New Castle, Delaware, US, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Railway Propulsion System Market by Type, Application, and End User." By type (diesel, diesel-electric, and electric locomotive). By application (locomotive, metro, monorail, trams, and others). By end user (passenger transit and cargo transit): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global railway propulsion system industry generated $9.9 billion in 2022 and is anticipated to generate $15.1 billion by 2032, witnessing a CAGR of 4.5% from 2023 to 2032.
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The development, production, and maintenance of locomotive and train propulsion systems are the primary objectives of the railway propulsion system industry. This sector is essential to the effective and consistent operation of the railway transportation system. Powering trains, providing the necessary traction to move heavy loads, and ensuring safe and efficient operation are all responsibilities of railway propulsion systems.
Prime Determinants of Growth:
The global railway propulsion system market is driven by factors such as an increase in the allocation of budget for the development of railways, a rise in the use of public transport services as a solution to minimize traffic congestion, and a surge in the demand for sustainable railway propulsion systems such as electric and hybrid propulsion systems. However, high initial investment costs and a lack of technological infrastructure and consistency in developing countries hinder the growth of the market. On the contrary, the rise in the adoption of automation, digitization, connectivity, and technological advancements is expected to offer remunerative opportunities for the expansion of the Railway Propulsion System market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $9.9 Billion |
| Market Size in 2032 | $15.1 Billion |
| CAGR | 4.5% |
| No. of Pages in Report | 330 |
| Segments Covered | Type, Application, End User, and Region |
| Drivers | Increase in the allocation of budget for the development of railways |
| Rise in the use of public transport services as a solution to minimize traffic congestion | |
| Rise in demand for sustainable railway propulsion systems | |
| Opportunities | Surge in the adoption of automation, digitization, and connectivity |
| Technological advancements | |
| Restraints | High initial investment costs |
| Lack of technology infrastructure and consistency in developing countries |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the global railway propulsion system industry. Various railway infrastructure projects related to propulsion system upgrades or new installations witnessed delays due to the pandemic. Restrictions on construction activities, disruptions in the supply chain, and financial challenges affected project timelines, which hampered the growth of the market.
- However, post-pandemic, as travel restrictions eased and passengers resumed the utilization of public transportation, there was a rise in passenger demand for rail travel. Therefore, this increased demand led to the expansion of railway networks, the upgrading of existing systems, and investment in modern propulsion technologies to accommodate the increased capacity requirements.
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The electric segment to maintain its leadership status throughout the forecast period-
Based on type, the electric segment held the highest market share in 2022, accounting for more than two-fifths of the global railway propulsion system market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also portray the fastest CAGR of 4.8% during the forecast period. The growth is attributed to enhanced efficiency, reliability, and diminished environmental impact in comparison to conventional diesel locomotives. It also provides significant advantages in terms of energy efficiency, emissions reduction, and operational cost savings.
The locomotive segment to maintain its leadership status throughout the forecast period-
Based on application, the locomotive segment held the highest market share in 2022, contributing to around one-third of the global railway propulsion system market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the expansion of rail networks in developed and developing nations, significant investment in the development of railway infrastructure for freight and high-speed trains, and innovative upgrades in trains, these are some of the primary factors propelling the demand for locomotives. However, the metro segment is projected to manifest the highest CAGR of 5.2% from 2023 to 2032. The rise in government initiatives and programs to develop smart cities and the expansion of railway networks to reduce passenger commute times are expected to drive the production of metros.
The cargo transit segment to maintain its lead position during the forecast period-
Based on end user, the cargo transit segment accounted for the largest share in 2022, holding nearly three-fifths of the global railway propulsion system market revenue, and is expected to maintain its lead position throughout the forecast period. Due to a rise in international trade and recognition of the benefits of rail freight transport. However, the passenger transit segment would display the largest CAGR of 4.8% from 2023 to 2032. The growth is attributed to factors such as a rise in population, rapid urbanization, and an increase in traffic congestion across the world.
Europe to maintain its dominance by 2032-
Based on region, Europe held the highest market share in 2022, garnering more than one-third of the global railway propulsion system market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to the rise in emphasis on electrification, which has led to increased demand for electric propulsion systems, which is expected to propel the growth of the market in the region. However, the LAMEA region is expected to witness the fastest CAGR of 5.6% from 2023 to 2032. Due to government initiatives and substantial investments in railway projects within the LAMEA region, creating a conducive environment for the growth of the railway propulsion system market.
Leading Market Players: -
- ABB Ltd.
- ALSTOM
- Fuji Electric Co., Ltd.
- CRRC Corporation Limited
- Hitachi Ltd.
- Medcom
- Mitsubishi
- Siemens
- Titagrah Rail Systems Limited
- Toshiba Corporation
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The report provides a detailed analysis of these key players in the global Railway Propulsion System market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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