NEWARK, Del, Oct. 29, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global rail gangway market is anticipated to reach a valuation of US$ 494.9 Million in 2023, driven by public private partnerships. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 4.9% between 2023 and 2033, and reaching a total valuation of approximately US$ 798.5 Million by 2033.
One of the major factors contributing to the growth of the rail gangway industry is the safety innovations. The continuous improvement of safety features, including anti-collision systems, emergency evacuation mechanisms, and crashworthiness, is a critical trend in the rail gangway market.
The use of lightweight materials and advanced manufacturing processes can lead to gangway systems that are not only durable but also reduce the overall weight of trains, improving energy efficiency. Gangway systems are not limited to commuter and high speed trains. There is a market for these systems in luxury and tourism oriented trains, where passenger experience and comfort are paramount.
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Rail operators are looking for gangway systems that ensure compliance with regulations regarding accessibility for people with disabilities, as regulations become more stringent. Government incentives and mandates for reducing greenhouse gas emissions can lead to investments in rail infrastructure, including energy efficient gangway systems.
Integrating rail systems into broader urban mobility plans and multi modal transportation networks can create opportunities for gangway systems that facilitate seamless transfers between different modes of transportation, as cities are becoming smarter.
Providing maintenance, repair, and upgrade services for existing gangway systems can be a significant growth opportunity for companies in the rail gangway industry, with the growing emphasis on green transportation. The development of hybrid and hydrogen powered trains is a trend to watch. Gangway systems will need to adapt to these new types of rail vehicles.
Standardization of gangway systems across regions and rail networks can streamline the manufacturing process and enhance interoperability, fostering international trade and market growth. Emerging economies with growing urban populations are investing in rail infrastructure. Companies can explore opportunities in these regions to provide gangway systems for their expanding rail networks.
The rail industry has seen mergers and acquisitions that can lead to consolidation or diversification of product offerings, which may impact the rail gangway market. Gangway systems integrated with passenger information systems, offering real time updates, entertainment, and Wi-Fi connectivity, can enhance the passenger experience and improve competitiveness for rail operators.
Key Takeaways from the Market Study:
- Global Rail Gangway industry was valued at US$ 470.7 Million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 4.6%.
- The market in India is expected to expand at a CAGR of 9.6% through 2033.
- By material type, the aluminum segment to account for a share of 53.4% in 2033.
- From 2023 to 2033, rail gangway market is expected to flourish at a CAGR of 4.9%.
- By 2033, the market value of rail gangway is expected to reach US$ 798.5 Million.
“The electrification of rail fleets, especially in regions aiming to reduce carbon emissions, creates opportunities for innovations in gangway systems that can accommodate power supply needs and potentially contribute to energy recovery during braking,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Prominent players in the rail gangway industry are Hubner GmbH & Co. KG, Narita Mfg. Ltd., Airflow Equipments (India) Pvt. Limited, Dellner Couplers AB, Schliess- und Sicherungssysteme GmbH, Hutchinson Paulstra, Chongqing Hengtai Electromechanical Equipment Co., Ltd., ATG Autotechnik GmbH, and Bellow and Bus (Pty) Ltd., among others.
Recent Developments in the Rail Gangway Industry:
- In 2023, KTK Group announced the expansion of its production capacity for rail gangways at its plant in Japan. The expansion is expected to meet the growing demand for rail gangways in Asia and other parts of the world.
- In 2022, Schliess- und Sicherungssysteme announced the development of a new automated rail gangway system. The system is designed to improve the efficiency and safety of rail operations.
- In 2022, ATG Autotechnik announced the launch of its new lightweight and durable rail gangway system. The system is designed to reduce the weight of railcars, which can lead to fuel savings and reduced emissions.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global rail gangway industry, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the rail gangway industry, the market is segmented on the basis of product type (single piece gangways, and two piece gangways), material type (steel, aluminum, alloys, and composites), and train type (passenger train, metro/subway train, high speed train, and special train), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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Rail Gangway Market Segmentation Analysis:
By Product Type:
- Single Piece Gangways
- Two Piece Gangways
By Material Type:
- Steel
- Aluminum
- Alloys
- Composites
By Train Type:
- Passenger train
- Metro/Subway train
- High speed train
- Special train
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Automotive Division at Future Market Insights (FMI):
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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