Traction Transformer Market Surpass $885 Million By 2026 | CAGR 5.4%

Author: Acumen Research and Consulting

As indicated by Acumen Research and Consulting, the global traction transformer market size is evaluated to grow at CAGR around 5.4% over the estimate forecast period. Increasing development of rail infrastructure, rising electrification of rail networks, growing demand from developing economies, and growing government investments in infrastructure development are some key factors accelerating the traction transformer market growth across the globe. The Asia Pacific traction transformer market is expected to grow at a remarkable CAGR during the forecast period owing to significant improvements in rail networks, favorable government regulations, and introduction of high speed trains in countries such as China, Japan, and India. There has been an increasing demand for low carbon rail transport owing to rising environmental concerns, which is expected to provide growth opportunities during the forecast period.

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On the basis of voltage, the global traction transformer market is segmented into Alternating Current traction transformers, and Direct Current traction transformers. In 2018, Alternating Current traction transformers accounted for the highest market share. AC traction transformers are used between normal three-phase AC networks and single-phase catenary systems. These traction transformers are developed with high strength to be able to withstand repeated short circuits during the operation, which are common in electric railways. These traction transformers are either self- or forced-air-cooled, oil-immersed transformers with average power outputs between 5 and 85 MVA. The increasing trend of energy-efficient products owing to environmental concerns and rising costs supports the growth of this segment.

The global traction transformer market is segmented into roof, under frame, and machine room based on the mounting position. In 2018, the under frame segment dominated the global traction transformer market. The under frame segment accounted for the highest market share owing to its ability to offer extra space and capacity in trains. These transformers are placed under the floor, and are experiencing growth in demand owing to increasing population, and growing need to offer enhanced space and comfort to commuters. The machine room mounting segment is expected to grow at the highest rate during the forecast period owing to improved flexibility and reliability offered in single and multiphase rail systems.

In 2018, Europe dominated the global traction transformer market owing to growing need for efficient transportation network, significant investments in transportation infrastructure, development of electrified rail network, and favorable regulations. The Asia-Pacific traction transformer market is expected to grow at the highest rate during the forecast period owing to the growing population, increasing use of railway for transportation, and rising need for reliable transportation. Countries such as China, Japan, India, and South Korea have an extensive rail network, and are expected to drive the market growth over the next few years. The increasing use of railway for transportation of goods, and growing development of new railway lines also boost the traction transformer market growth. The significant growth in government investment for development of high-speed rail network, along with upgradation of existing rail network is expected to generate numerous opportunities for the Asia-Pacific traction transformer market during the forecast period.

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The global traction transformer market is characterized by the presence of experienced and established players. Some of the key players profiled in the report include Siemens AG, ABB Ltd., International Electric Co., Ltd., Alstom SA, Mitsubishi Electric Corporation, Schneider Electric, Wilson Transformer Company, and Setrans Holding AS among others. These companies are consistently launching new products to cater to the growing consumer demands. They are also partnering and collaborating with other players in the traction transformer market to strengthen their market presence and expand their global reach. In October 2018, ABB was awarded an order of $18 million from Indian Railways for the supply of customized traction transformers. These transformers are developed to be used by WAP-7 type electric locomotive. The customized traction transformers enable locomotives to haul 24 coaches at speeds of up to 140 kilometers per hour.The collaboration is an initiative to promote the 'Mission Electrification' initiative of the Indian Railways, which aims to convert an additional 24,000 kilometers of railways from fossil fuel to electrification. The ‘Mission Electrification’adopts enhanced equipment to improve energy efficiency and promoting the use of renewable energy in railway operations across the country.

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