$11.6 billion global opportunity for rail traction motors by 2026

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Editing: 7; Published: February 2022
Executive Pool: 29267
Companies: 26 – Players covered include ABB Ltd. ; ALSTOM Holdings SA; Bharat Heavy Electricals Limited; Bombardier Inc.; Caterpillar Inc.; Hyundai Motor Group; Mitsubishi Electric Corporation; Saini Group; Siemens AG; Sulzer Ltd. ; Toshiba International Corporation; Traktionssysteme Austria GmbH and others.
Blanket: All major geographies and key segments
segments: Type (DC motors, AC motors, AC synchronous motors); Application (diesel locomotives, diesel-electric locomotives, electric locomotives, electric multiple units (EMU))
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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Global Railway Traction Motors Market to Reach $11.5 billion by 2026
Traction motors are electric motors primarily used in vehicle propulsion. Traction motors are used for the propulsion of electric units, locomotives and hydrogen or electric vehicles. Common uses include trolley buses, roller coasters, electric milk floats, conveyors and elevators. Hybrid electric vehicles and diesel-electric locomotives and other electric drive systems use traction motors. Conventionally, railroad traction motors operated on 600 volts and were series-wound brushed DC motors. The global rail traction motor market is a rapidly growing market supported by increasing adoption of metros and monorails and rapid transition to rail electrification systems in almost all major regions. Advancements in rail technologies coupled with vehicle emissions reforms represent factors that are accelerating the growth of the market. Several countries have undertaken vehicle emissions reforms that require restrictions on a wide range of local transportation systems. The electrification of railways, the modernization of wagons and the availability of environmentally friendly technologies will help drive growth in the coming years.

Amid COVID-19 crisis, Global Railway Traction Motors Market Estimated at US$10.2 billion in 2022, is expected to reach a revised size of US$11.5 billion by 2026, growing at a CAGR of 2.9% over the analysis period. DC Motors, one of the segments analyzed in the report, is expected to register a CAGR of 2.9% and reach US$5.4 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, AC motor segment growth is readjusted to a revised CAGR of 2.2% for the next 7-year period.

The US market is estimated at $1.6 billion in 2022, when China is expected to reach $2.5 billion by 2026
The United States Rail Traction Motor Market is estimated at US$1.6 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$2.5 billion by 2026 at a CAGR of 4% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2% and 2.2% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.4%. Railway modernization programs currently underway in several parts of the world will play a key role in the future expansion of the railway sector. IoT-enabled networks, fully digitized control systems and powerful electric locomotives will evolve to enhance the functionality and capabilities of the rail industry in 2021 and beyond. The active deployment of Dedicated Freight Corridors (EFCs) to ensure faster and seamless collection and delivery of freight shipments will also pave the way for industry expansion. On the other hand, increased investment in metro projects around the world will accelerate passenger rail transportation and expand the addressable market for everyone in the manufacturing supply chain in the post-COVID-19 era.

Segment of synchronous AC motors to be reached $2.5 billion by 2026
In the global AC synchronous motor segment, United States, Canada, Japan, China and Europe will drive the CAGR of 3.7% estimated for this segment. These regional markets representing a combined market size of US$1.6 billion will reach a projected size of 2 billion US dollars at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$422.4 million by 2026, while Latin America will grow at a CAGR of 4.1% over the analysis period. Traction motor systems are seeing innovative developments as mass transit becomes more sustainable. Worldwide, electrified railway lines are increasing rapidly, encouraging companies to advance the development of voltage, frequency and braking systems. Light rail is becoming increasingly popular and agencies are looking for reliable electrification technologies. Permanent magnet synchronous motors as well as induction motors are used to improve the efficiency of rolling stock traction drive systems. In the case of induction motors, the losses are generally categorized into copper, iron, mechanical and parasitic load losses, including harmonic losses.

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