NEWARK, Del, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The locomotive traction transformer market is expected to grow at a CAGR of 4.4% from 2023 to 2033. The market is projected to reach a valuation of US$ 737.7 Million by 2033, from the current valuation of US$ 479.6 Million in 2023.
During the current forecast period, several factors positively influence the growth of the locomotive tractions market. Factors include rising investment in public transportation, the upgradation of railway infrastructure with new-age electrical systems, and the popularity of modern metro systems. The recent rise in sustainability concerns also pushes many to rely on public transportation systems and warrants their expansion.
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Government Endeavors to Drive Market Expansion
Governments are striving to expand the railway systems, propelling the market growth. Much recently, Public-Private Partnerships (PPP) have been aiding in developing public transport infrastructure. As a result of government policies bolstering private ventures into transport infrastructure expansion, the market shows a positive growth outlook.
The demand for highly sophisticated, advanced railway transformers is driving market growth. Hence, key players are working towards meeting the demand for highly efficient and affordable railway transformers that enhance rail safety.
High Cost of Railways Electrification to Impede Market Growth
The mass-scale electrification of railways has emerged as a significant growth driver for the market. However, the high costs of railway electrification processes have emerged as a market growth deterrent. This is true for developing markets where public transport infrastructure lacks the necessary investment.
Key Takeaways from the Report:
- Between 2023 and 2033, the locomotive traction transformers market is expected to grow at a CAGR of 4.4%.
- The market is worth around US$ 479.6 Million in 2023.
- By 2033, the locomotive traction transformer market is expected to reach a valuation of US$ 737.7 Million.
- The United States market is expected to grow at the largest CAGR of 18.2% during the forecast period.
- The Australian market is expected to grow at a CAGR of 1.6% between 2023 and 2033.
“Our comprehensive market research study reveals a rising demand for efficient and sustainable rail transport systems, which is driving the adoption of advanced traction transformers in locomotives.” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Technological Innovation Key to Market Growth
Key players are investing heavily in research and development to manufacture efficient new-age variants. Only through introducing new and innovative products can key players fuel the demand rising from the rapidly evolving railway sector.
Recent Market Developments:
- Recently, Hitachi ABB Power Grids Ltd launched oil-free and plug-and-play traction transformers. The RESIBLOC® Rail dry-type traction transformer comes with an integrated cooling system that reduces CO2 emissions and operating costs. The product is in demand due to its high energy efficiency attributes.
- In 2019, Siemens AG developed propulsion systems for public transport systems. This included the 9,000 HP electric locomotive, an indigenously developed integrated propulsion system equipped with a steel tank transformer. Recently, Alstom SA started the production of onboard transformers. It finds application in the electric locomotive as a part of an EKZ joint venture. Currently, the expected production capacity is about 300 transformers/per year.
Key Players:
- ABB
- Mitsubishi Electric Corporation
- Emco Ltd
- International Electric Co. Ltd.
- JST Transformateurs
- Hind Rectifiers Ltd
- Setrans Holding AS
- Wilson Transformer Company
- Wolong Electric
- Tianwei Group
- Sunten Electric
- TBEA
- China XD Group
- Sunlight Electric
- Dachi Electric
- Luneng Mount.
- Tai Electric
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Locomotive Traction Transformer Market by Category
Type:
- Tap Changing
- Rectifier
Overhead Line Voltage:
- AC System
- DC System
Mounting Position:
- Underfloor
- Machine Room
- Over the Floor
Rolling Stock:
- Electric Locomotives
- High-speed Trains
- Metros
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- Japan
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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