Traction Equipment Market is anticipated to grow at a significant CAGR during the forecast period. The traction system is a component of the train and is installed on the roof or underneath the train which converts the electrical energy, collected from the catenary through the pantograph, into mechanical energy. This system enables the wheels to turn and the train to accelerate and brake. The major factor driving the demand for traction equipment is the increasing demand for mass transportation across the globe.
Moreover, the market is also growing due to rising investments in the expansion of railway networks across both developing and developed economies. Additionally, the growth of the market can also be attributed to the key players present in the market. For instance, in July 2019, ABB has won orders of more than $140 million from Swiss train manufacturer Stadler. The order was intended to supply state-of-the-art traction equipment for trains and locomotives in the US and several European countries. Additionally, in February 2020, ABB India announced that it has received two significant orders worth $2.49 million. The order was to supply traction equipment for Chittaranjan Locomotive Works, and industrial drives to Megha Engineering and Infrastructures.
Some major players in the market include ABB Ltd., Alstom SA, and Caterpillar Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in September 2019, Mitsubishi Electric Corp. announced that it has secured a contract from the Spanish train builder Construcciones y Auxiliar de Ferrocarriles (CAF). The contract was for the supply of high-tech traction equipment for 88 Sprinter New Generation (SNG) electric multiple unit trains.
To Request a Sample of our Report on Traction Equipment Market: https://www.omrglobal.com/request-sample/traction-equipment-market
Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- ABB Ltd., Alstom SA, and Caterpillar Inc., among others.
Traction Equipment Market Report by Segment
By Type
- Traction Transformer
- Traction Motor
- Traction Converter
- Others
A full Report of Traction Equipment Market is Available @ https://www.omrglobal.com/industry-reports/traction-equipment-market
Traction Equipment Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
Reasons to buy from us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 7803040404