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.
Governments and other significant players that are working harder than ever to promote the changeover to environmentally friendly means of transport are driving the market for railway traction motors. Recently developed ‘Hydrail’ or hydrogen rail, which is propelled by hydrogen fuel cells, is a more effective and environmentally friendly rail transportation choice.
The hydrogen zero-emissions locomotive, also known as the H2 OEL, made its inaugural voyage in October 2022. In order to power its electric traction motors, it uses hydrogen fuel cells. The successful operation of the locomotive is a significant step towards the technology potentially dispensing with diesel-electric locomotives.
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The Canadian Pacific is working with the Alberta government to construct two additional locomotives in addition to H2 OEL, and by the end of 2033, Vancouver, Edmonton, and Calgary are projected to begin using them. Additionally, there is a sharp rise in investments in rail infrastructure, particularly in the developing nations of Asia and the Pacific. A huge population, economic expansion, and urbanisation are the three main variables affecting railway investment.
For instance, the Indian Central Government has approved construction of the 235 km semi-high speed rail line between Pune and Nashik in Maharashtra for 2021. The market for railway traction motors is growing as a result of rising railway spending because these business models encourage fuel and energy efficiency. The aforementioned market stimulants speed up market expansion.
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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