Railway Traction Motor Market Growing Population to Boost Growth 2030
According to the Market Statsville Group (MSG), the global railway traction motor market size is expected to grow from USD 33.1 billion in 2021 to USD 47.2 billion by 2030, at a CAGR of 4.1% from 2022 to 2030. Traction motors are AC or DC electric motors that provide power to drive locomotives. Further, these motors offer high durability and deliver robust performance, owing to high power and superior mechanical susceptibility of heavy payloads. . The traction motors require high power to deliver the torque required to move the wheels, resulting in compact designs, efficient power-to-weight rations, and efficient cooling of the traction motors. Thus, torque motors have minimum torque ripple, reduced noise & vibrations, higher efficiency, and efficient cooling capabilities through open or forced ventilation.
Lower emission, rise in the price of materials used for production, low manufacturing, and maintenance cost, and high investment cost are the significant factors that would impact the growth of the global organ-on-chip market.
Global Railway Traction Motor Market Definition
A traction motor in railways constitutes an electric motor that converts electrical energy into the torque energy, and is connected to a shaft, resulting in a linear motion. Traction motors are usually used to power heavy vehicles such as railways, industrial machinery, and locomotives, among others, owing to the automotive heavy weight.
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Global Railway Traction Motor Market Dynamics
Drivers: Reduction in loss in performance
The application of traction motors in railway facilitates easy application of power to the locomotive wheels, resulting in initial slow motion of the automotive. Then subsequent higher power is applied to achieve greater speed. As a result, the safety of the cargo or the passengers and crew onboard in the locomotive is not compromised, and this ensures secure transportation of the goods. Further, the reduced noise, minimization of vibrations at higher torque, smooth acceleration, and deceleration of the traction motors minimize the damage during the performance. Thus, the reduced loss in performance of the traction motors is expected to drive the growth of the market in the coming years.
Restraints: High investment cost
Owing to high durability, compact design, and reliability of the traction motors, the processes involved in the designing as well as manufacturing of the traction motors require state-of-the-art technology and equipment. Moreover, the optimization and customization of these traction motors to better suit the application requires superior technical expertise, thereby further increasing the cost of production of traction motors. Thus, the high investment costs associated with the development and deployment of the traction motors is anticipated to hinder the growth.
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Global Railway Traction Motor Market Segmentation
The study categorizes the railway traction motor market based on technique and type at the regional and global levels.
By Technique Outlook (Sales, USD Million, 2017–2030)
- Direct Current Traction Motor
- Alternating Current Traction Motor
- Synchronous AC Traction Motor
By Type Outlook (Sales, USD Million, 2017–2030)
- Diesel Locomotive
- Electric Multiple Unit
- Electric Locomotive
- Diesel Electric Locomotive
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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The AC traction motor segment is projected to account for the largest market share, by technique
Based on technique, the global railway traction motor market is divided into direct current traction motor, alternating current traction motor, and synchronous ac traction motor. In 2021, AC traction motor had the largest market share of 45.2% in the global railway traction motor market. The development of high power and superior electronic equipment & devices has led to production of alternating current traction motors capable of operating at variable frequencies. The alternating current traction motors convert the alternator output into direct current and then back into variable alternating current of variable frequency, powering the alternating current traction motors and providing superior adhesion between the wheels and tracks. Based on the motors used for traction such as asynchronous or induction, it can be designed and manufactured for application-specific machineries and automotive. The torque applied on the motors and, consequently, the automotive’s speed is controlled through the variable frequency used to power the traction motors.
Europe accounts for the highest CAGR during the forecast period
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Globally, Europe is estimated to be the fastest-growing region with a CAGR of 11.8% over the forecast period. After Europe, North America is the fastest-growing region during the projected period. In North America, the U.S had the largest market share in the railway traction motor market. Whereas, Mexico is the fastest-growing country in the railway traction motor market. Transportation requirements from the ports to warehouses and demand from electric locomotives are expected to drive the demand for traction motors market in North America in the future.
Key Market Players in the Global Railway Traction Motor Market
Leading companies in the global railway traction motor market are projected to witness considerable growth, especially in Asia-Pacific due to the high demand for technological advancement. Major players in the global railway traction motor market are:
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- ABB Group
- Saini Group
- Bharat Heavy Electricals Limited (BHEL)
- Hyundai Rotem Company
- Mitsubishi Electric Corporation
- Sulzer Ltd.
- VEM Group