Albany, NY -- (SBWIRE) -- 11/14/2016 -- Market Research Reports Search Engine (MRRSE) has recently added a new market intelligence study to its comprehensive collection of research reports. The 122-page research report, titled "Traction Equipment Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016–2024," provides an in-depth analysis, emphasizing on the growth drivers, trends, and opportunities in the market. As per the research report, in 2014, the global traction equipment market was worth US$223.38 bn and is projected to reach a value of US$322.35 bn by the end of 2024. The market is estimated to register a 2.34% CAGR between 2016 and 2024.

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The expansion of railway networks in several countries and the ongoing projects of upgrading of existing railway networks, especially in industrialized nations, are some of the primary factors estimated to boost the demand for traction equipment in the coming years. In addition, the development of high-speed railway networks is projected to generate potential opportunities for the key players operating in the market. On the flip side, slow growth in demand for traction equipment is expected to restrict the growth of the global traction equipment market in the next few years.

On the basis of product, the global traction equipment market has been classified into traction converter, traction motor, and traction transformer. Among these, the traction motor segment is estimated to experience robust growth in the near future. In 2015, the traction motor segment held a share of more than 80% in the global traction equipment market. Traction converters and traction transformers are expected to grow at a steady pace throughout the forecast period.

In 2015, Asia Pacific led the global traction equipment market and held a share of 40%. This region is expected to remain in the leading position in the next few years, thanks to the developing economy and significant development of trade. Recently, India made an announcement regarding the electrification of its existing railway network. This is expected to fuel the growth of the global traction equipment market in the country throughout the forecast period. Europe is projected to hold the second position in the market and is likely to witness significant growth in the coming years.

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Some of the leading players operating in the traction equipment market across the globe are Toshiba International Corporation, Kawasaki Heavy Industries Ltd., Siemens AG, ABB Ltd., Bombardier Inc., VEM Group, Mitsubishi Electric Corporation, Alstom SA, Caterpillar Inc., General Electric Company, Crompton Greaves Limited, and American Traction Systems. The key strategies adopted by the prominent players have been highlighted in the scope of the research report.

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