The mainly privatized railroad sector in North America has been growing at a steady pace over decades, driven by a massive inundation of tourists. This has had a significant impact on the demand for rail equipment, including railway traction motors. A steady increase in railway passenger traffic in the U.S., Mexico, and Canada has resulted in the growing need for modernized and more comfortable railcars. Rising environmental concerns have also lent a major contribution in the switch to renewable fuels.
Browse the full Fine North America Railway Traction Motors Market Report: http://www.mrrse.com/north-america-railway-traction-motors-market
The North America market for railway traction motors is poised to expand at a modest 3.1% CAGR during the forecast period, rising from a value of US$10.0 bn in 2015 to US$13.2 bn by 2024.
Global Climate Concerns Drive Need to Switch to Electric Locomotives
The main source of energy for locomotives across the North American region has been diesel. Considering that diesel railway infrastructure is relatively cheaper, most states have been using diesel as well as diesel-electric locomotives. However, regulatory restraints by the U.S. Environmental Protection Agency (EPA) in several U.S. states have compelled companies to shift focus on electric locomotives.
The need to minimize the consumption of energy and reduce air pollution has resulted in railroad authorities looking to modernized and sustainable technologies. Original equipment manufacturers have developed technologically advanced systems that not only adhere to the prescribed standards but also offer a host of ecological and economic benefits. The ongoing modernization of passenger railcars across North America has seen the introduction of electric locomotives and railway operations, such as the California High Speed Rail System.
With rising regulatory mandates and a growing focus on greener technologies, original equipment managers are witnessing a spike in the demand for electric and diesel-electric locomotives. Hybrid locomotives are also gaining much importance in the region.
OEMs in North America Strengthening Alliances in Lucrative Markets across the Globe
By nature, the railway traction motors market is moderately consolidated. Players such as Electric Corporation, Alstom S.A., Siemens A.G., ABB Ltd., and Bombardier Inc. dominate this regional market with a 55.0% share in 2015. Most companies operating in this space are relying on strategies such as integrating new technologies with existing systems, targeting markets in emerging economies, mergers and acquisitions, expanding existing sales and marketing networks, improving product offerings, and investing in R&D.
Browse the full Press Release of North America Railway Traction Motors Market at :http://www.mrrse.com/railway-traction-motors-market
Strategic alliances is perhaps the most common, yet successful, tactic adopted by companies in the railway traction motors market. A case in point would be Alstom Transport. Touted to be one of the leading manufacturers of high-speed metros, trains, and tramways, the company operates in over 70 countries around the world. It focuses on expanding in regions with significant demand for rail equipment and in 2010, it joined forces with Russia-based manufacturer of locomotives and rail equipment – Transmashholding – to deliver locomotive engines.