Rolling Stock Power Conversion System Market Size Expected to Reach $5.15 Billion by 2026

According to a recent report published by Allied Market Research, the global rolling stock power conversion system market was valued at $3.92 billion in 2018, and is projected to reach $5.15 billion by 2026, registering a CAGR of 3.6%.

The rolling stock power conversion system is designed to convert electrical energy from AC to DC, as well as to adjust the voltage and frequency of the electrical energy. It is an electro-mechanical device responsible for transforming electrical energy to propel the rolling stock. Various power conversion technologies, such as Insulated Gate Bipolar Transistors (IGBT), Gate Turn-Off Thyristors (GTO), and others, have been introduced by different manufacturers, enhancing the system's functionality and supporting the market's growth.

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Based on technology, the gate turn-off thyristor (GTO) segment dominated the global rolling stock power conversion system market in 2018, in terms of revenue and is expected to lead the market throughout the forecast period. Based on component, the traction motor segment incurs the higher application of rolling stock power conversion system. In addition, based on rolling stock type, the metro segment is expected to grow at a faster rate during the forecast period. At present, Europe is the highest revenue contributor and is expected to garner the highest revenue in the global market during the forecast period, followed by Asia-Pacific, North America, and LAMEA.

Ongoing advancements in the railway industry have led to the installation of more efficient power conversion systems, further driving market expansion. Companies have introduced new technologies like IGBT, GTO, and Silicon Carbide (SiC) for use in rolling stock power conversion systems, which have contributed to the market's development.

Factors such as increased budget allocations for railway development and the growing trend of using railways as a primary mode of public transportation are fueling market growth. However, the high capital investment required to replace existing systems and refurbish rolling stock can hinder market progress. Nonetheless, improvements in railway infrastructure, particularly in developing countries, present significant opportunities for the growth and expansion of the rolling stock power conversion system market.

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The key players analyzed in this report are AEG Power Solutions, Alstom SA, Bombardier Inc., CRRC Corporation Ltd., Hitachi Ltd., Siemens AG, Strukton, Toshiba Corporation, Turbo Power Systems, and Wabtec Corporation.

Asia-Pacific dominates the market in terms of growth, followed by North America, Europe, and LAMEA. China dominated the global rolling stock power conversion system market share in 2018, whereas Japan is expected to grow at a significant rate in the rolling stock power conversion system market during the forecast period.

Among the analyzed regions, Europe is the highest revenue contributor followed by Asia-Pacific, North America, and LAMEA. Based on the forecast, Asia-Pacific is expected to maintain the lead during the forecast period, owing to an increased CAGR as compared to other regions.

The power conversion system in rolling stock converts alternating current to direct current and also harnesses power from diesel engines to drive the rolling stock. Several advancements made by key players worldwide are fueling the growth of the market. Companies like Alstom SA, Bombardier Inc., CRRC Corporation Ltd., Hitachi Ltd., Siemens AG, and others have introduced innovative updates and advanced components for power conversion systems used in rolling stock, contributing to market expansion. For example, Siemens has launched the 9000HP electric locomotive in India, featuring the first indigenously designed and produced integrated propulsion system and steel tank transformer. These developments by various companies around the world are further driving the market's growth.

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