The electrical rotating generator for locomotive market has demonstrated robust growth, projected to increase from $3.08 billion in 2023 to $3.24 billion in 2024, representing a compound annual growth rate (CAGR) of 5.1%. This growth is driven by increased freight and passenger rail activities, a stronger focus on sustainability and reducing carbon footprints, heightened industrial activity, and limited electric infrastructure in various regions. The market is expected to reach $3.98 billion by 2028, growing at a CAGR of 5.3%. This anticipated growth is fueled by rising rail transport demand, growing urban populations, increased use of diesel and hybrid locomotives, and higher investments in high-speed rail projects. Key trends during this period include advancements in technology, electrical engineering, hybrid and electric propulsion, infrastructure investment, and strategic collaborations.
Major Driver In The Electrical Rotating Generator for Locomotive Market
The rising investments in high-speed rail projects are anticipated to boost the electrical rotating generator for locomotives market. These investments are driven by urbanization, congestion on existing networks, and the need for faster intercity travel. Electrical rotating generators are essential for improving energy efficiency and reducing environmental impact through technological advancements. The Office of Rail and Road reported in April 2021 that Network Rail's spending on the mainline rail network increased by approximately $0.95 billion in the fiscal year from April 2021 to March 2022, totaling $14.55 billion USD. This rise in investments in high-speed rail projects is expected to drive the growth of the electrical rotating generator for locomotives market.
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Electrical Rotating Generator for Locomotive Market Competitive Landscape
Hitachi Ltd., Caterpillar Inc., Mitsubishi Electric Corporation, CRRC Corporation Limited, Siemens Energy, ABB Ltd., Toshiba Energy Systems & Solutions Corporation, Alstom SA, NIDEC CORPORATION, Fuji Electric Co. Ltd., Wabtec Corporation, Kohler Co., Voith Group, Perkins Engines Company Limited, Escorts Limited, Marathon Electric, Zest WEG Group, Saini Group, Kirloskar Oil Engines Ltd, Generac Power Systems Inc., VEM Group, Rolls-Royce Holdings plc, Aksa Power Generation, Broadcrown Ltd.
Key Electrical Rotating Generator for Locomotive Market Trend
The electrical rotating generator market for locomotives is advancing with new traction generators designed to improve locomotive efficiency. In August 2023, TMH-Elektrotekh of Novocherkassk introduced the Type GTSN-3150 traction synchronous generator, offering higher power output and improved performance for the Class 3TE30G mainline freight locomotive. The market, valued at $2 billion in 2023, is projected to grow to $2.8 billion by 2028.
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Electrical Rotating Generator for Locomotive Market Segmentation
The electrical rotating generator for locomotive market covered in this report is segmented –
1) By Type: Electrically Excited Synchronous Generators, Permanent Excited Synchronous Generators (PMG), Induction Generators
2) By Locomotive Type: Freight Train, Passenger Train, Mixed
3) By Function: Traction Generators, Auxiliary Generators, Axle Generators, Other Functions
4) By Form: Conventional Diesel-Electric Locomotive Engine, Power Packs Under The Locomotive, Hybrid-Electric Locomotive Model With Battery Energy Storage
5) By Installation: New Installation, Retrofit
By Geography:The regions covered in the electrical rotating generator for locomotive market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the electrical rotating generator for locomotive market in 2023.
The Electrical Rotating Generator for Locomotive Global Market Report 2024 furnishes information about the global electrical rotating generator for locomotive market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
