Traction Transformer Market to Expand at CAGR of 5.2% Due to Advantages of Maximum Reliability and Cost Efficiency, Says TMR

- Increase in the use of railways for traveling purposes and rise in adoption of advanced technology are factors that are expected to lead to considerable growth of the traction transformer market

- Replacement of traditional fan-based cooling systems with next-gen traction transformers to invite substantial growth for the traction transformer market

ALBANY, N.Y., Dec. 3, 2021 /PRNewswire/ -- According to the insights provided by Transparency Market Research, the traction transformer market is expected to reach US$ 1.87 Bn by 2031. Several factors are responsible for the growth of the traction transformer market during the forecast period. One of the prominent factors is the increasing adoption of rail traction systems in both traditional and next-gen locomotives such as electric locomotives, tram-trains, and high-speed trains.

The rising popularity of intra-city travel is extrapolated to drive the traction transformer market. Furthermore, the electrification of rail lines in numerous regions is also fueling the growth of the traction transformer market.

Transparency Market Research (TMR) has conducted extensive research on various factors related to the expansion of the traction transformer market. The analysts at TMR estimate the global market for traction transformer to expand at a CAGR of 5.2% during the forecast period of 2021-2031. The global traction transformer market was valued at US$ 1.08 Bn in 2020.

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Companies in the traction transformer market are focusing their attention on innovating in sustainable and natural cooling systems for traction transformers that decrease the costs associated with the maintenance of traditional units. Such cooling systems are gaining popularity due to enhanced reliability and optimized costs. These aspects will have a large impact on the growth of the traction transformer market. In addition, the rising demand for customer-specific or customized materials is on the rise. Stakeholders in the traction transformer market are providing expert technical experience, which enables them the delivery of traction transformer technology regardless of the constraints faced by commuter train suppliers. All these factors are growth boosters for the traction transformer market.