Railway Propulsion System Market Is Set To Garner Staggering Revenues By 2031

Railway Propulsion System Market: Introduction

• Railway propulsion system is a combination of components such as converters, motors, transformers, and others, which provide the tractive force required to propel the train along a specified route within a targeted time.
• The railway is an important national infrastructure and means of mass transportation, which is of vital importance for the economic and social development of a nation. Hence, countries are consistently investing in expansion and upgrade of their railway fleet and network, which in turn is driving the global railway propulsion system market.

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Key Drivers of Railway Propulsion System Market

• Natural increase in population is hindering the income opportunities in rural areas, and more number of people are migrating towards urban areas in search of better income opportunities, better education, and better living standards. Rise in urbanization and size of cities has boosted the number of on-road vehicles. These high number of vehicles create traffic congestion, environmental pollution, and also drive the number of accidents. The World Health Organization stated in February 2020 that 1.35 million die every year, globally, in road traffic accidents. Consequently, public transportation such as sub-urban railways, metros, and trams, are witnessing high number of passengers, as they offer a cost-effective and safe alternative to owning a private vehicle. Governments and civic authorities are increasing their fleet of railways and expanding its network to cater to this rise number of passengers. This is fueling the railway propulsion systems market across the globe.
• Expansion of networks of metropolitan regions with shared economies coupled with a rise in consumer demand has increased trade activities around the world. In October 2019, the World Trade Organization stated that trade volume is anticipated to accelerate at 2.7% in 2020. Railways transport more than 28% of the total freight across the U.S. per year. Hence, governments are constructing dedicated railroads for freight transport and increasing their fleet of railways to reduce the waiting periods. This rise in number of railways owing to an increase in trade activities is fueling the global railway propulsion system market.

Challenges in Railway Propulsion System Market

• Railway propulsion systems are rapidly transforming due to integration of electronic components. This transformation has its own advantages as well as disadvantages. The sudden change in the fundamental design of propulsion systems causes technical complications in maintenance and operation of these systems and also increases the cost of the entire system, which in turn hampers the global railway propulsion system market.

Impact of COVID-19 pandemic on Railway Propulsion System Market

• The COVID-19 pandemic negatively impacted most industries across the globe. However, governments increased the pace of railway infrastructure construction and several new railroads were constructed during the pandemic. This had a positive effect on the railway propulsion system market.

Opportunities in Railway Propulsion System Market

• Railway propulsion systems are being made more efficient, smaller, and lighter, with higher performance and reliability, due to advances in power devices; a core technology for power electronics. Multiple ways of achieving miniaturization include using low-loss power devices made from silicon carbide (SiC), a new semiconductor, the adoption of highly efficient induction motors, and improvements to their control technology. A newly developed SiC inverter from Hitachi features a 40% reduction in weight and a 40% reduction in volume. These new-generation power electronic components are anticipated to transform the railway propulsion systems the near future and hence, offer significant opportunity for industry participants in the railway propulsion system market.

Asia Pacific to hold significant share of global railway propulsion system market

• Based on geography, Asia Pacific held a significant share of the global railway propulsion system market in 2020. This high share is attributable to expansion of the rail network, rise in locomotive production, and high number of passengers carried by railways in China, India, and other countries across the region. Moreover, the Indian Railways is upgrading its electric locomotives from 6,000 HP to 9,000 HP, as part of its rail electrification initiative, and Siemens Ltd is providing the new propulsion systems to Indian Railways. These, on-going upgrade of locomotive fleets further boost the railway propulsion system market in Asia Pacific.

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Key Players Operating in Railway Propulsion System Market

The global railway propulsion system market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the railway propulsion system market are:

• ABB
• Alstom
• CAF Power & Automation.
• Hitachi, Ltd
• Infineon Technologies AG
• Ingeteam Power Technology
• Medha Servo Drives Private Limited
• Texas Instruments Incorporated  
• TOSHIBA CORPORATION
• TOYO DENKI SEIZO K.K.
• Voith GmbH & Co. KGaA
• TITAGARH WAGONS LIMITED
• Siemens Ltd

Global Railway Propulsion System Market: Research Scope

Global Railway Propulsion System Market, by Type

• Electric Traction Systems
• AC Electrification System
• DC Electrification System
• Composite System
• Diesel
• Others (Steam, CNG, Battery, etc.)

Global Railway Propulsion System Market, by Component

• Traction Converters
• Traction Alternators
• Traction Motors
• Auxiliary Converters
• Transformers
• Others

Global Railway Propulsion System Market, by Railway Type

• Passenger
• High-speed railways
• Metro/ Subway
• Trams
• Suburban
• Monorail
• Freight

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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