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Global Railway Traction Motors Market – by Type, Application, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Railway Traction Motors Market – Segmented by Type, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Traction motor is an electric motor which acts as a propulsion device for a vehicle generating rotational torque on a machine. They are used in electrically powered rail vehicles and other electrical vehicles including, elevators, electric milk float and trolleybuses. Railway traction motors are used in Electrical Multiple Units (EMUs), Diesel locomotives, electric locomotives, diesel-electric locomotives, and hybrid electric locomotives.
The global railway traction motor market was USD 24.95 billion in 2018 and is estimated to reach USD 31.55 billion by 2025 at a CAGR of 3.41% during the forecast period
Growth by Region
Europe is the market leader in 2018, because of the increasing demand for electrification of automobiles. Its dominance will continue to lead during the forecast period owing to huge investments in advanced railway technologies by European nations. Asia Pacific follows Europe with China to be a growing prospect due to the rising demand for high speed railways. Market advancement in North America can be attributed to improving railway infrastructure in the US, growing demand for freight trains and urban transportation systems in Brazil contributes towards growth in Latin America.
Drivers vs Constraints
Some of the primary factors driving the market growth of global railway traction motors includes increasing electrification of automobiles, rising need for efficient power consumption and emphasis on improving performance. The use of traction motors in railway engines, low manufacturing and maintenance costs coupled with low emission of greenhouse gases are some of the other factors that increases the market growth. The technological advancements in the railroad sector as well as the ongoing R&D are paving the path for future growth for traction motors.
Some of the constraints that dampen the future prospects include the high initial cost of railway traction and the continuing increase in its price, as well as overheating of traction motors can hinder the growth of the market.
Industry Trends and Updates
BHEL’s state of the art Insulated Gate Bipolar Transistors (IGBT) based 3-phase drive propulsion equipment was installed in India’s first ever AC EMU train for Mumbai which started its service in December 2017.
Alstom, another leading player, has incorporated in its recent contracts the use of silicon carbide power components for auxiliaries and traction convertors. Its advantages being improved energy consumption, better reliability and lower maintenance costs.
Siemens and Alstom signed a MoU on 26th September, 2017 to collaborate their businesses. Siemens’ mobility business including its rail traction drives business is combining with Alstom.
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