Dublin, June 18, 2021 (GLOBE NEWSWIRE) -- The "Electric Locomotives Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
This report focuses on the electric locomotives market which is experiencing strong growth. The report gives a guide to the electric locomotives market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global electric locomotives market is expected to grow from $6.08 billion in 2020 to $6.47 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%.
Major players in the electric locomotives market are CRRC Corporation Limited, Bombardier Inc., Alstom SA, Siemens AG, Kawasaki Heavy Industries Ltd., General Electric Company, Transmashholding AG, Stadler Rail AG, Hitachi Ltd. and AEG Power Solutions.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.96 billion in 2025 at a CAGR of 8%.
The electric locomotives market consists of sales of electric locomotives which provide motive power to trains with no payload capacity, and their only use is to pull trains along the tracks. The sales consist of revenues generated by establishments that are primarily engaged in the manufacturing of locomotives and their components such as electric motors, transformer, inverter, and compressor.
Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market. According to the UK Department of Transport, besides highly efficient electric motors in electric locomotives that regularly have the efficiency of around 90% due to the advancements such as regenerative braking which can recover energy from braking, they emit 20%-35% less carbon per passenger mile than those enabled by diesel and helps in reduction in carbon emissions. Concerns regarding a greener environment resulted in increasing demand for non-polluting and energy-efficient transport systems, thereby driving the electric locomotives market.
Regular maintenance of the rolling stock is required to ensure its safety, which is very expensive, impacting the growth of the market. For example, the annual maintenance cost of the high-speed trainset is approximately $1 million. In addition to the cost of components that need to be replaced periodically, proper maintenance is needed for facilities such as stations and berthing sites.
The electric locomotives market covered in this report is segmented by energy transfer into overhead lines; third rail; on-board energy storage. It is also segmented by technology into IGBT module; GTO thyristor; SIC module, by traction units into AC traction units; DC traction units; multi-system units and by application into passenger transport; freight transport.
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotive market in the forecast period. In November 2019, Rail systems RP GmbH and Siemens Mobility signed a contract for the supply of two Vectron Dual Mode locomotives that can be operated either as a diesel or electric unit. On electrified routes, the Vectron Dual Mode is powered by electricity to save fuel and reduce maintenance costs. Due to their reduced dependence on petrol, the coming years will witness an increased preference for dual-mode trains, which will be one of the major factors propelling the growth of this market.
In February 2020, Alstom announced plans to acquire Bombardier Transportation for a price between EUR 5.8 billion and EUR 6.2 billion, which will be paid by cash and new Alstom shares. This acquisition will improve Alstom's global reach and the ability to respond to the ever-increasing need for sustainable mobility.
Bombardier Transportation will bring to Alstom a complementary geographical presence and an industrial footprint in growing markets, as well as additional technological platforms. It will significantly increase innovation capabilities to lead smart and green innovation. Bombardier Transportation is a Canadian multinational company that manufactures business jets and rail.
Key Topics Covered:
1. Executive Summary
2. Electric Locomotives Market Characteristics
3. Electric Locomotives Market Trends and Strategies
4. Impact of COVID-19 on Electric Locomotives
5. Electric Locomotives Market Size and Growth
5.1. Global Electric Locomotives Historic Market, 2015-2020, $ Billion
5.2. Global Electric Locomotives Forecast Market, 2020-2025F, 2030F, $ Billion
6. Electric Locomotives Market Segmentation
6.1. Global Electric Locomotives Market, Segmentation By Energy Transfer, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
On-board Energy Storage
6.2. Global Electric Locomotives Market, Segmentation By Technology, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Electric Locomotives Market, Segmentation By Traction Units, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
AC Traction Units
DC Traction Units
Multi System Units
6.4. Global Electric Locomotives Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Electric Locomotives Market Regional and Country Analysis
7.1. Global Electric Locomotives Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Electric Locomotives Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
CRRC Corporation Limited
Kawasaki Heavy Industries Ltd.
General Electric Company
Stadler Rail AG
AEG Power Solutions
Brookville Equipment Corporation
KONCAR - Electronics and Informatics Inc.
A. Stucki Company
MITSUI & Co.
For more information about this report visit https://www.researchandmarkets.com/r/wpzg40
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