By Application
- High-speed commuter & Regional Trains
- Electric Locomotive
- Electrical Multiple Units (EMUS)
- Tram Trains
- Metros
- Diesel Locomotive
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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