Rolling Stock Power Conversion System Market 2026 Growth, Analysis: Tips From The Great Depression
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Increase in budget allocation for the development of railways and surge in trend toward using railways as a public transport means have boosted the growth of the global rolling stock power conversion system market.
As per the report published by Allied Market Research, the global rolling stock power conversion system market was pegged at $3.92 billion in 2018, and is projected to reach $5.15 billion by 2026, growing at a CAGR of 3.6% from 2019 to 2026.
Rise in budget allocation for the development of railways and increase in trend toward using railways as a public transport means have boosted the growth of the global rolling stock power conversion system market. However, high capital requirement to replace the existing system and refurbishment of existing rolling stock hamper the market. On the contrary, improvement in railway infrastructure in developing countries is expected to create lucrative opportunities for the market players in the coming years.
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The global rolling stock power conversion system market is segmented on the basis of technology, components, rolling stock type, and geography. Based on technology, the market is divided into insulated gate bipolar transistor (IGBT), gate turn-off thyristor (GTO), and silicon carbide (SiC). The GTO segment dominated in 2018, accounting for around half of the market. However, the SiC segment is projected to manifest the highest CAGR of 4.6% during the forecast period.
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On the basis of component, the market is categorized into rectifier, inverter, alternator, auxiliary power unit (APU), and traction motor. The traction motor segment held the largest share in 2018, contributing to more than one-fourth of the market. However, the inverter segment is estimated to portray the highest CAGR of 4.3% during the forecast period.
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Based on rolling stock type, the market is divided into locomotives, metros, monorails, trams, freight wagons, passenger coaches, and others. The freight wagons segment dominated in 2018, accounting for nearly half of the market. However, the locomotives segment is projected to register the highest CAGR of 5.5% during the forecast period.
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