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.
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Top Companies Analyzed for Locomotive Market are –
- Siemens AG (Germany)
- CRRC Corporation Limited (China)
- Bombardier Inc. (Canada)
- Alstom S.A. (France)
- Wabtec Corporation (U.S.)
- Hitachi Ltd. (Japan)
- Toshiba Corporation (Japan)
- Strukton (Netherlands)
- AEG Power solutions (Germany)
- Turbo Power Systems (England)
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The Asia-Pacific is estimated to dominate the locomotive market for power conversion systems, and is projected to grow at the highest CAGR during the forecast period. This growth can be credited to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand.
The sizeable populations in countries such as China and India have resulted in increase in need for public transport, which in turn has resulted in an increase in the number of government rail projects.
The market for IGBT power modules is anticipated to gradually replace the market for GTO Thyristor modules, owing to the advantages offered in terms of efficiency and power density, and the ability to provide more power in a smaller space.
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Due to increasing need for development of energy efficient solutions for power conversion systems, there have been advancements in traction motors, which is driving the demand for energy efficient traction motors. The increase in the demand for traction motors can be attributed to the benefits offered such as weight reduction and decreased fuel consumption.
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- Manufacturers of rolling stock
- Manufacturers of rolling stock power conversion components
- Raw material suppliers for rolling stock or their power conversion components
- Transport authorities
- Legal and regulatory authorities
- Fleet operators
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With the advancement in technology and government norms, OEMs are investing heavily in R&D activities to provide better more fuel-efficient products. One such new technology is the SiC power module which is currently in the introduction phase.
This technology offers better efficiency in terms of reduced power loss and overall weight reduction and is anticipated to grow in the near future.
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