The global demand for electric traction systems has witnessed a steady rise in the past few years. Factors such as modernization of passenger railcars and growing urbanization, coupled with increase in electric locomotives, have primarily been the key driving forces for the market in the past few years. Furthermore, rise in induction of air-conditioned coaches has greatly increased the demand for electric traction systems, to complement the increased uptake of power. Significant transformation in railway connectivity, metro connectivity, and other rail-based transports are expected to further propel the market for electric traction systems in the near future.
Transparency Market Research estimates that the market, which was valued in terms of revenue US$342.94 bn in 2016, will reach US$426.54 bn by 2025, at a CAGR of 2.5% from 2017 to 2025.
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Electric Traction Motors’ Segment to Register Moderate Growth but Retain Dominant
On the basis of type, the market for electric traction systems has been segmented in the report into electric traction transformer, electric traction motor, electric traction generator, electric traction inverter, electric traction converters, and others.
Of these, the segment of electric traction motor accounted for a massive 63% of the global electric transformer market in 2016. Being one of the most important components of electric traction systems, traction motors find extensive demand across numerous applications. Traction motors act as the primary driving force for all railway vehicles, hence the massive share in the global market. However, the segment is expected to exhibit moderate growth over the forecast period, witnessing a slight decline in its present share in the global market by end of the forecast period.
However, the others segment, which covers the components of electric traction systems that are necessary for the proper functioning of all other traction system components and are required for installation, is expected to lead in terms of growth rate over the report’s forecast period. The growth in all the product segments have been promoting the growth of others segment. The segment is expected to exhibit a 3.5% CAGR over the forecast period, witnessing a substantial rise in its present share by the end of the forecast period.
Asia Pacific to Present Vast Growth Opportunities Backed by Infrastructure Development Activities
In terms of geography, the market for electric traction systems in Asia Pacific dominated the global market in 2016, accounting more over 35.0% of the global market. China and India held the dominant share in the Asia Pacific electric traction systems market in the said year, followed by Australia and Japan. Improvements in the transpiration infrastructure in the region, which includes metro rail systems, high speed bullet trains, hybrid electric vehicles, and railway connections, have remained key to the strong growth observed for electric traction systems in Asia Pacific. Over the next few years, the rising demand for rolling stock for narrow gauge and industrial railways, including diesel-electric, hybrid, and electric locomotives, will continue to contribute to the positive development of the electric traction systems in this region.
Europe held the second leading position in the global electric traction systems market in terms of revenue contribution in 2016. Russia and Commonwealth of Independent State (CIS) countries are leading the market for electric traction systems, followed by Germany. The market in the region is primarily driven by the gradual shift from diesel-based to diesel-electric locomotives and electric locomotives. Government initiatives toward improving the transportation system, especially railways fuel the growing demand for electric traction systems across Europe, apart from stringent regulations related to the emission of harmful gases from trains or any sort of vehicles.
Some of the leading players in the market are ABB, Ltd. (Switzerland), Alstom S.A., The KON?AR Group, Siemens AG, Delphi Automotive LLP, Voith GmbH , Mitsubishi Electric Corporation, Schneider Electric SE, The Curtiss-Wright Corporation, Prodrive Technologies, Toshiba Corporation, General Electric, Co., CG Power and Industrial Solutions Ltd., Bombardier Inc., American Traction Systems, VEM Group, Caterpillar Inc., TTM Rail – Transtech Melbourne Pty Ltd., Kawasaki Heavy Industries Ltd., Traktionssysteme Austria GmbH, Hyundai Rotem Company , Hitachi, Ltd., and Ansaldo Signalling.
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Infrastructural Development of Metro Rails to Aid in Expansion of Electric Traction Systems Market
The worldwide interest for electric traction systems is on the rise since the past couple of years. Factors like modernization of traveler railcars and developing urbanization, combined with expansion in electric trains, have fundamentally been the key main impetuses for the market in the previous few years. Besides, ascend in acceptance of cooled mentors has extraordinarily expanded the interest for electric system frameworks, to supplement the expanded take-up of force. Huge change in rail line availability, metro network, and other rail-based vehicles are required to additionally impel the market for electric foothold frameworks sooner rather than later.
With the rapid growth of urbanization, modernization of traveler railcars, and the colossal ascent in the usage of electric trains, the global market for electric traction systems is generating revenues. The enduring rising in rail route traffic in creating and created economies is empowering railroad associations, government specialists, and moving stock makers to focus on modernizing traveler railcars. Plus, the ascent in prominence of AC mentors has additionally upheld the interest for electric traction systems, as force usage of vehicles increment to help ACs.
Demographically, the market for electric traction systems in Asia Pacific earned the largest share in the market in 2016. China and India held the predominant offer in the Asia Pacific electric traction systems market in the said year, trailed by Australia and Japan. Betterment of the transpiration infrastructure in this region, including metro rail systems, high velocity shot trains, half breed electric vehicles, and rail line associations, are key to the growth of this regional market for electric traction systems. In the near future, the rising interest for moving stock for tight check and mechanical rail lines, including diesel-electric, crossover, and electric trains, will keep on adding to the positive improvement of the electric traction systems in this district.
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