The global traction transformer market size is expected to be worth around US$ 927.1 million by 2030, according to a new report by Vision Research Reports.
The global traction transformer market size was valued at US$ 694.0 million in 2020 and is anticipated to grow at a CAGR of 6.9% during forecast period 2021 to 2030.
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|Market Size||US$ 927.1 Mn by 2030|
|Growth Rate||CAGR of 6.9% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Voltage Network, Mounting Position, Rolling Stock|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||ABB, Alstom, Siemens, and EMCO Limited|
The promising pace of development of rail infrastructure in several countries across the globe and an increase in the demand for faster commuting networks have helped the market gain momentum over the years.
rising number of rail projects is translating into increased adoption and implementation of traction transformers on a large scale. Presence of a limited number of market players offering these products has resulted in fierce competition. Resultant concentration of projects and revenue in hands of a select few companies, which often results in risk of efficiently managing supply and demand, can challenge the growth of the market over the forecast period.
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