Energy & Power

Traction Transformer Market

By Segment, By Region, And Segment Forecasts, 2017 – 2025

Vertical: EnPBase Year: 201810 Sections

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Executive Summary

Traction Transformer Market — Snapshot

  • Market Size (2017)

    2017

    $724.35M

  • Projected (2025)

    2025

    $1.07B

  • CAGR (2017–2025)

    5.0%

    5.0%
  • Key Players

    111+

The global traction transformer market is projected to grow at 5.15% CAGR during the forecast period, 2019–2025. In 2018, the global traction transformer market was dominated by Asia-Pacific with a 34.64% share, followed by Europe and Middle East & Africa with shares of 23.21% and 17.26%, respectively. The demand for traction transformers is growing rapidly owing to various factors, including the increasing demand for public transport infrastructure and the growing need to upgrade electrical systems in rolling stock.

The global traction transformer market has been segmented based on type, overhead line voltage, mounting position, rolling stock., and region. On the basis of type, the global traction transformer market has been segmented into tap changing and rectifier. The tap changing segment is expected to grow at a faster rate during the forecast period. In 2018, the tap changing segment held a 57.68% share of the global traction transformer market.

On the basis of overhead line voltage, the global traction transformer market has been divided into AC system and DC system. The AC system segment is expected to grow at the faster rate during the forecast period. In 2018, the DC system segment held a 41.23% share of the global traction transformer market.

On the basis of mounting position, the global traction transformer market has been segmented into underframe, machine room, and roof. The underframe segment is expected to grow at the fastest rate during the forecast period. In 2018, the underframe segment held a 45.46% share of the global traction transformer market.

On the basis of rolling stock, the global traction transformer market has been segmented into electric locomotives, high-speed trains, and metros. The electric locomotives segment is expected to grow at the fastest rate during the forecast period. In 2018, the electric locomotives segment held a 47.56% share of the global traction transformer market.

On the basis of region, the global traction transformer market has been segmented into the North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2018, Asia-Pacific held a 34.64% share of the global traction transformer market.

Key Insight

The Traction Transformer Market market is projected to grow at a CAGR of 5.0% from 2017 to 2025.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

  • Geographic Coverage: This analysis covers 5 regions: Middle East and Africa, North America, Asia Pacific, Europe, South America.
  • Market Segmentation: The market is analyzed across 2 segments: Tap Changing, Rectifier. Forecasts are provided for each segment from 2017 to 2025.
  • Competitive Landscape: 111 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Traction Transformer Market — Growth Trajectory

Traction transformers are primarily used in the railway industry to power electric locomotives. Traction transformers convert electric power supplied by the power company to an appropriate voltage to power the traction motors of the engine and other auxiliaries. The traction transformer converts high voltage AC to low voltage DC, which is fed to the rectifier to run the DC traction motors.

Traction Transformer Market — Growth Trajectory

Tap Changing
Rectifier

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

  • Type is broken down into: Tap Changing, Rectifier.
  • Overhead Line Voltage is broken down into: AC System, DC System.
  • Mounting Position is broken down into: Underframe, Machine Room, Roof.
  • Rolling Stock is broken down into: Electric Locomotives, High-Speed Trains, Metros.

Geographic Analysis

Regional market breakdown

  • Middle East and Africa Middle East and Africa market size reached $125.81M in 2017 and is projected to reach $176.18M by 2025, growing at a CAGR of 4.3%.
  • North America North America market size reached $107.91M in 2017 and is projected to reach $154.03M by 2025, growing at a CAGR of 4.5%.
  • Asia Pacific Asia Pacific market size reached $249.52M in 2017 and is projected to reach $384.20M by 2025, growing at a CAGR of 5.5%.
  • Europe Europe market size reached $167.72M in 2017 and is projected to reach $251.70M by 2025, growing at a CAGR of 5.2%.
  • South America South America market size reached $73.39M in 2017 and is projected to reach $101.29M by 2025, growing at a CAGR of 4.1%.

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Research Methodology

Traction Transformer Market — How We Researched This Market

This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.

