LOND0N--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global traction transformers market is expected to reach USD 108.4 billion by 2021, growing at a CAGR of close to 6%.
This research report titled ‘Global Traction Transformers Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global traction transformers market is expected to grow with the large-scale electrification and infrastructural upgrade of railway networks across the globe. Population density in cities is increasing with the migration of people from rural to urban areas. Increasing economic prosperity and a growing middle-class segment, particularly in the developing economies, have resulted in a shortage of mobility options. There has been a shift in focus toward public transport in the developed economies across the world. The growing inclination of the people toward using public transport in order to put a check on emissions and pollution levels has led to the rise in the electrification of railway networks. This has added impetus to the global traction transformers market.
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Technavio’s heavy industry research analysts categorize the global traction transformers market into the following segments by type. They are:
- Rectifier transformers
The tapped transformers segment dominated the global traction transformers market in 2016 with a share of 88.82%. Because of their high-power ratings, these transformers are indispensable in electric and high-speed trains. They are priced relatively higher than rectifiers and tap-changing transformers.
According to Gaurav Mohindru, a lead unit operations research analyst from Technavio, “Growing traffic congestion in the urban areas has turned the focus of the authorities toward improved public transportation. Transport authorities worldwide have recognized the role of light-rail vehicles, monorail, and metro rail in public transport. As a result, many countries are investing either in the renovation of their existing light-rail infrastructure or the construction of new ones.”
The tap-changing type of traction transformers accounts for a lower market share than tapped transformers. These are low priced, and therefore generate less revenue compared with other types of traction transformers. There are two types of tap-changing transformers: off-load tap changing transformers and on-load tap changing transformers.
"An increase in the number of EMUs will also create more demand for traction transformers. For instance, environmental pollution from diesel engines has compelled governments in Europe and the Americas to deploy EMUs, as these are more efficient, less noisy, and generate less pollution,” says Gaurav.
The rectifier transformers segment accounted for the smallest share of the global traction transformers market. They are special application transformers that contain both diodes and thyristors in the same tank as the main transformers. Rectifier traction transformers operate on DC voltage and are used in trams.
There are various tramway projects in progress across the globe, mainly to address the need for sustainable transport. For instance, in 2017, ALSTOM was awarded its first tramway contract in Taiwan for the second phase of the Kaohsiung tramway project. Similarly, there are other planned tramway projects in countries like Iran, Qatar, Australia, and France. The growing number of tramway projects are expected to provide an impetus to the demand for rectifier transformers during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- JST transformateurs
- Mitsubishi Electric
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