The Railway Traction Motor Market in North America is being driven by Procurement of new locomotives
The Railway Traction Motor Market in North America is expected to grow at a CAGR of 5.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 748.1 million. The railway traction motor market in North America is undergoing a transformative phase with the increasing adoption of permanent magnet synchronous motors (PMSMs). These advanced motors, characterized by their superior performance and energy efficiency, are garnering significant attention. In August 2024, Siemens AG announced the integration of PMSMs in its latest North American locomotives, marking a pivotal moment in railway technology. These motors are engineered to minimize energy consumption while delivering optimal performance, making them a compelling choice for contemporary rail systems. Furthermore, in June 2023, a metro train in China successfully demonstrated traction equipment comprising a silicon carbide traction converter and a PMSM in passenger service on Line 7 in Chengdu. This breakthrough underscores the growing trend towards energy-efficient and high-performing railway solutions.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (DC motors, AC motors, Synchronous motors) Application (Electric trains, Hybrid trains) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Railway Traction Motor Market in North America Research Report
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In North America, the railway traction motor market encompasses the production and supply of electric motors used in railway engines, including metro locomotives and urban mass transportation systems. These motors, which employ semiconductors, magnets, and electrical principles, aim for performance optimization and emission reduction. Electric units, such as battery-electric locomotives, are gaining popularity due to fossil fuel elimination and carbon emissions reduction. Notable examples include the FLXdrive battery-electric locomotive and its lithium-ion battery modules. High-speed railways utilize AC traction motors, while DC systems power electric locomotives. The focus on compact design, safety, and linear motion along the shaft, electricity transmission to wheels, and driving gear units, distinguishes railway traction motors from those used in roadways. Diesel locomotives and electric multiple units with diesel-electric locomotives continue to coexist in the market.
The Railway Traction Motor Market in North America is a significant segment of the larger electrical components and equipment market. This market caters to the demand for traction motors in railway engines, specifically in metro locomotives and mass transportation systems in urban areas. Manufacturers of electric motors, semiconductors, magnets, and electric units are key players in this market. The global electrical components and equipment market encompasses the revenue generated by companies involved in the production of various electrical products, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market includes rental and leasing services for electrical components and equipment to industrial, commercial, and residential consumers. In the context of railway traction motors, performance optimization and emission reduction are crucial factors driving market growth. Electric motors, a primary component of traction systems, are essential for improving energy efficiency and reducing greenhouse gas emissions. As urbanization increases and mass transportation becomes more prevalent, the demand for traction motors in railway applications is expected to grow.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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