The Railway Propulsion System Market Reach USD 15.1 Billion by 2032 Growing at a 4.5% CAGR

According to the report published by Allied Market Research, The Railway Propulsion System Market Reach USD 15.1 Billion by 2032 Growing at a 4.5% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The adoption of automation, digitization, and connectivity in the railway propulsion system market creates opportunities for innovation and optimization. Advanced control systems and artificial intelligence (AI) enable the optimization of operation and control, resulting in improved energy efficiency, reduced maintenance requirements, and enhanced overall performance. Automation also facilitates predictive maintenance, utilizing data analysis and AI algorithms to identify potential issues proactively, minimizing downtime and enhancing reliability. These technologies enable the development of intelligent and interconnected systems that can adapt to change in demands, optimize energy usage, streamline maintenance practices, and elevate the overall performance of railway propulsion systems. Therefore, the rise in the adoption of automation, digitization, and connectivity presents significant opportunities for the growth of the market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 330 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A12287

The global railway propulsion system market was valued at $9.9 billion in 2022, and is projected to reach $15.1 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.

The global railway propulsion system market is segmented on the basis of type, application, end user, and region. By type, it is categorized into diesel, diesel-electric, and electric locomotive. By application, it is fragmented into locomotive, metro, monorail, trams, and others. By end user, it is bifurcated into passenger transit, and cargo transit. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐬𝐮𝐦𝐦𝐚𝐫𝐲 𝐚𝐭 : https://www.alliedmarketresearch.com/railway-propulsion-system-market-A12287

Key Developments

The leading companies are adopting strategies such as acquisition, agreement, expansion, partnership, contracts, and product launches to strengthen their market position.

● In January 2023, Siemens Mobility secured a contract with Indian Railways to build 1,200 electric locomotives. The contract was valued at around €3 billion and includes the design, manufacturing, commissioning, and testing of the locomotives. The locomotives will comes with advanced propulsion systems, which will be produced locally in Siemens Mobility factories in India.

● In July 2022, Alstom received a contract from MTR Nordic AB, a rolling stock operator to supply the propulsion systems for the new 25 Zefiro Express high-speed trains. The first firm order for Alstom's propulsion systems amounts to approximately $714 million, and the initial train is set to be delivered in 2026.

● In May 2022, Alstom received a contract from Delhi-Meerut Regional Rapid Transit System in India to design, build and deliver 210 regional commuter and transit train cars. The company started the production of the train cars in July 2021. Alstom's Savli facility in Gujarat is expected to produce bogies, car bodies, and conducting train testing for the regional commuter and transit trains. On the other hand, the propulsion systems and electrical components are being manufactured at Alstom's factory located in Maneja, also in Gujarat.

● In November 2019, Hitachi Ltd was awarded a contract from the Project of Mumbai Metro Line 2&7 (MRS1) for the supply of Propulsion System, Auxiliary Power Supply (APS), and Train Control Management System (TCMS).

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A12287

Based on region, Europe held the highest market share in 2022, garnering more than one-third of the global railway propulsion system market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to the rise in emphasis on electrification, which has led to increased demand for electric propulsion systems, which is expected to propel the growth of the market in the region. However, the LAMEA region is expected to witness the fastest CAGR of 5.6% from 2023 to 2032. Due to government initiatives and substantial investments in railway projects within the LAMEA region, creating a conducive environment for the growth of the railway propulsion system market.

Key players covered in the railway propulsion system market report include CRRC Corporation Limited, Hitachi, Ltd., Mitsubishi Corporation, Siemens, Toshiba Corporation, Alstom, Medcom, Titagarh Rail Systems Limited, ABB, and Fuji Electric Co., Ltd.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A12287

𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨:

● The outbreak of the COVID-19 pandemic had a negative impact on the global railway propulsion system industry. Various railway infrastructure projects related to propulsion system upgrades or new installations witnessed delays due to the pandemic. Restrictions on construction activities, disruptions in the supply chain, and financial challenges affected project timelines, which hampered the growth of the market.

● However, post-pandemic, as travel restrictions eased and passengers resumed the utilization of public transportation, there was a rise in passenger demand for rail travel. Therefore, this increased demand led to the expansion of railway networks, the upgrading of existing systems, and investment in modern propulsion technologies to accommodate the increased capacity requirements.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐔𝐩𝐭𝐨 𝟓𝟎% 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 (330 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/railway-propulsion-system-market/purchase-options

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