The railway traction motor market is predicted to grow at a CAGR of 4.5% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 35,128 Million in 2023 to US$ 54,554 Million by 2033 end.
The market for railway traction motors is being driven by governments and other key players who are working harder than ever to promote the switchover to environmentally friendly modes of transportation. A more efficient and environmentally friendly rail transit option is the recently created “Hydrail,” or hydrogen rail, which is fueled by hydrogen fuel cells.
The H2 OEL, commonly known as the hydrogen zero-emissions locomotive, completed its maiden trip in October 2022. It uses hydrogen fuel cells to power its electric traction motors. The locomotive’s successful functioning represents a significant advancement in the technology that could eventually replace diesel-electric locomotives.
Get Access to Sample Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-16385
By the end of 2033, Vancouver, Edmonton, and Calgary are expected to start using two extra locomotives that the Canadian Pacific is building in collaboration with the Alberta government. In addition, there has been a dramatic increase in rail infrastructure investments, particularly in the developing countries of Asia and the Pacific. Urbanisation, economic growth, and a large population are the three key factors influencing railway investment.
For instance, the 235 km semi-high speed rail route between Pune and Nashik in Maharashtra has been cleared for construction by the Indian Central Government for 2021. Because these business models promote fuel and energy efficiency, the market for railway traction motors is expanding as a result of increased railroad spending. The market stimulants described earlier quicken
Key Takeaways from the Railway Traction Motor Market:
- The United States is projected to hold the largest market share of the railway traction motor. The market is expected to hold 18.4% of the overall market. The regional market is forecast to grow on account of surging investments in the railway sector to boost mobility.
- The European market is being propelled by research studies conducted by key players and governments to help improve railway traction motor models. The UK market is anticipated to grow at a CAGR of 3.5% over the forecast period.
- Increasing population, urbanization, and receptivity to novel technology in China are anticipated to propel the installation of the railway traction motor. The Chinese market is predicted to expand at a CAGR of 3.8% over the projected period.
- Japan is predicted to hold a 5.8% share of the global market. The growing efforts by the Japanese government to curb pollution levels in the country are projected to boost the adoption of traction motors in railway network.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-16385
News Featuring Market Developments by Companies Providing Railway Traction Motor Solutions:
- In June 2022, Škoda Group received additional orders for traction motors for 26 locomotives from Wabtec. Both organizations have a constant relationship, as the former has supplied motor sets to the company for more than 50 locomotives in the past few years. The recent order is worth over 12 million EUR.
- In February 2022, Mitsubishi Electric Corporation announced the first-ever delivery of railway traction motors for 28 AMLD long-distance electric trains. These trains are run by SNCF Voyageurs, a French national train operator.
List encompassing key players operating in railway traction motor market
- ABB Group
- ALSTOM
- BHEL
- Bombardier
- Hyundai Rotem Company
- Mitsubishi Electric Corporation
- Saini Group
- Siemens
- Sulzer Ltd.
- VEM Group
Market Segments Covered in Railway Traction Motor Market Analysis
By Type:
- DC Traction Motor
- AC Traction Motor
- Synchronous AC Traction Motor
By Application:
- Diesel Locomotive
- Electric Multiple Units
- Electric Locomotives
- Diesel-electric Locomotives
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-16385
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs
