Railway Traction Motor Market Poised for Steady Growth: Expected to Reach US$ 54,554 Million by 2033 with a 4.5% CAGR | Future Market Insights, Inc.

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 the increasing efforts of governments and key players to facilitate the shift towards eco-friendly modes of transportation. The emerging technology "Hydrail" or hydrogen rail, which is run on hydrogen fuel cells, is a more sustainable and efficient alternative for rail transportation. In October 2022, H2 OEL, or hydrogen zero-emissions locomotive, which powers its electric traction motors with hydrogen fuel cells, made its first run. The successful run of this locomotive marks a substantial step towards potentially substituting diesel-electric locomotives with the technology.

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Further, the Canadian Pacific is partnering with the Alberta government to construct two more locomotives, apart from H2 OEL, and expects them to start functioning in Vancouver, Edmonton, and Calgary by the year-end of 2033. Additionally, investments in railway infrastructure are continuously increasing, especially in developing economies of Asia Pacific. Urbanization, economic growth, and a huge population are the key factors that are propelling investments in railways.

For instance, the Central Government of India permitted the execution of a 235 km semi-high speed rail corridor in Maharashtra between Pune and Nashik in 2021. The rising investments in railways are driving the demand for railway traction motors as these models promote fuel and energy efficiency. The aforementioned market propellants are catalyzing market growth.

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.

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.

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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

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.