SEATTLE, March 30, 2022 (GLOBE NEWSWIRE) -- The global railway connectors market was valued at US$ 873.4 Million in 2022 and is estimated to account for US$ 1,329.5 Million, in terms of value by the end of 2030.
Among Asia Pacific region, India is expected to grow at significant rate over the forecast period followed by Japan. This growth is attributed to the initiatives taken by the rail freight transport. Furthermore, increasing demand for circular connectors is a key driver for growth of railway connectors market in Asia Pacific. Increasing number of planned railway projects and increasing demand for railway connectors in India is the major contributor to the railway connectors market growth in Asia Pacific region.
Market Drivers
- Increasing Production of Locomotives
Connectors have wide range of application in modern railways/locomotive. Rail connectors could have application in automatic door operation, air conditioning, lights, windshield viper, engine, robotics, CCTV, and communication. Moreover, these applications need large volume of connectors in a locomotive. Increasing fleet size is a major factor in growth of the connectors market and this is expected to impact the connectors market positively. According to Bureau of Transportation Statistics America, number of operational locomotive in the U.S. in 2011 were 24,350, which increased to 26,547 in 2017. According to facts and figures released by Government of India, volume of rolling stock was 11,461 in 2017 which increased to 12,000 in 2018.
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Market Opportunities
1. Intelligent Infrastructure for Railway Systems
Increasing digitalization is expected to create lucrative growth opportunities for key players in the global data center construction market. For instance, by 2020, according to Coherent Market Insights analysis, healthcare industry was expected to invest around US$ 3 trillion per year in IT infrastructure development such as data centers and others.
Furthermore, cloud technology is showing huge potential in the healthcare industry, as it can simplify the processes such as electrical medical records, patient portals within the hospitals. For instance, according to Coherent Market Insights analysis , in 2018, China had more than 50% of its hospitals (with capacity of 500 beds) that already implemented electronic patient records and this number is expected reach US$ 1.5 billion number of patients by 2020 equipped with electronic patient records. Increasing spending on IT infrastructure and the advantages of cloud technology are expected to drive growth of the data center construction market over the forecast period.
Market Restraint
- Extreme Weather Conditions Adversely Affecting Functioning of Connectors
Rail connectors are vital part of rail communication and control systems. Connectors are used in signal passing, monitoring, and communication. Failure of a connector can cause loss of vital data and it can interrupt the working of the monitoring system. Connectors are prone to failure in extreme weather conditions, which makes it non-favourable for application in extreme weather. Temperature as low as -40 °C/-50 °C can be hazardous for the equipment, no matter where it is manufactured. This temperature constraint is a major factor restraining growth of the market.
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Competitive Landscape
Major players operating in the global data center construction market are include Amphenol Sine Systems, Easterline Technologies, Fischer Connectors SA, Harting Technology, HUBER+SUHNER, ITT Inc., Molex Incorporated, Nexans, Radiall VanSystem S.r.l, Schaltbau GmbH, Sichuan Yonggui Science and Technology, Smiths Interconnect, Staubli Electrical Connectors, TE Connectivity, TT Electronics.
Market segmentation:
- By Type: power connectors, data connectors, modular connectors and others
- By Design: circular and rectangular
- By Physical Application: rolling stock, engine monitoring, infrastructure & signaling, roof/ pantograph, air conditioning system, trackside safety systems, and others
- By Function: signalling, communication, and power distribution
- By Rail Type: Light Rails/Trams, Metro, Passenger Train, and Cargo Train
- By Region: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Related Market Intelligence Reports:
Railway Coatings Market, by Product Type (Primer, Base Coat, and Topcoat), by Coating Type (Electrocoat, Liquid Coating (Solvent-borne and Waterborne), and Powder Coating), by Application Area (Interior and Exterior), by Application (OEM and Refurbishment), by End Use (Light Rail Vehicles, High Speed Railways, Locomotives, Metros, Regional Trains, Freight Wagons, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Smart Railway Market, by Component Type (Video Surveillance Cameras, Networking and Connectivity Devices, and Multimedia Infotainment Displays), by Service Type (Professional System and Managed Services), by Solution (Passenger Information System, Freight Information System, Advanced Security Monitoring System, Railway Communication and Networking System, Smart Ticketing System, Rail Analytics System, Railway Traffic Management System, and Railway Operations Management System), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
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