  • Base Year

    2018

  • Historical Period

    2017 – 2018

  • Forecast Period

    2018 – 2025

  • Primary Interviews

    150+

Research Process

Historical data (2017–2018) and forecast period (2018–2025)

1

Problem Definition

  • Market scoping
  • Objective setting
  • Framework design
2

Secondary Research

  • Literature review
  • Data mining
  • Trend analysis
3

Primary Research

  • Expert interviews
  • Field visits
  • Surveys
4

Data Analysis

  • Quantitative modeling
  • Statistical testing
  • Validation
5

Insights & Reporting

  • Synthesis
  • Recommendations
  • Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)
Forecast (modelled)

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Competitive Landscape & Porter's Five Forces

Traction Transformer Market — Competitive Analysis

THREAT OF NEW ENTRANTS

The research and development cost in traction transformer is high and span of developing traction transformer is lengthy, which lowers the threat of new entrants in the market. The high technological complexity also acts as an entry barrier in the market, due to dimension restrictions defined by the default dimensions of rolling stocks. The industry is dominated by a few large players, who maintain a substantial market share. Therefore, the threat of new entrants in the market is low.

BARGAINING POWER OF SUPPLIERS

There are a substantial number of suppliers of raw materials and components in the traction transformer market, making the supplier concentration high. Raw materials and components for power transformers, including aluminum, copper, iron, windings, insulating materials, and bushing metal parts are easily available in the market. Further, raw material differentiation is very less, limiting the bargaining power of suppliers in the market. Hence, the bargaining power of suppliers in the traction transformer market is low.

BARGAINING POWER OF BUYERS

The buyers in this market have a high concentration due to concentrated authorities as the buyers consists of only the authorized railway department. In most cases, buyers procure traction transformer through competitive bidding, giving them a considerable power in the traction transformer market. However, many end users are willing to pay a premium price for quality products in the market, which again leverages the bargaining power to the buyers. Such factors determine the bargaining power of buyers in the traction transformer market high.

THREAT OF SUBSTITUTES

There are no substitutes for the traction transformers due to limitations on the construction of the traction transformer. Transportation & infrastructure networks depend on the traction transformer to step-down the voltage of the motors fitted in the rolling stocks to feed power for running the traction motors, to minimize transmission losses. Such factors are expected to lead to a low threat of substitutes in the market.

RIVALRY

The growth of the traction transformer market is growing with the increasing demand for transportation across the world. There are a few large players in the market, which makes the market highly competitive. Also, the product differentiation is moderate in the traction transformer market due to the need for manufacturing more efficient traction transformers. This makes the intensity of rivalry in the market high.

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Traction Transformer Market.

Regional Market Size (USD Mn)

Market estimates by geography (2025)

USD Mn

InsightAsia Pacific leads with $384.20M by 2025.

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Regional Market Data

REGION201720182025CAGRSHARE
Middle East and Africa$125.81M$146.84M$176.18M4.3%17%
North America$107.91M$127.15M$154.03M4.5%14%
Asia Pacific$249.52M$305.37M$384.20M5.5%36%
Europe$167.72M$202.64M$251.70M5.2%24%
South America$73.39M$85.03M$101.29M4.1%9%
Total$724.35M$867.03M$1.07B5.0%100%

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Segment Revenue (2025)

Tap Changing
Rectifier
0170340509679

Segment Market Share

  • Tap Changing58%
  • Rectifier42%

Total Market Size

$1.07B

Market by Segment (2025)

APPLICATIONREVENUE ($B)GROWTH RATEMARKET PENETRATION
Tap Changing$617.00M5.0%
66%
Rectifier$450.40M5.0%
60%

* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.

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Analytics

Traction Transformer Market — Key Findings

Analytical insights on Traction Transformer Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

The Traction Transformer Market market is projected to reach $1.07B by 2025, growing at 5.0% CAGR. The Tap Changing segment holds the largest share.

Market Dynamics

The global traction transformers market is expected to grow at a steady rate during the forecast period and is primarily due to the growth of intracity railway infrastructure and upgrade of electrical systems in rolling stocks. However, the high initial investment in the electrification of rail networks is expected to restrain the growth of the global traction transformer market during the forecast period.

