With the emergence and long-term Impact of COVID-19, Global Railway Propulsion System Market to reach USD 14.08 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Railway Propulsion System Market is poised to raise up to USD 14.08 Billion by 2030. The Railway Propulsion System is a set of technologies and mechanisms responsible for powering and driving trains along railway tracks. It encompasses the various methods used to generate, transmit, and convert energy into the necessary motive force to propel trains efficiently and safely.
These propulsion systems often involve intricate engineering solutions, including power distribution, control systems, regenerative braking, and energy management, all of which contribute to the overall efficiency and performance of modern railways. The Railway Propulsion System market is expanding because of factors such as an increase in the allocation of budget for the development of railways, a rise in the use of public transport services, growing focus on urban mobility solutions.
Geographically, the global Railway Propulsion System market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the growing railway passenger traffic, supportive government initiatives, growing freight transportation, growing investments for the development of a high-speed rail network, a growing number of rail passengers, rising growing public and private investments in the expansion of the railway network. Europe is expected to grow significantly over the forecast period, owing to factors such as rising investment in railway infrastructure, rising railway industry, and rising technological advancement in the region.
The global Railway Propulsion System market is highly competitive owing to the presence of several key market players such as Siemens Mobility, Alstom SA, Bombardier Transportation, CRRC Corporation Limited, ABB Group, General Electric (GE) Transportation, Hitachi Rail Limited, and others.
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Key findings of the study suggest:
- Global Railway Propulsion System Market is anticipated to grow with a healthy growth rate of more than 4.5% over the forecast period 2023-2030.
- In the Type segment, Electric emerged out as the leading market segment in 2022.
- In the Application segment, Locomotive emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the growing railway passenger traffic, supportive government initiatives, growing freight transportation, growing investments for the development of a high-speed rail network, a growing number of rail passengers, rising growing public and private investments in the expansion of the railway network.
- Europe is expected to grow at higher rate followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Type:
- Diesel
- Diesel-Electric
- Electric
Application:
- Locomotive
- Metro
- Monorail
- Trams
- Others
End User:
- Passenger Transit
- Cargo Transit
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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