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The system which uses electrical power for traction systems such as railways, trolleys, trams, and others is called electrical traction. The track electrification signifies the type of source supply system that is used to power the electric locomotive systems. The global rise in the demand for mass transportation attributed to the increase in investments in the expansion of railway networks across developing as well as developed economies. Growing investments and increasing focus on railway infrastructure increase the market demand for traction equipment in the global market. Moreover, an increase in feasibility, reliability, and efficiency in rail transportation enables us to adopt more transport through rail.
The traction equipment market is segmented into type, component, and geography. Based on the type, the market is categorized into DC traction, AC traction, and multi systems. Based on the component, the market is divided into traction transformers, inverters, traction converters, traction motors and generators, and cable protections (PMA).
Key Market Driver -
Increasing Investment into railway sector for transportation
Key Market Restraint -
Stringent Environmental and Safety Regulations
The increasing investment in the railway sector for transportation is the major driving factor that increases the demand for traction equipment during the forecast period. Rising trading and rapidly growing economies are also attributed to driving the demand for the traction equipment market. Government spendings for strengthening the rail infrastructure and deploying high-speed rails uptick the demand for traction equipment during the forecast period. These factors are primarily attributed to the growth of the traction equipment market during the forecast period. Favorable incentives, cost-efficient, and lucrative perks for trading attract the number of trading and transportation through rail which acts as an opportunity for the growth of the traction equipment market during the forecast period.
The key players offering traction equipment in the global market are ABB, American Traction Systems, Alstom, CG Power and Industrial Solutions Limited, Caterpillar Inc., GE, Mitsubishi Electric Corporation, Kawasaki Heavy Industries, Ltd., VEM Group, Siemens, TTM Rail, and Toshiba International Corporation.
The traction equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Asia Pacific is anticipated to hold the largest market share in the global traction equipment market owing to the significant development of trade, and rapidly growing economies have contributed toward the expansion of the market. Europe is expected to hold the second-largest market share in the global market owing to stringent regulation for emission control which made railway transportation an attractive alternative source to other modes of transport.
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Europe is followed by North America & Middle East & Africa region which holds a growing potential for the traction equipment market which includes developments made in the rail infrastructure and increase in government spending for the deployment of high-speed trains. However, growing investment in the transportation sector in the railway system signifies promising opportunities for the global traction equipment market during the forecast period.
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