Market Drivers

The various developments in transport systems buses, trains, cars, and motorbikes could be used for public commute. However, in the recent years due to the increasing awareness among people about climate change and growing pollution levels, commuters are choosing public transport over private transport. Since the International Union of Railways specified that trains are 2 to 5 times more energy efficient than road, inland shipping, and aviation, it is one of the most popular means for passenger commute. Furthermore, intracity public transport, especially the metro enables faster rides compared to buses and cars. Additionally, metros are much safer for as they run on specified routes, eliminating the risk of accidents. These are some of the major factors driving the demand for metros in major cities across the world. For instance, the Indian government is introducing intracity metro services in the cities including Pune, Coimbatore, Surat, Kanpur, Patna, and Guwahati to reduce traffic congestions and improve public transport. Most of these railway networks are expected to be operational by 2025. Such growth of metro transit is expected to drive the demand for the global traction transformer market during the forecast period, as such infrastructures are supported by electricity.

According to the International Association Public Transport (UITP), as of December 2017, 178 metro systems include an installed asset base of 642 lines covering a length of 13,903 km. This increase in the length of metro lines is primarily due to the new metro line added in 19 cities in China, addition of metro lines of 577 Km in India and Iran, and addition of new metro lines covering a length of 820 Km in established metro cities. According to statistical data from UITP, globally metro ridership grew by 19.5% between 2011 and 2017 amounting to 53.7 billion. The below figure depicts the growth in global metro readership between 2011 and 2017.The metro ridership is expected to witness further growth globally during the forecast period, primarily due to the rising economic development in Asia-Pacific, which accounts for a major share of the metro networks, globally. In turn, an increasing number of commuters opt for public traffic infrastructure, due to increased savings and shorter commute duration. Metros operate on electricity, and traction transformers are used to step down the voltage of electricity before transmitting the electricity to the electric motors to drive the engine. Hence, the growth of intracity railway infrastructure is estimated to drive the growth of the global traction transformer market during the forecast period.

Market Opportunities

Many developed countries in North America, Europe, and Asia-Pacific have an extensive network of metros and high-speed rail. For instance, according to the UK government, the London metro had a ridership of 1.3 billion passengers in 2018, making it one of the busiest metro systems in the world. Additionally, Japan has a strong network of high-speed rail network connecting various parts of the country. The network extends to a length of about 2,800 km. The Japanese bullet train is one of the major renowned high-speed rail networks in the world and can reach speeds of about 320 Km per hour.

Economically developing countries are such as China, India, and South Africa, are currently developing their network of metros and high-speed rail network to provide its citizens with convenient transport infrastructure. For instance, in September 2018, the Chinese government announced that it is developing a plan to build a high-speed rail service between Kunming and Kolkata, which will also pass through the countries of Myanmar and Bangladesh. Additionally, in the recent years, countries in the Middle East have been developing various projects to strengthen their network of metro trains. For instance, in May 2019, Qatar Rail inaugurated the metro red line, in preparation for the football world cup 2022. Many more metro networks are estimated to be added to the network during the forecast period.

Traction transformers are a major component in both metros and high-speed rail, as they power the engines and various electrical components in the coaches. Thus, growing metros and high-speed rail in developing countries are expected to increase the demand for traction transformers. Therefore, the growing metro and high-speed rail in the developing countries is expected to create opportunities for key players in the traction transformer market during the forecast period.

Market Restraints

Operating electric trains is more cost-effective in comparison to diesel locomotives. However, electrification of the railway track is highly capital intensive, which significantly increases the investments in railway electrification. In the US, where the railroads are primarily operated by private companies, investing in diesel fuel rail networks is generally preferred over electrical networks.

Electrification of railways offers numerous benefits, including low fuel costs and zero carbon emission. However, the construction of overhead line equipment, obtaining electrical clearances, and building substations can cost hundreds of millions, due to which government authorities across the world are reluctant to invest in electrification of railway network. In the past 50 years, electrification of railways has been dependent on the economic stability in various countries. Due to the lack of sufficient resources for electrification and developing the railway infrastructure, many countries refrain from electrifying their railway networks. This hinders the wide adoption of electrified railway, restraining the use of traction transformers, which are primarily used in electric locomotives. Therefore, high initial investment in the electrification of railway networks is expected to restrain the growth of the global traction transformer market during the forecast period.

