Traction transformer market to grow at 4.2% CAGR
New traction transformer market report has been made available by Research Nestor, titled “Rail Traction Transformer Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation”.
According to the report, global traction transformer market is expected to grow at a CAGR of 4.2% over the forecast period 2017-2024, reports MenaFN.
The market is driven by the positive growth of locomotive industry on the back of rising GDP figures across the globe Also, increasing government investments to build locomotive industry in developing countries along with adoption of metros and high speed trains is also expected to propel the growth of rail traction transformer market during the forecast period.
Europe accounted for the biggest market of rail traction transformer in term of revenue. Europe has the largest train transport network across the globe which is projected to boost the demand for rail traction transformer in this region.
However, the presence of weak rail infrastructure in underdeveloped nations is anticipated to hamper the growth of rail traction transformer market.
The key market players profiled in the report include ABB Ltd, Alstom SA, Siemens AG, Mitsubishi Electric Corporation, Daiichi Electric, JST Transformateurs, Avago technologies ltd, SPX transformer, Schneider Electric SA and Setrans Holding AS.