Global Rolling Stock Power Conversion System Market Grows Steadily at a CAGR of 3.92%

Introduction

The rolling stock's power conversion system converts alternating current to direct current and derives power from a diesel-powered engine, resulting in propulsion. The power conversion unit comprises equipment that gets power from diesel or electric machines. This power is needed to run different rolling stock parts and move the train forward. Rolling stock such as wagons, locomotives, frights, and rapid transit vehicles play a crucial role in facilitating the comfortable, dependable, and cost-effective long-distance transportation of passengers and goods. The demand for rolling stock has grown over the forecast period due to the rising popularity of public transportation, such as local trains, passenger trains, and metros.

Market Dynamics

Increased Budget Allocation for the Development of Railways Drives the Global Market

Countries like India, China, and others are spending more money to improve their railway systems and make them work better. The growth of the overall market is also helped by the fact that the government is spending more money on railway infrastructure and starting more projects to improve it. Increased government spending led to the creation of the advanced railway transportation system, and the rolling stock has seen a lot of technological progress. Technological improvements are making rail travel more comfortable, easy, well-equipped, fast, and good for the environment. In addition, maintaining a physical link between rural and urban areas is crucial for developing the country's economic growth.

Improvement in Railway Infrastructure in Developing Countries Creates Tremendous Opportunities

Railways struggle to capture a larger share of the growing total transport volumes, particularly in developing countries, where doubling tracks parallel to existing infrastructure takes precedence over building new optimized alignments. The infrastructure of a country's rolling stock improves the effectiveness and speed of its rail systems for moving passengers and freight. The global presence of the major players makes it easier for private and public organizations to collaborate to create an effective and efficient railway system. Developing nations have lower vehicle ownership rates than developed nations, resulting in significantly worse air pollution and traffic congestion. Populations are growing, and motorization rates are skyrocketing, which strains infrastructure that is already limited. Rail is the most cost-effective and environmentally friendly mode of transport available.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global rolling stock power conversion system market size and is expected to grow at a CAGR of 3.89% during the forecast period. The Asia-Pacific region comprises various developing countries, including China, Japan, India, and others; these countries are continuously working to improve their rail networks. Japan, South Korea, and China are the leading players in the region in terms of train automation, and these nations have achieved higher standards. For example, Indian Railways recently finished the arch closure of the Chenab Bridge, which is currently under construction and will be the highest railway bridge in the world once it is finished. The length of the Chenab Bridge is 1 315 meters, and it will stand at a height that is 35 meters higher than the Eiffel Tower in Paris.

The United States of America, Canada, and Mexico are North American countries. The United States has the largest market share in North America due to its extensive freight shipments, complex rail network infrastructure, and advanced rail automation. This region's urban population steers investments in passenger rails and rapid transit vehicles. Transportation goods such as fossil fuel and mining products are increasing the demand for rolling stock such as freight rail.

The United Kingdom, France, Germany, Russia, and a number of other countries make up Europe. The majority of these countries, including France, Germany, and others, use automated trains. Most of them operate autonomously from the control station, serving the domestic passenger and freight markets. These trains are equipped with state-of-the-art equipment and regularly updated to consider new advances.

Key Highlights

• The global rolling stock power conversion system market was valued at USD 4,856.8 million in 2021. It is projected to reach USD 6,865.03 million by 2030, growing at a CAGR of 3.92% during the forecast period (2022–2030).
• Based on technology, the global rolling stock power conversion system market is bifurcated into insulated gate bipolar transistors, gate turn-off thyristors, and silicon carbides. The gate turn-off thyristor segment is the highest contributor to the market and is expected to grow at a CAGR of 3.12% during the forecast period.
• Based on components, the global rolling stock power conversion system market is bifurcated into rectifiers, inverters, alternators, auxiliary power units, and traction motors. The traction motor segment owns the highest market share and is expected to grow at a CAGR of 4.26% during the forecast period.
• Based on rolling stock type, the global rolling stock power conversion system market is bifurcated into locomotives, metros, monorails, trams, freight wagons, passenger coaches, and others. The freight wagons segment is the highest contributor to the market and is expected to grow at a CAGR of 2.58% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global rolling stock power conversion system market and is anticipated to expand at a CAGR of 3.89% during the forecast period.

Competitive Players

Competitive Players

The global rolling stock power conversion system market’s major key players are AEG Power Solutions, Toshiba Corporation, Kiepe Electric GmbH, Mitsubishi Electric Corporation, Wabtec Corporation, Thales, Strukton, Hitachi Corporation, ABB, Siemens AG, Alstom, Turbo Power System, and Hyundai Rotem Company.

Recent Developments

Market News

• In November 2021, Strukton concentrated on sustainable infrastructure and entered exclusive negotiations with SPIE to acquire the Work sphere.
• In September 2022, Wabtec and Kazakhstan Temir Zholy signed a landmark agreement for 150 FLXdrive TM battery-electric shunters and modernization work to convert the mainline fleet to NextFuel TM liquid natural gas-powered locomotives.

Segmentation

Global Rolling Stock Power Conversion System Market: Segmentation

By Technology

• Insulated Gate Bipolar Transistor
• Gate Turn-Off Thyristor
• Silicon Carbide.

By Components

• Rectifier
• Inverter
• Alternator
• Auxiliary Power Unit
• Traction Motor

By Rolling Stock Type

• Locomotives
• Metros
• Monorails
• Trams
• Freight Wagons
• Passenger Coaches
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA