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 important actors who are working harder than ever to encourage the switch to environmentally friendly modes of transportation. The recently created “Hydrail” or hydrogen rail, which is powered by hydrogen fuel cells, is a more eco-friendly and efficient rail travel option.
The H2 OEL, or hydrogen zero-emissions locomotive, made its first run in October 2022. It employs hydrogen fuel cells to power its electric traction motors. The locomotive’s successful run marks a big step towards the technology potentially replacing diesel-electric locomotives.
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Along with building two additional locomotives in addition to H2 OEL, the Canadian Pacific is collaborating with the Alberta government, and by the end of 2033, Vancouver, Edmonton, and Calgary are anticipated to start using them. Additionally, investments in rail infrastructure are rapidly increasing, notably in the developing countries of Asia and the Pacific. The three key factors influencing railway investment are a large population, economic growth, and urbanisation.
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. As a result of rising expenditures in railroads, the market for railway traction motors is expanding since these business models promote fuel and energy efficiency. Market growth is accelerated by the market stimulants mentioned above.
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.
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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
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