Global electric traction motors market valuation is expected to reach $31.5 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the electric traction motor market based on product, technology, end user and region.
For the uninitiated, electric traction motors are commonly used for powering locomotive engines in the railway industry, but with the growing need for sustainable use of energy, the traction motors are contributing to the enhancement of energy use and distribution in the industry. This tool is extensively used in various geographies mainly for the paths with dense traffic like the long-distance high-speed lines and urban and suburban railways that need electric traction to attain the required speeds for inter-city travel.
This equipment can also reduce energy losses to approximately 15% with an estimation of energy at wheel of 100%. Owing to the new application of this equipment, energy inputs in locomotives declined from 167% to nearly 143% under similar expectations. The equipment’s application in railway engines led to the reduction in energy loss where transformers observed a reduction from 10.3% to 7%, gearbox and motor from 18.2% to 12.2%, converters from 18.1% to 4.7%, powerhouse & auxiliary systems from 12.4% to 9.9% and vehicle parking 7.6% 8.4% (high percentage value due to reduced overall loses).
In terms of product type, DC traction motors were traditionally the most frequently used types on electric as well as diesel-electric rolling stock, but modern power electronics has enabled application of AC motors. The report cites that AC motor is the preferred motor type, in most of the new engines built today. This product offers certain benefits, for instance, this product requires no mechanical contracts for its effective operation, which makes its manufacturing convenient and this type is also lighter in comparison with DC motors for producing an equal amount of power.
Use of modern and advanced electronics enables efficient control of AC units in order to advance traction and adhesion. The device can also be controlled through microprocessors to a certain degree, which also aids in regenerating current down to nearly a stop, in contrast, DC regeneration fades quickly at low speeds. Additionally, AC motors are stronger and easy to maintain as compared to DC motors. These products also find uses in conveyors, electric vehicles, and industrial machinery, cites the report.
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With regards to regional growth, the report suggests that the Asia Pacific is likely to be the fastest growing geography for the manufacturing of electric traction motors during the estimation period between 2018 to 2026. These product’s rapid adoption among the region’s railway engine manufacturing industry is mostly driven by the growth of the industrial equipment manufacturing industry in nations like Japan, India and especially China due to its massive domestic demand.
The global demand for passenger and freight rail equipment as well as its infrastructure and other relevant services was projected to be valued at US $214 billion in 2016. One of the primary factors contributing to the rising demand for electric traction motors is the growing network of railways worldwide. Presently, the global market for the production and export of electric traction motors is dominated by Western Europe, followed by the Asia Pacific, and the United States in the third position. However, the expansion of subways and urban light railway systems along with increasing investment in intercity high-speed rail lines within Asia Pacific nations owing to the rising population, and the growing manufacturing industry of these products in the region is expected to boost market growth over the next eight years.
The leading industry participants operating in the competitive landscape of electric traction motor market include Weg Sa, NIDE, Toshiba, Skoda Electric, General Electric (GE), Bosch, CG Power, Siemens, Alsto, Crr, and Traktionssysteme Austria. The significant growth strategies observed in this business space include launching innovative products and partnering with other industry leaders to design new products and serve the increasing consumer needs and requirements, thereby boosting the electric traction motor market growth over the forecast timeline.