Thyristor Rectifier Electric Locomotive Market Size was valued at USD 0.7 Billion in 2022. The Thyristor Rectifier Electric Locomotive market industry is projected to reach USD 1 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 5.40% during the forecast period (2023 - 2032). Increased focus on energy efficiency and the sustainability in the transportation sector, demand for high-speed rail transportation, and the need for more efficient and reliable electric traction systems are the key market drivers enhancing the market growth.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for thyristor rectifier electric locomotives is being driven by the rising focus on energy efficiency and sustainability in the transportation sector. As concerns about environmental impact and energy consumption rise, the rail industry is undergoing a significant shift toward cleaner and more efficient modes of transportation. Thyristor rectifiers, which are solid-state devices used for converting alternating current (AC) to the direct current (DC), play a pivotal role in enhancing the energy efficiency of electric locomotives.
Thyristor rectifiers enable regenerative braking systems in electric locomotives. During braking, these systems convert the kinetic energy of the moving train back into electrical energy, that can be fed back into the grid or used to power other parts of the locomotive. This regenerative braking capability significantly reduces energy consumption and contributes to more sustainable rail operations. Thyristor rectifiers offer efficient conversion of AC power from the grid to DC power, which is essential for the operation of electric locomotives. This improved energy conversion process minimizes energy losses and improves the overall efficiency of the propulsion system. As a result, electric locomotives equipped with thyristor rectifiers are more energy-efficient compared to traditional alternatives, aligning with the growing demand for greener transportation solutions. The adoption of thyristor rectifier technology in electric locomotives contributes to a reduction in greenhouse gas emissions and air pollution. By optimizing energy use and enabling regenerative braking, thyristor rectifiers support sustainable transportation practices, making electric locomotives an environmentally friendly alternative to diesel-powered trains.
Governments and the regulatory bodies worldwide are implementing stringent environmental standards and regulations for the transportation industry. Electric locomotives with thyristor rectifiers allow rail operators to meet these standards by providing an energy-efficient and low-emission mode of transport, thereby driving the market as operators seek to comply with regulatory requirements. Energy-efficient electric locomotives powered by thyristor rectifiers can result in long-term cost savings for rail operators. Reduced energy consumption and lower maintenance costs contribute to the overall economic viability of these locomotives, making them an attractive option for operators looking to optimize both financial and environmental performance. Further, as urbanization continues and populations in many regions grow, there is a heightened emphasis on developing and upgrading rail infrastructure to support fast and efficient transportation and thyristor rectifiers play a crucial role in providing the necessary power electronics for modern electric locomotives, enhancing their performance and energy efficiency. Thus driving the Thyristor Rectifier Electric Locomotive market revenue.
The Thyristor Rectifier Electric Locomotive Market segmentation, based on components, includes Alternator, Inverter, Rectifier, and Traction Motor. The traction motor segment dominated the market, accounting for the largest market revenue due to its central role in providing the necessary driving force for locomotion. Traction motors, powered by thyristor rectifiers, convert electrical energy from the overhead catenary or third rail into mechanical power, propelling the locomotive. As the efficiency, power output, and reliability of the traction motor are critical factors influencing the overall performance of electric locomotives, the demand for advanced and high-performance traction motor components becomes a key driver in the market. Further, the inverter is the second most important component of the thyristor rectifier electric locomotive.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
The Thyristor Rectifier Electric Locomotive Market segmentation, based on technology, includes GTO Thyristor and IGBT Module. The GTO thyristor category dominates the market due to its superior controllability and efficiency in power electronic applications. GTO thyristors offer the advantage of being able to be turned off during a portion of the AC cycle, providing precise control over the power flow and enhancing the overall performance of the electric locomotives. This technology allows for smoother acceleration, regenerative braking capabilities, and improved energy efficiency, making it a preferred choice for modern electric traction systems.
The Thyristor Rectifier Electric Locomotive Market segmentation, based on end use, includes Freight and Passengers. The freight category dominates the market as these locomotives play a critical role in the efficient and cost-effective transportation of goods. Thyristor rectifier technology is particularly well-suited for heavy-duty applications, making electric locomotives a preferred choice for freight hauling due to their high torque capabilities and energy efficiency. As industries worldwide experience an increase in the volume of goods transported by rail, the demand for powerful and reliable thyristor rectifier electric locomotives for freight operations continues to rise. Additionally, the focus on sustainability and environmental regulations has led freight transport providers to adopt electric locomotives with thyristor rectifier systems, contributing to the segment's market dominance.
By region, the study gives market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American Thyristor Rectifier Electric Locomotive market area dominates this market due to a robust transportation infrastructure, significant investments in railway modernization projects, and a growing preference for electric traction systems. The region's focus on enhancing rail efficiency, reducing environmental impact, and meeting stringent emission standards further solidifies its leadership.
