New York, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Railway Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Connector Type (Boar Level Connector/PCB Connector, Data Connector, Pogo Pin Connector/Spring Load Connector, Power Connector, and Others), Component (Backshell and Connector Body), and Application (Light Rails/Trams, Metro, Passenger Coach, and Others)”. The railway connector market growth is driven by the development of advanced and new systems suitable for complex data communication, emergence of driverless trains and growing emphasis of government across the world on increasing the railway network and improving railway infrastructure to strengthen transport infrastructure.
| Report Coverage | Details |
| Market Size Value in | US$ 803.50 Million in 2021 |
| Market Size Value by | US$ 1,150.21 Million by 2028 |
| Growth rate | CAGR of 5.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 156 |
| No. Tables | 82 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Connector Type, Component, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Railway Connector Market: Competitive Landscape and Key Developments
Amphenol Corporation, Kyocera-AVX, Fischer Connectors SA, Harting Technology Group, Molex, LLC (Koch Industries, Inc.), Schaltbau GmbH, Allied Electronics Corporation, Smiths Interconnect, TE Connectivity Corporation, and TT Electronics are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the railway connector market and its ecosystem.
In January 2021, Fischer Connectors Group started the construction of new manufacturing facility at Portugal.
In June 2021, TT Electronics' AB Connectors became gold member of rail forum Midlands.
Increasing electrification across the global transportation industry irrespective of the mode of transport has led to the development of automated transport methods. Trains are the frontrunners of transport automation after road transport, as autonomous driving is making its entry into the railway sector. In Europe, automatic train operation (ATO) is becoming the latest trend that modernizes the region's railway sector. In October 2019, six German companies, led by Siemens Mobility, started a joint project named “AStriD”. Moreover, increasing government initiatives toward driverless trains drive the growth of the railway connector market. In 2021, Indian railways launched a driverless train on Delhi Metro's 57-km Pink Line, which is still in operation. In 2021, the European government unveiled the world's first automated, driverless train in Germany's Hamburg. These types of projects in the field of automation help in boosting the integration of systems, such as railway connectors. The growing urban and local transport propels the need to integrate advanced and automated systems in rail to optimize train operations. Therefore, the use of connectors in autonomous trains benefits the players operating in the railway connectors market.
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The COVID-19 outbreak has a major impact on manufacturing facilities as production capacities were lowered. Limited workforce at manufacturing facilities and disruption of supply chain of raw material and components were among the major challenges faced by railway connectors market players in North America in 2020. Since the US has the largest rail network, the demand for railways connectors is always on the higher side. The pandemic negatively affected the railway industry massively in 2020. However, the railway transit started to experience increase in footfall from Q4 of 2020 as containment norms were relaxed. Moreover, to revive the railway industry, government allocated US$ 24.9 billion and US$ 14 billion in 2020 to the railway industry under The Coronavirus Aid, Relief, and Economic Security Act in 2020 respectively, followed by railway network expansion and railway infrastructure improvement initiatives in 2021. For instance, in June 2021, the US Department of Transportation provided US$ 929 million of funding for California high-speed rail project. Thus, the railway connectors market faced a decline in 2020. However, the increase in footfall of passengers along with government initiatives to revive the railway industry positively impacted the growth of the market from 2021.
The railway connectors transfer data with the rolling stock equipment and tracks. They are also used to run railways economically, securely, and on time by signaling systems and power transmission lines on trains. Many market players have now focused on interoperability of control, monitoring and signaling systems, safety and security, passenger information, and public communication, which would create opportunities for the railway connectors market in the coming years. Moreover, increasing data rates and rising miniaturization trend in electronic devices, drive developments toward compact, robust, and high-speed communication solutions. The emergence of digital transmission networks on railways presents manufacturers with the challenge of developing system concepts and equipment interfaces suitable for complex data communication. Many European vehicles are equipped with high technologies, such as wireless data transmission, which is expected to propel the demand for railway connectors for complex data communication in Europe during the forecast period.
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Railway Connector Market: Incorporation of Big Data in Rail Industry
Implementing big data in various railway applications will create a future trend as big data analytics (BDA) has increasingly attracted analysts, researchers, and practitioners toward railway transportation and engineering. A few of the railway applications that use big data technology are customer experience, train scheduling, timetabling, improving security at railway stations, automatic charting, network optimization, crew management, inventory management, and IRCTC ticket management. Thus, the increased popularity, use of the internet of things technology, and high demand for passenger security would drive the demand and create a trend for intelligent rail systems and big data implementation in the rail industry. In 2019, Indian railways launched Industry 4.0 as its pilot project. Industry 4.0 is a system that synergies production with digital technologies, such as big data, analytics, artificial intelligence, and cloud computing. Thus, various technological developments, such as big data, would become a trend in the railway connector market in the coming years.
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