ALBANY, N.Y., Dec. 3, 2021 /PRNewswire/ -- According to the insights provided by Transparency Market Research, the traction transformer market is expected to reach US$ 1.87 Bn by 2031. Several factors are responsible for the growth of the traction transformer market during the forecast period. One of the prominent factors is the increasing adoption of rail traction systems in both traditional and next-gen locomotives such as electric locomotives, tram-trains, and high-speed trains.
The rising popularity of intra-city travel is extrapolated to drive the traction transformer market. Furthermore, the electrification of rail lines in numerous regions is also fueling the growth of the traction transformer market.
Transparency Market Research (TMR) has conducted extensive research on various factors related to the expansion of the traction transformer market. The analysts at TMR estimate the global market for traction transformer to expand at a CAGR of 5.2% during the forecast period of 2021-2031. The global traction transformer market was valued at US$ 1.08 Bn in 2020.
Companies in the traction transformer market are focusing their attention on innovating in sustainable and natural cooling systems for traction transformers that decrease the costs associated with the maintenance of traditional units. Such cooling systems are gaining popularity due to enhanced reliability and optimized costs. These aspects will have a large impact on the growth of the traction transformer market. In addition, the rising demand for customer-specific or customized materials is on the rise. Stakeholders in the traction transformer market are providing expert technical experience, which enables them the delivery of traction transformer technology regardless of the constraints faced by commuter train suppliers. All these factors are growth boosters for the traction transformer market.
Growing Demand for High-speed Railway and Metro in Developing Countries to Drive Market
The demand for metro and high-speed railways has increased extensively, especially in the urban areas across densely populated and developing countries such as India and China. Government bodies of these countries are consistently focusing on improving the urban infrastructure with seamless connectivity through high-speed railways and metros. Metro rails also offer good comfort levels, efficiency, and speed. Hence, these factors are projected to offer substantial growth to the traction transformer market.
Rising Adoption of Electrical Systems in Rolling Stock to Offer Growth Opportunities
The growing adoption of electrification of the existing rail network will bring extensive growth opportunities for the traction transformer market. A railway electrification system supplies electric power to railway trains without fuel supply or on-board prime movers. This factor is expected to result in consistent growth of the traction transformer market.
Furthermore, government bodies of many countries are trying to achieve sustainable goals. One of the most important factors is reducing global warming. In order to decrease carbon emissions and slow down global warming, a large number of people are travelling by public transport. The integration of traction transformers is necessary to provide proper functions. Therefore, these aspects are anticipated to propel the traction transformer market.
Some well-entrenched players in the traction transformer market are Mitsubishi Electric Corporation, Siemens AG, Hitachi ABB Power Grids Ltd., JST Transformateurs, and SPX Transformer Solutions Inc., Alstom SA, Neeltran, and Altom SA.
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