Further, the prime countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Thyristor Rectifier Electric Locomotive market accounts for the second-largest market share due to the continent's commitment to sustainable and energy-efficient transportation, stringent emission standards, and ongoing investments in modernizing rail infrastructure. Further, the German Thyristor Rectifier Electric Locomotive market held the largest market revenue share, and the UK Thyristor Rectifier Electric Locomotive market was the fastest-growing market in the European region.
The Asia-Pacific Thyristor Rectifier Electric Locomotive Market is foreseen to grow at the fastest CAGR from the year 2023 to 2032. This is due to rapid urbanization, expanding rail networks, and a surge in the demand for efficient and sustainable transportation solutions across the region. Moreover, China’s Thyristor Rectifier Electric Locomotive market held the largest market share, and the Indian Thyristor Rectifier Electric Locomotive market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in the research and development in order to spread their product lines, which will help the Thyristor Rectifier Electric Locomotive market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Thyristor Rectifier Electric Locomotive industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Thyristor Rectifier Electric Locomotive industry to benefit the clients and increase the market sector. In recent years, the Thyristor Rectifier Electric Locomotive industry has offered some of the most significant advantages to several industries. Major players in the Thyristor Rectifier Electric Locomotive market, including Hitachi Ltd., Mitsubishi Electric Corporation, Siemens AG, GE Transportation, Alstom SA, CRRC Corporation Limited, General Electric Company, Hyundai Rotem Company, Toshiba Corporation, ABB Ltd, and others, are trying to increase market demand by investing in the research and development operations.
Siemens AG is a global powerhouse in the fields of the electrification, automation, and the digitalization and is one of the largest and most diversified industrial conglomerates in the world. Headquartered in Munich, Germany, Siemens operates in a wide range of sectors, including energy, healthcare, infrastructure, and industry. Founded in 1847, Siemens has a long history of innovation and technological leadership, playing a pivotal role in shaping the industrial landscape. Siemens AG announced on September 27, 2023, that it had formed a partnership with Alstom SA to develop and manufacture thyristor rectifier electric locomotives. The partnership is expected to bring together the two companies' expertise in thyristor rectifier electric locomotive technology to develop innovative and reliable locomotives for the market.
Mitsubishi Electric Corporation is a prominent Japanese multinational conglomerate with a global footprint and a diversified range of business activities. Headquartered in Tokyo, Japan, Mitsubishi Electric operates as part of the Mitsubishi Group, one of Japan's leading conglomerates. Established in 1921, the company has grown into a technological powerhouse, excelling in various sectors such as energy, industrial automation, electronic devices, information and communication technologies, and home appliances. Mitsubishi Electric is renowned for its commitment to innovation, consistently delivering cutting-edge products and solutions. Mitsubishi Electric Corporation announced on September 20, 2023, that it had acquired Bombardier Transportation for US$7.4 billion. Bombardier Transportation is a leading provider of thyristor rectifier electric locomotives. The acquisition is expected to expand Mitsubishi Electric's product portfolio and geographic reach.
September 2023: Hitachi, Ltd. announced that it had formed a partnership with CRRC Corporation Limited to develop and manufacture thyristor rectifier electric locomotives. The partnership is expected to bring together the two companies' expertise in thyristor rectifier electric locomotive technology to develop innovative and reliable locomotives for the market.
September 2023: GE Transportation announced that it had acquired Kawasaki Heavy Industries, Ltd. for US$5.2 billion. Kawasaki Heavy Industries, Ltd. is a leading provider of thyristor rectifier electric locomotives. The acquisition is expected to expand GE Transportation's product portfolio and geographic reach.
August 2023: Stadler Rail AG announced that it has formed a partnership with Hyundai Rotem Company to develop and manufacture thyristor rectifier electric locomotives. The partnership is expected to bring together the two companies' expertise in thyristor rectifier electric locomotive technology to develop innovative and reliable locomotives for the market.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.7 Billion |
| Market Size 2032 | USD 1 Billion |
| Compound Annual Growth Rate (CAGR) | 5.40% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hitachi Ltd., Mitsubishi Electric Corporation, Siemens AG, GE Transportation, Alstom SA, CRRC Corporation Limited, General Electric Company, Hyundai Rotem Company, Toshiba Corporation, ABB Ltd |
| Key Market Opportunities | Demand for high-speed rail transportation and the need for more efficient and reliable electric traction systems. |
| Key Market Dynamics | Increased focus on the energy efficiency and sustainability in the transportation sector. |
Thyristor Rectifier Electric Locomotive Market Highlights:
Frequently Asked Questions (FAQ) :
The Thyristor Rectifier Electric Locomotive Market size valued at USD 0.7 Billion in 2022.
The global market is foreseen to rise at a CAGR of 5.40% throughout the forecast period, 2023-2032.
North America had the biggest share in the global market
The prime players in the market are Hitachi Ltd., Mitsubishi Electric Corporation, Siemens AG, GE Transportation, Alstom SA, CRRC Corporation Limited, General Electric Company, Hyundai Rotem Company, Toshiba Corporation, ABB Ltd.
The traction motor category dominated the market in 2022.
The freight had the biggest share in the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
