The traction transformer market is expected to be valued at USD 724.2 Million by 2022, growing at a CAGR of 4.6% between 2016 and 2022. The growth of this market is propelled by the increased government spending for the rail infrastructure development, shift toward low carbon rail transport, and liberalization of the rail transport network.
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The traction transformer market for electric locomotives is expected to hold a large share of the overall market and is also expected to grow at the highest rate between 2016 and 2022. The growth of the market is driven by the rising population, growing demand for rail transportation, and increasing preference for moving goods by rail over road transportation.
The traction transformer market for underframe mounting is expected to lead the overall market in 2016 because of the increased space for passenger capacity and improved comfort level of passengers. The market for machine room mounting is expected to grow at a high rate between 2016 and 2022. Machine room mounting plays an integral role for providing maximum flexibility and reliability in single and multiphase rail systems.
APAC is expected to hold the largest share of the traction transformer market during the forecast period. Countries such as China, Japan, India, South Korea, Taiwan, and Australia are majorly driving the growth of the traction transformer market in Asia-Pacific. These countries are increasing the number of trains for reliable transportation. Further, the increasing investment in 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 expected to be the fastest-growing market for traction transformers between 2016 and 2022. The major driving factors for the growth of the market in North America include 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.
The key restraining factors for the growth of the traction transformer market include the high cost incurred for the electrification of rail network and the dominance of diesel-powered rail engines in certain countries such as the U.K., Taiwan, Mexico, and Brazil, among others.
The key market players such as ABB Ltd. (Switzerland) and Alstom SA (France) are focusing on strategies such as contracts and new product launches to provide the best possible services to their customers and expand their business globally.
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