Global Railway Traction Motors Market to Reach $11.5 Billion by 2026

Traction motors are electric motors that are mostly used in vehicle propulsion. Traction motors are used for the propulsion of electric units, locomotives, and hydrogen or electric vehicles. The most common uses include trolleybuses, roller coasters, electric milk floats, conveyors, and elevators. Electric hybrid vehicles and diesel-electric locomotives and other electrical transmission systems use traction motors. Conventionally, railway traction motors ran on 600 volts and were series-wound brushed DC motors. Amid the COVID-19 crisis, the global market for Railway Traction Motors estimated at US$9.8 Billion in the year 2020, is projected 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 projected to record a 2.9% CAGR and reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the AC Motors segment is readjusted to a revised 2.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.6 Billion in 2021, While China is Forecast to Reach $2.5 Billion by 2026

The Railway Traction Motors market in the U.S. is estimated at US$1.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2026 trailing a CAGR of 4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR. Railway modernization programs, which are currently in progress in several parts of the world, will be instrumental in future expansion of the railway sector. IoT-enabled networks, fully digitalized control systems, and powerful electric locomotives, will evolve to reinforce the functionalities and capabilities of railway sector in 2021 and beyond. Active roll out of Dedicated Freight Corridors (EFC) to ensure faster and seamless pickup and delivery of freight consignments will also pave the way for industry`s expansion. On the other hand, rising investments on metro rail projects around the world will accelerate the passenger rail transport and widen the addressable market for all in the manufacturing supply chain in the post COVID-19 era.

Synchronous AC Motors Segment to Reach $2.5 Billion by 2026

In the global Synchronous AC Motors segment, USA, Canada, Japan, China and Europe will drive the 3.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.6 Billion in the year 2020 will reach a projected size of US$2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$422.4 Million by the year 2026, while Latin America will expand at a 4.1% CAGR through the analysis period. Traction motor systems are witnessing innovative developments as transit becomes more sustainable. Worldwide, electrified rail lines are fast increasing encouraging companies to advance development of voltage, frequency and braking systems. Light rail is becoming increasingly popular and agencies are seeking reliable electrification technologies. Permanent magnet synchronous motors along with induction motors are being used for improving efficiency of rolling stock traction drive systems. In case of induction motors, the losses are broadly categorized into copper, iron, mechanical, and stray load losses including harmonic losses.