The Global Railway Connectors Market Growth Accelerated By Growing Urban Rail Network
Railway connectors are used to connect electrical equipment and facilitate the transmission of signals, power supply and data in rail transport systems. They help ensure smooth functioning of trains by providing reliable connections between coaches and locomotives. The growing urban rail network across regions is driving extensive deployment of metros and light rail transit systems which in turn is propelling the demand for railway connectors.
The global Railway Connectors Market is estimated to be valued at Us$ 919.69 Mn in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing urban rail network is one of the major trends accelerating the growth of the railway connectors market. Transport authorities across countries are making significant investments in expanding urban rail infrastructure to provide faster and cleaner commuting options to the rising population. For instance, China plans to invest around US$ 360 billion through 2025 to add over 9,500 km of new urban rail lines. Similarly, India's National Rail Plan aims at increasing metro rail network length from around 700 km currently to over 9,500 km by 2030. The increasing miles of new metro and monorail projects translate into higher demand for railway connectors required onboard trains as well as at stations. This will continue driving the railway connectors market over the coming years.
Segment Analysis
The global railway connectors market is dominated by the interior segment. Interior connectors are used for internal connections within rail coaches and locomotives. They provide connectivity between electronic circuit boards, electronic devices, electric panels, and other internal components. The interior segment accounts for the dominant share owing to the growing use of advanced electronics and electric components in trains and locomotives.
Key Takeaways
The Global Railway Connectors Market Demand is expected to witness high growth over the forecast period. Advances in railway systems and growing focus on connectivity are driving investments in railway infrastructure, which is fueling market growth.
Regional analysis
The Asia Pacific region is expected to dominate the global railway connectors market over the forecast period. The presence of emerging economies like China and India with vast infrastructure development plans is boosting regional market growth. China has the world's largest and most advanced high-speed railway network. Meanwhile, India is heavily investing in rail infrastructure under projects like the Diamond Quadrilateral.
Key players
Key players operating in the railway connectors market are 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, and TT Electronics.
Get more insights on this topic
Comments
Post a Comment