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

Railway Traction System Market: Introduction

• Railway traction system market can be simply defined as a driving force that causes propulsion of the railway. It consists of all the components that collect the power from its source, condition and convert this power, and use it to propel the locomotive and coaches.
• Railway traction systems used across the globe are majorly of two types: non electric traction system, i.e. diesel traction system, and electric traction system

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Key Drivers of Railway Traction System Market

• More number of people are migrating toward urban areas in search of better income opportunities, better education, and better living standards. According to statistics published by the United Nations in 2018, approximately 55% of the world’s population resided in urban areas, which is projected to increase to more than 68% by 2050. Rise in urbanization and size of cities has boosted the number of on-road vehicles, which in turn has led to increase in traffic congestion, environmental pollution, and also the number of accidents. Therefore, preference for public transit is high among commuters. Moreover, governments are promoting usage of public transit by improving the public transit infrastructure. Railways are an important part of public transportation systems, as it carries 8% of the world's passengers. Hence, the railway network across the globe is expanding consistently. For instance, according to a report of European Rail Supply Industry (UNIFE), global rail network has been extended by 23,300 kms, and the number of railways has increased by 20,000 since 2018. Thus, a rise in railway vehicles and network is driving the global railway traction system market.
• Air pollution caused by transportation has been a major environmental issue, and governments across the globe have been making vigorous efforts to lower the emissions from transportation. According to data collected from the European Commission, railways emit around 1% of all transport NO2. Consequently, existing HC fuel powered railways are being converted into electric railways to reduce these emissions. Electrification of railway routes is rapidly increasing across the globe. India electrified more than 6000 kms of its rail network during 2020. Electrification of rail networks and conversion of conventional diesel locomotives into electric locomotive are boosting the demand for electric traction systems. This traction system converts electrical energy, collected from the catenary via the pantograph, into mechanical energy, thus enabling the wheels to turn and therefore, the train to accelerate and brake. Thus, the on-going electrification of railway network to reduce air pollution is propelling the global railway traction systems market.

Challenges in Railway Traction System Market

• The cost required to construct and maintain multiple substations, overhead powerlines, and other such necessary infrastructure facilities for electric traction systems is considerably high. Moreover, limitations by geographic conditions, such as difficult terrains and harsh climates, increase the challenges in constructing railway network and electrifying it. These hindrances restrain the global railway traction system market.

Impact of COVID-19 pandemic on Railway Traction 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 this period. This had a positive effect on the demand for railway traction systems.

Opportunities in Railway Traction System Market

• Progress is being made on the practical application of technologies for installing high-capacity lithium-ion batteries in rolling stock and using them for traction power. In particular, installing batteries in rolling stock that runs on non-electrified sections of track can save energy, minimize noise, and reduce maintenance requirements as compared to that by conventional diesel railcars. Hitachi has commercialized a battery-powered train that can run on non-electrified sections of track by using energy stored in batteries that are charged from the alternating current (AC) overhead lines. Likewise, Alstom has developed low carbon alternative traction systems including hydrogen fuel cell-based traction systems and energy storage-based traction systems. These new technologies offer significant opportunities for players in the global railway traction market.

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

• Based on geography, Asia Pacific held a significant share of the global railway traction market in 2020. This high share is attributable to the expansion of rail network, increase in locomotive production, and high number of passengers carried by railways in China, India, and other countries in Asia Pacific.

Key Players Operating in Railway Traction System Market

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

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

Global Railway Traction System Market: Research Scope

Global Railway Traction System Market, by Type

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

Global Railway Traction System Market, by Component

• Current Collectors
• Propulsion System
• Auxiliary Power Supply Unit
• Control Units
• Others

Global Railway Traction 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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