Global Traction Equipment Market To Reach Worth US$ 316.3 Bn By 2025: Upgrading Of Transport Infrastructure In Emerging Economies To Determine The Market Trends
According to the latest report published by Credence Research, Inc. “Traction Equipment Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global traction equipment market was valued at US$ 246.1 Bn in 2016, and is expected to reach US$ 316.3 Bn by 2025, expanding at a CAGR of 2.8% from 2017 to 2025.
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The global traction equipment market is majorly driven by technological evolution and shift in transport technologies and preferences. As international and intercontinental trades are proliferating worldwide, the demand for more rapid and adaptable transit systems are in growing demand. Furthermore, growing need for electrification of railway lines and upgrade of older locomotive versions to more efficient and cost-effective solutions additionally drive the market in emerging economies. Growing demand for mass transportation is further attributed to growing government funding across both developed and developing economies.
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Based on the type of systems, multi traction systems are the most widely used traction equipment worldwide. The demand for multi systems is the highest in Europe and Asia Pacific, where there is a wide existence of varied voltage systems and the need for cost-efficient and effective transition systems is high in these regions. Due to regional variation in railway electrification systems, trains often have to pass through one system to other during transit. Change of locomotives at switching stations is the most common way of attaining this.
However, such switching stations have highly sophisticated components that are expensive for both installation and maintenance. Government funding in area of upgrading their existing transport network is high in Asia Pacific, Latin America and Middle East and Africa. Transition motors are versatile and are used in both electric and diesel locomotives. The demand for customized forms of transition motors is observed to be the highest, as the requirement of nature of motors often vary by region.
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Overall competition in the global transition equipment market is intense. There is a multitude of market players operating in the market that offer customized solutions to customers. Furthermore, regional prevalence of certain market players is also quite common in this industry. Despite the fragmented scenario, ABB Ltd. is observed to be the largest player in the transition equipment market, majorly attributed to its global reach.
Other major players in this market include Siemens AG, Mitsubishi Electric Corporation, General Electric Company, Crompton Greaves Limited, Alstom SA, VEM Group, Bombardier Inc., TTM Rail, Toshiba International Corporation, American Traction Systems, Kawasaki Heavy Industries, Ltd. and others.
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