Strategic Outlook and Future Directions

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Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2025)

Value (USD Mn)
Tap Changing
Rectifier

Companies

Key companies profiled in Traction Transformer Market

Profiles of 111 companies operating in the Traction Transformer Market market, including revenue, employee count, and market positioning where available.

Showing 111 of 111 companies

WEG

WEG

Energy & Power

Company Headquarters: Brazil Founded: 1961 Workforce: ~31000 Company Working: WEG is a global electric-electronic equipment company that operates mainly in the capital goods sector. It offers solutions for electric machines with applications in construction, steel, pulp & paper, oil & gas, and mining industries. The company operates through four business segments, which are industrial electro-electronic equipment, energy generation, motors for domestic use, and paints and varnishes. It offers synchronous condensers under its energy generation segment. Some of the other products and services offered under the energy generation segment are electric generators for hydraulic and thermal power plants (biomass), hydro turbines, wind turbines, transformers, substations, control panels, and system integration services. WEG Electric Corp., Electric Machinery Company Inc., Zest Electric Motors (Pty) Ltd., WEG Colombia SAS, and WEG Tintas Ltd are some of the subsidiaries of the company. Siemens (Germany), Eaton (Ireland), ABB (Switzerland), and General Electric (US) are some of its key competitors. WEG has a presence in more than 135 countries with manufacturing units in 12 countries around the world.

Revenue$3.3B
Employees31,000
Market CapN/A
Founded1960
Brazil
MITSUBISHI

MITSUBISHI ELECTRIC CORPORATION

Energy & Power

Company Headquarters: Japan Founded: 1921 Workforce: ~ 146,518 Company Working: Mitsubishi Electric Corporation is a multinational electronics and electrical equipment company. Mitsubishi Electric Corporation has a diverse range of products and services, including power generation and transmission systems, industrial automation systems, electronic devices, home appliances, information and communication systems, and space systems. Its products are used in a wide range of industries, including automotive, aerospace, energy, and telecommunications. Mitsubishi Electric Corporation is a major player in the robotics arms market, with a range of products that includes SCARA robots, vertical articulated robots, and collaborative robots. The company's robots are designed to be highly versatile and easy to integrate with other systems, making them suitable for a wide range of applications. Mitsubishi Electric Corporation's robots are known for their precision and speed, and they are used in a variety of industries, including automotive, electronics, and food and beverage. The company has a strong focus on research and development, and it invests heavily in developing new technologies and improving existing ones. This has enabled Mitsubishi Electric Corporation to remain competitive in the robotics arms market and to meet the evolving needs of its customers. In addition to its robotics arms products, Mitsubishi Electric Corporation also offers a range of other automation solutions, including programmable logic controllers, human machine interfaces, and industrial robots. The company's commitment to innovation, quality, and customer satisfaction has helped it to establish a strong reputation in the global automation industry. The company has grown to become one of the largest and most respected electronics companies in the world, with operations in over 40 countries and regions.

Revenue$37.8B
Employees146,518
Market CapN/A
Founded1920
Japan
SCHNEIDER

SCHNEIDER ELECTRIC

Energy & Power

Company Headquarters: Rueil-Malmaison, France Founded: 1836 Workforce: ~1,42,000 Company Working: Schneider Electric is a leading multinational corporation, which offers solutions for the digital transformation of energy management and automation industries. It offers its products and services for applications in homes, buildings, data centers, infrastructure, and industrial operations. Furthermore, the company also offers solutions for integrated efficiency, combining energy, automation, and software applications. Schneider Electric operates through four business segments, which are low voltage (building), medium voltage (infrastructure), industrial automation (industry), and secure power (IT). The low voltage business segment offers electrical distribution products and solutions including circuit breakers, power monitoring and control, power meters, electrical enclosures, busways, cable management systems, renewable energy conversion and connection equipment and electric vehicle charging infrastructures. The major subsidiaries of the company are American Power Conversion Corporation, Clipsal, Pelco, ASCO Power Technologies, Feller AG, Luminous Power Technologies, Digital Electronics Corporation, Summit Energy Services, Inc., APC Holdings Inc., and Schneider Electric Buildings Americas, Inc. It primarily competes with companies, such as ABB, Siemens, Eaton, and Aerovironment. Schneider Electric offers its products and services in more than 100 countries including Brazil, Canada, China, Denmark, France, Germany, India, Russia, the UK, and the US. It has 208 plants and 98 distribution centers, across the globe.

