New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Railway Braking System Market Size, Share, Sales and Growth Forecasts to 2027 - COVID-19 Impact and Global Analysis By Type (Pneumatic Brake, Electrodynamic Brake, Mechanical Brake, and Electromagnetic Brake) and Train Type (Metros, Monorail, High-Speed Train, Light Rail/Trams, and Freight Train)”; the global railway braking system market size was valued at USD 8.90 billion in 2019 and is projected to reach USD 10.51 billion by 2027; it is expected to grow at a CAGR of 3.7% during the forecast period from 2020 to 2027.
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Global Railway Braking System Market – Report Scope:
| Growth rate | CAGR of 3.7% from 2020-2027 |
| Market Size Value in | USD 8.90 Billion in 2019 |
| Market Size Value by | USD 10.51 Billion by 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 154 |
| No. of Tables | 56 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Type and Train Type |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Railway Braking System Market: Competitive Landscape and Key Developments
ABB Ltd.; akebono brake industry Co., Ltd; Alstom SA; Amsted Rail; DAKO-CZ, A.S; Frenoplast; Knorr-Bremse AG; NABTESCO CORPORATION; SABRE RAIL SERVICES LTD.; and Wabtec Corporation are among the key market players that are profiled during this market study. In addition to these players, several other important market players operating in the ecosystem were studied and analyzed during the course of this market research study to get a holistic view of the global railway braking system market.
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In a light of key megatrends like, sustainability, urbanization, mobility vehicle, and digitalization, the transportation industry is witnessing huge growth. Trends mentioned above will benefit the railway sector by providing long-term sustainable growth opportunities for future mobility. In addition, owing to strict safety and quality standards involved in railway sector, integration of advanced systems and equipment is increasing. In railway sector, the tracks with double elastic fastening, automated driving, overhead power cables/third rail, and communications-based train control signalling systems are amongst few technologies, which are getting integrated into metro lines. Incorporation of such advanced technologies into the metro rails will play an essential role in increasing the scope for integrating rail-braking systems.
Factors such as increasing demand for rail transit among individuals as a mode of transportation, growing railway projects for building new rail and lines in metro, monorail, and high-speed rail. Projects coupled with rising government investment for expanding their railway sector are continuing towards strengthening of railway sector. With rising railway sector, the scope of integrating safety systems including brakes is receiving high momentum. In addition, arrival of automatic train braking systems, automatic train operations, and next-generation high-speed trains in emerging economies is another factor drawing market growth of braking system. Moreover, rising number of volume packages and trade in nations is impacting the use of railways, as it is cheapest mode of transportation compared to airways. Therefore, booming freight business, the development cycle of freight rail has also increased. With growing development of light rail, integration of b raking system will also increase.
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Railway Braking System Market in APAC to Grow at Highest CAGR:
The regional connectivity of the railway network in Southeast Asian countries is becoming better due to implementation of a number of projects to connect existing routes under Pan Asia railway network. Indonesia and the Philippines have also planned rail projects to connect key cities with their major islands. Thailand is looking ahead to make an investment of US$ 74.5 billion, which includes constructing high-speed link between Chiang Mai and Bangkok. Japan is testing the newest version of bullet trains—the ALFA-X Shinkansen. This train can reach the speed of around 225 miles/hour. It has also been stated that the East Japan Railway Company is working for the development of ALFA-X. It has decided for two different auxiliary braking systems, which were never used on the railroads of Japan. The developers of ALFA-X are using aerodynamic brakes that work on the principle of air resistance and “maglev-type decelerators,” which use electromagnets. However, the ongoing COVID-19 outbreak is anticipated to affect the growth rate of railway braking system market in the year 2020 and early 2021 owing to disruptions in supply chains, decrease in demand and production, and negative impact on economic as well as industrial growth of major countries in the region. Hence, there is a decline in y-o-y growth during the year 2020 and 2021. However, the growth is expected to normalize from 2021 onward and the market is projected to grow at a steady pace from 2021 to 2027.
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Key Findings of Study:
In the era of constant technological developments, the railway sector worldwide is experiencing new technologies and systems that is playing a crucial role in transforming the entire sector. For instance, in September 2019, ALSTOM granted a contract to Knorr-Bremse for providing faster-reacting design of heating, ventilation, and air-conditioning and braking system for next-generation high-speed trains for French National Railways. In addition, Knorr-Bremse said that Avelia Horizon is a first French high-speed train equipped with a direct braking system where all commands of brake are conveyed electrically through vehicle bus. Also, advent of next-generation air disk brakes is making its path for transforming rails. In addition, in direct braking system, the brake commands are transmitted quickly with shorter time lag.
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