The Locomotive Market is projected to grow at a CAGR of 2.92%, to reach a market size of USD 4.27 billion by 2021. A major factor driving the growth of the locomotive market for power conversion systems is rapid urbanization in emerging economies. In view of the rapid growth in urbanization and industrialization, the need for power and conversion systems is anticipated to increase during the forecast period. Moreover, this will require a substantial increase in power generation capacity and in turn infrastructure investments in this segment.
Increase in need for energy efficient technologies will give rise to the demand for IGBT power modules
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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Traction motor is the fastest growing segment among locomotive power conversion components
Due to the increasing need for the 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.
Asia-Pacific: the Fastest-growing market for locomotive market for power conversion systems
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 the increase in the need for public transport, which in turn has resulted in an increase in the number of government rail projects.
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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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Locomotive Market worth 4.27 Billion by 2021 | MarketsandMarkets
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