The railway traction motors market in North America is consolidated to a certain degree, with the five leading players collectively accounting for a share of over 55% in 2015. These players are ABB Ltd., Bombardier Inc., Mitsubishi Electric Corporation, Alstom S.A., and Siemens A.G. Transparency Market Research states that considering the current trends in the railway traction motors market in North America, the market shares of some of the key players are likely to undergo significant moderations during the course of the forecast period.
“In order to retain their lead position in the market and gain a
larger share, companies have been focusing on a number of strateg
ies, including investment in research and
development, enhancing product offerings, expansion of sales and marketing
networks, acquisitions, emphasizing on emerging markets, and synchronizing with
upcoming technologies and companies,” the author of the study observes. The
opportunity in the North America railway traction motors market is expected to
rise from US$10.05 bn in 2015 to US$13.21 bn by 2024, reporting a 3.1% CAGR
therein.
U.S. to Continue to Present
Highly Lucrative Options for Growth
By type
of motor, the market is led by alternating current traction motors and the
segment is projected to account for a revenue share of over 50% by 2024. This
segment is also poised to be a highly attractive market with a 3.5% CAGR from
2016 to 2024.
By application, diesel-electric locomotives will retain their
lead in the North America railway traction motors market throughout the
forecast period, followed by diesel locomotives. The segment of electric
locomotives, on the other hand, is projected to register a considerable CAGR
from 2016 to 2024. In terms of country, the U.S. accounted for the leading
share in the railways traction motors market in North America and is projected
to generate just under US$8 bn by 2024, registering a 3.5% CAGR during the
forecast period.
Innovation
in Railway Technologies Boosts Demand for Traction Motors
The
ongoing investments in research and development have significantly driven the
railway traction motor market in North America. “The development of
regenerative brakes, hybrid locomotives, and transformers for voltage
modulation, among others, is a result of rising investments in innovative
railway technologies,” the lead analyst states.
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A
steady rise in railway passenger traffic in North America has compelled rolling
stock manufacturers and railroad companies to focus on the modernization of
passenger railcars. Looking to improve overall comfort, enhance performance,
minimize quality issues and design errors, and reduce need for frequent
maintenance, companies across the region have already initiated the process of
modernizing passenger rail cars. This modernization is expected to boost the
demand for improved rail equipment such as traction motors.
The
only restraint OEMs in this market face is the lengthy timeframe for
manufacturing and delivery. Moreover, replacement requests from end users are
exceptionally low and this adds to the wait. However, the impact of this
deterrent on the North America railway traction motors market is projected to
be medium over the forecast period.
This review is based on the findings of a TMR report titled “Railway
Traction Motors Market: North America Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
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