Rolling Stock Power Conversion System Market Components (Rectifier, Inverter, Alternator, Auxiliary Power Unit (APU) Forecast, 2019–2026

The global rolling stock power conversion system market was valued at $3.92 billion in 2018, and is projected to reach $5.15 billion by 2026, registering a CAGR of 3.6%. Europe was the highest revenue contributor, accounting for $1.30 billion in 2018, and is estimated to reach $1.67 billion by 2026, with a CAGR of 3.3%. Asia-Pacific is estimated to reach $1.46 billion by 2026, at a significant CAGR of 4.0%. Europe and Asia-Pacific collectively accounted for around 60.7% share in 2018, with the former constituting around 33.3% share. Asia-Pacific and North America are expected to witness considerable CAGRs of 4.0% and 3.8%, respectively, during the forecast period. The cumulative share of these two segments was 51.2% in 2018, and is anticipated to reach 52.6% by 2026.                                                             

Power conversion system used in rolling stock converts the alternating current to direct current as well as derives the power from diesel-based engine to propel the rolling stock. The power conversion unit includes various equipment that are responsible to derive the power from diesel- or electric-based engine, which is required to power different components of rolling stock as well as to propel the train. The power conversion system consists of power conversion unit, which plays an important role to convert the alternating current of the locomotive to direct current to increase the efficiency of the DC motors installed in the system. Numerous developments have been carried out by different players related to power conversion system for rolling stock, which supplements the market growth.

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Major Market Players:

  • AEG Power Solutions
  • Alstom
  • Bombardier Transportation
  • CRRC Corporation Limited
  • Hitachi, Ltd.
  • Siemens
  • Toshiba Corporation
  • Turbo Power Systems

The factors such as increased budget allocation for the development of railways and rise in trend toward using railways as a public transport means drive the growth of the market. However, factors such as high capital requirement to replace the existing system and refurbishment of existing rolling stock hamper the growth of the market. Further, factors such as improvement in railway infrastructure in developing countries is expected to create numerous opportunities for the growth and expansion of the rolling stock power conversion system market.

The global rolling stock power conversion system market is segmented on the basis of technology, components, rolling stock type, and region. Based on technology, the market is categorized into insulated gate bipolar transistor (IGBT), gate turn-off thyristor (GTO), and silicon carbide (SiC). On the basis of components, it is categorized into rectifier, inverter, alternator, auxiliary power unit (APU), and traction motor. By rolling stock type, the market is categorized into locomotives, metros, monorails, trams, freight wagons, passenger coaches, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Market Segments

  • By Technology
    • Insulated Gate Bipolar Transistor (IGBT)
    • Gate Turn-Off Thyristor (GTO)
    • Silicon Carbide (SiC)
  • By Component
    • Rectifier
    • Inverter
    • Alternator
    • Auxiliary Power Unit (APU)
    • Traction Motor
  • By Rolling Stock Type
    • Locomotives
    • Metros
    • Monorails
    • Trams
    • Freight Wagons
    • Passenger Coaches
    • Others
  • By Region
      • US
      • CANADA
      • MEXICO
    • EUROPE
      • GERMANY
      • FRANCE
      • UK
      • RUSSIA
      • CHINA
      • JAPAN
      • INDIA

The developing countries such as India, China, and others are focused toward the development of their railway infrastructure and better & efficient system by allocating higher budget. For instance, India allocated a budget of $21.2 billion in 2018, which was 13% higher as compared to previous year’s budget. Similarly, various countries across the globe are continuously increasing their rail budget to deploy latest technologies and improve their infrastructure. For instance, the Canadian National Railway (CN) planned an investment of $2.92 billion in the province of Saskatchewan to enhance the railway infrastructure as well as implement better and efficient power conversion system replacing the existing system. Thus, upsurge in budget allocation acts as a key factor that drives the growth of the global rolling stock power conversion system market.

Rail transportation can be considered as the enabler of economic progress owing to rise in use of public transport services as a solution to minimize traffic congestions coupled with the cheapest and safest mode of transportation, which is used to transport goods/products as well as cargo/freight. However, one of the key restraints of the rolling stock power conversion system market is the capital-intensive nature of the market to replace the existing system, which is significantly high. For instance, in April 2018, Indian railways revealed that it is ready to launch country’s first 12,000 horsepower (HP) electric locomotive, which costs around $200 billion to roll out 800 high horsepower locos over a time period of 11 years in which the average cost of each of the locomotive market is estimated to be $250 million. This indicates the requirement of high capital to build as well as to maintain the train network, which is expected to hamper the rolling stock power conversion system market growth.

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