Revenue$27.0B
Employees142,000
Market CapN/A
Founded1835
Rueil-Malmaison, France
ABB Group

ABB Group

Energy & Power

Company Headquarters: Switzerland Founded: 1988 Workforce: ~ 105,100 Company Working: ABB Group (ABB) has various segments, including electrification products, industrial automation, motion and robotics and discrete automation. The company’s product offering includes control room solutions, drives, programmable controller (PLC) automation, semiconductors, motors & generators, metallurgy products, high & medium voltage products, robotics, transformers, and mechanical power transmitter. ABB's robotics arm is one of the company's key business segments, offering a range of robotics solutions for various industries, including automotive, food and beverage, and electronics. ABB's robotics arm is a leader in the industrial robotics market, with a strong reputation for delivering high-quality, reliable solutions that improve productivity and efficiency. ABB's robotics arm offers a diverse range of products, including articulated, SCARA, and collaborative robots, as well as software and services that support robot deployment and operation. The company's robotics solutions are designed to help customers automate a wide range of tasks, from assembly and material handling to painting and welding. In addition to its strong product portfolio, ABB's robotics arm has established a reputation for innovation and has been at the forefront of developing new robotics technologies. For example, the company has developed a dual-arm collaborative robot that can work alongside humans, as well as a range of advanced sensors and vision systems that enhance robot performance. ABB also offers HVDC, FACTS, UPS & power conditioning, network management solutions, and smart building solutions. The company offers its products to automotive, construction, food & beverage, oil & gas, buildings & infrastructure and mining industries through the direct sales channel, distributors, wholesalers, and original equipment manufacturers (OEMs). The company operates across 100 countries in the Americas, Europe, Asia, the Middle East, and Africa.

Revenue$26.1B
Employees105,100
Market CapN/A
Founded1987
Switzerland
Toshiba Co

Toshiba Corporation

Energy & Power

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Revenue$55.5B
Employees141,256
Market CapN/A
Founded1874
Japan
CG POWER A

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED

Energy & Power

CG Power and Industrial Solutions Limited is a leading company that is engaged in supplying products, such as switchgear, transformers, motors, drives, power automation products, control gears, and circuit breakers. It operates through two business segments, namely, power systems, and industrial systems. The company offers traction transformers in the special transformers product category under the power system segment. Instrument transformers, reactors, switchgear, circuit breakers, vacuum interrupters, transmission & distribution turnkey systems, and automation control systems are some of the other key products also offered by the company under the power system business segment. CG Power and Industrial Solutions Limited has a presence in several countries across the world, including Australia, China, Indonesia, India, New Zealand, the UAE, Belgium, France, Ireland, Saudi Arabia, Kuwait, Germany, the Netherlands, Sweden, Spain, the UK, Brazil, and the US. It has manufacturing offices in many countries, including India, Belgium, France, Indonesia, Hungry, Ireland, the UK, and the US. The company has a research and development center located in India. The company is a subsidiary of Avantha Group (India). CG-PPI Adhesive Products Limited (India), CG Power Equipment Limited (India), CG Holdings Belgium N.V. (Belgium), CG Sales Networks France SA (France), CG Power Systems Canada Inc. (Canada), CG Power USA Inc. (US) are some of its subsidiaries.

Revenue$0.4B
EmployeesN/A
Market CapN/A
FoundedN/A
United States, North America
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About the Author

Power Generation, Transmission and Distribution Research Team

Energy & Power · Power Generation, Transmission and Distribution

Wantstats' energy and power analysts built this the way we build all our reports: starting from primary data, not press releases. The team pairs long-run market modeling with direct interviews across generation, transmission, and utility operators, then puts every claim through internal review before it's published. This report specifically covers the Power Generation, Transmission and Distribution space within that portfolio.

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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Traction Transformer Market

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