Advent of Hydrogen and Electric Engines along with Digitization has thrived Railway Engine Market, FMI records a CAGR of 4.8% for 2023-2033
The railway engine market is anticipated to thrive at an average CAGR of 4.8% between 2023 and 2033. The market is anticipated to reach a market share of US$ 41.06 billion by 2033, while it holds a revenue of US$ 25.6 billion in 2023.
– Advanced hydrogen, electric, and hybrid engines are in high demand as they are fast, efficient, and cheaper than diesel engines, pushing vendors to adopt alternate fuel technologies.
– The restoration of the trade and travel and tourism industries and government railway operations helped the market. Furthermore, research activities and trial runs of hydrogen and electric locomotives are likely to fuel the demand for railway engines.
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– Expansion of railway tracks in emerging economies like India and China is consuming more of the market. At the same time, advancements and beautification of platforms also attract passengers to travel from the cheap and highly convenient rails.
– Growing inflation and skyrocketing fuel prices make end users choose the cheaper option as major trains nowadays run on alternative fuel, saving the environment while not being harsh on end users’ pockets.
– Digital transmission and control systems in global railway systems are likely to make railway engines futuristic and advanced. This helps improve the railway structure while increasing the demand for railway engines.
Key Points
- The U.S. market is the biggest for railway engine technology, including freights, loaders, and generators. The U.S. market holds a share of 19.7% of the global share.
- The Indian market thrives at the highest CAGR of 6.0% during the forecast period. The market thrives on technological advancements and the government’s transformation of railways.
- With its major players, Germany also fuels with a market share of 5.3% as it starts its major electric engine trials.
- Chinese market thrives on a CAGR of 5.4% between 2023 and 2033.
- The electric segment is expected to thrive in the propulsion category due to its sustainable model and cheaper operational cost. It holds a major share of 56.8% in the global market.
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Competitive Landscape
Key competitors try to make their engines durable, technologically advanced, and efficient. Furthermore, the futuristic approach and digitized transmission open the gate for startups and new technology. Hydrogen-based rail hydrail is likely to expand the market size.
Key players in the market are Bombardier Transportation (Canada), Alstom (France), Hitachi Ltd (U.K.), AEG Power Solutions (Netherlands), Siemens Mobility (Germany), Wabtec Corporation (U.S.), Toshiba International Corporation (U.S.), CZ LOKO, A.S. (Czech Republic), CRRC Corporation Limited (China), and Hyundai Corporation (South Korea).
For instance:
- In 2022, France-based locomotive co. Alstom is likely to deliver orders of 800 Electric Engines in the coming five years. The powerful electric engine WAG-12B is in applied of prominent freight tracks and shifting loads
- In 2021, Bombardier transportation tied up with Italian intermodal freight operator GTS rail to deliver an order of three TRAXX DC3 E.494 trains for its fleet.
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Key Segments
By Propulsion:
- Electric
- Diesel
By Technology:
- IGBT Module,
- GTO Thyristor
- SiC Module
Power Conversion Component:
- Rectifier
- Inverter
- Traction Motor
- Alternator
End Users:
- Passengers
- Freight
- Shunting
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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