Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Railway Connectors Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity 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 market in terms of revenue was estimated to be worth $803.50 million in 2021 and is poised to reach $1,150.21 million by 2028, growing at a CAGR of 5.3% from 2021 to 2028.
The growth of the railway connectors market is driven by increasing number of passengers train and railway projects and emergence of driverless trains/automated trains in developing countries. however, development of intelligent rail systems and incorporation of big data in rail industry.
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Global Railway Connectors Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 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 |
| Segments covered | Connector Type, Component, Application, and Geography |
| 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 |
Development of Advanced and New Systems Suitable for Complex Data Communication to Propel Global Railway Connector Market Growth from 2021 to 2028:
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.
Global 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.
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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Global 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.
Recent Developments:
- In 2021: Fischer Connectors Group started the construction of new manufacturing facility at Portugal.
- In 2021: TT Electronics' AB Connectors became gold member of rail forum Midlands.
- In 2021: Schaltbau GmbH and Voltage BidCO, Carlyle signed an agreement to create partnership to support longterm growth & investment strategies of Schaltbau.
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