Insights on the Power Conversion Unit Global Market to 2026 - Key Driving Factors and Challenges

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The power conversion unit for locomotive constitutes of equipment used in locomotives that converts electric or diesel energy to obtain the train drive. The power conversion unit plays an integral role as the electric power supply of a locomotive is AC, and to achieve advantages of the DC series motor, the power is then converted to DC.

Expansion of the railway network and increased awareness about public transport are driving the power conversion market for locomotive. Increased urbanization driven by investments in infrastructure and development of industrial and commerce zones have fuelled the need of transit, thus driving the locomotive industry and in turn the power conversion unit market for locomotive. Expansion of rail networks in developing countries and rising concerns about emission are prompting several consumers to utilize a public mode of transport such as locomotives. This, in turn, is boosting the power conversion market for locomotive. The transport of freight by rail is less time consuming and cost effective over road freight transport. Europe has wide interstate rail network that is used for freight transport.

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The increase in rail freight transport is projected to boost the locomotive market and thus boost the demand for power conversion units. In North America, metropolitan areas have electrified power supply network, while the intercontinental and rural network still rely on diesel. The MITRAC (Modular Integrated Traction System) initiated by Bombardier houses power converters for electric and diesel systems, the robust nature of the system allows to operate the locomotive in urban and rural areas. The usage of hydrogen fuel cells to power locomotives present growth opportunities for the power conversion market for locomotive.

The high price of power conversion equipment is a restraining factor for the growth of the market.

The global power conversion unit market for locomotive can be segmented based on component, locomotive, technology, and region. Based on component, the power conversion unit market for locomotive can be classified into five segments. Among them, the traction motor and rectifier are two of the power conversion unit segments. The traction motor are used in electric multiple units and electric locomotives. Increased preference for an electric multiple unit is estimated to drive the power conversion unit market for locomotive.

Based on locomotive, the global power conversion unit market for locomotive can be segregated into four segments. Electric multiple unit and diesel locomotive are the prominent segments of the power conversion market for locomotive. Increased freight transport by rail is estimated to drive the diesel locomotive segment.

In terms of technology, the power conversion unit market for locomotive can be segmented into three segments. The IGBT (Insulated gate bipolar transistor) technology is estimated to expand at a significant growth rate in the near future. The IGBT module have witnessed increased usage in power conversion, as it replaces the inverter technology. Demand for IGBTs is high as they operate at high currents and have high switching frequency.

In terms of region, the power conversion unit market for locomotive can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a leading market for power conversion for locomotives, owing to the high use of railways in India & China.

The key players operating in the region include Bombardier, ABB Ltd., Bharat Heavy Electricals Limited, Hitachi Ltd, CRRC Corporation China, Alstom S.A., Toshiba Corporation, Turbo Power Systems, and AEG Power Solutions.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

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