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Locomotive Market worth 4.27 Billion USD by 2021
The report "Locomotive Market by Power Conversion Components (Rectifier, Inverter, Alternator, APU & Traction Motor), Technology (IGBT module, GTO Thyristor Module & SiC Module), Rolling Stock Type, and by Region - Global Trends and Forecast to 2021", The locomotive power conversion system market is primarily driven by the growing demand for energy efficient locomotives and increasing urbanization around the globe. The locomotive market for power conversion systems is projected to grow at a CAGR of 2.92%, to reach a market size of USD 4.27 Billion by 2021.
Browse 73 market data Tables and 52 Figures spread through 154 Pages and in-depth TOC on "Locomotive Market by Power Conversion Components (Rectifier, Inverter, Alternator, APU & Traction Motor), Technology (IGBT module, GTO Thyristor Module & SiC Module), Rolling Stock Type, and by Region - Global Trends and Forecast to 2021"
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“IGBT module market is anticipated to lead the market by technology”
With the advancement in technology from GTO thyristor module to IGBT module, there is significant reduction in energy consumption that leads to reduction in life-cycle costs of the locomotive. Additionally, the pressure of locomotive operators to maintain and enhance the railways’ image as the most environmentally friendly mode of transport has forced them to develop technologies such as IGBT module and SiC inverter. Thus, with an increase in need for energy efficient solutions, weight reduction and power loss reduction while changing the state of current from Ac to DC there has been an increase in the demand for transmission based modules.
“Traction Motor is the largest segment in power conversion components in locomotive”
Traction motor is projected to dominate the locomotive market for power conversion systems during the forecast period, in terms of value. The high demand for traction motors can be attributed to the benefits offered by this component, as it helps in improving the efficiency by reducing losses, which can be categorized into iron losses, copper losses, mechanical losses, and harmonic losses. Thus, advancements in traction motor technology are helping manufacturers overcome challenges related to weight and energy efficiency, and thus leading to increase in the demand for the same.
Asia-Pacific: The largest and fastest-growing market for rolling stock power conversion system
The Asia-Pacific region includes key countries such as China, Japan, and India. The locomotive market for power conversion system in the region is expected to grow at a promising CAGR, owing to the increasing number of rail infrastructural projects and growing urbanization. According to Ministry of Railways (India), the ministry has planned to spend approximately USD 142 Billion in the next five years on expansion and modernization. Robust economic growth, coupled with the growing urban population leads to increase in demand for power and conversion systems during the forecast period.
The locomotive power conversion systems market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Hitachi Ltd (Japan), Siemens AG (Germany), CSR Corporation (China), Bombardier Transportation (Canada), Alstom S.A (France), and AEG Power solutions (Germany) amongst others.
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