Traction transformer market | Electric Locomotives to hold the largest share | To reach $724.2 Million by 2022

The liberalization in the rail transport market, increasing government funding, and the growing environmental concerns are the driving factors for the growth of the traction transformer market. The traction transformer market was valued at USD 528.0 Million in 2015 and is expected to grow at a CAGR of 4.6% between 2016 and 2022. The base year considered for study is 2015 and the forecast period is considered for the period between 2016 and 2022. The objective of the report is to provide a detailed analysis of the traction transformer market based on rolling stock, mounting position, overhead line voltage, and geography. The report provides detailed information regarding the major factors influencing the growth of the traction transformer market. The report also gives a detailed overview of the value chain of the traction transformer market and analyzes the market trends on the basis of the Porter's five forces analysis.

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Electric locomotive is expected to lead the global traction transformer market between 2016 and 2022. The traction transformer market for electric locomotive is majorly driven by the large installed base for passenger and freight locomotives in Europe and APAC. The adoption of electric freight locomotives has grown considerably with the rising preference for moving goods by rail over road transportation due to the cost efficiency. Further, the rising population and increasing demand for transportation is expected to drive the growth of passenger locomotives, which would further increase the demand for traction transformers.

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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