The Global Railway Connectors Market, 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), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Forecast to 2030, is expected to be valued at US$ 1,329.5 million by 2030, exhibiting a CAGR of 5.3% during the forecast period (2022-2030), as highlighted in a report published by Coherent Market Insights.
Overview
Railway connectors are the devices that are used to transmit information along the tracks and rolling stock equipment. These devices are useful for keeping the railways running securely, economically, and on time by signalling system and power transmission for trains. Furthermore, railway connectors have a fail-safe function to ensure safety during emergencies. This function requires that each product be more difficult while remaining compact and easy to handle, further complicating the connector selection process.
The global railway connectors market is estimated to be valued at US$ 873.4 Mn in 2022 and expected to grow at a CAGR of 5.3% during the forecast period (2022-2030).
Market Dynamics
Increasing demand for locomotives are driving the market growth. Railway connectors have a wide range of applications in modern railways/locomotives. Rail connectors could have application in automatic door operation, air conditioning, lights, windshield wiper, engine, robotics, CCTV (Closed-circuit television), and communication. Moreover, these applications need large volume of connectors in a locomotive. Increasing fleet size is a major factor driving the growth of the railway connectors market.
Moreover, the growing use of ERTMS (European Rail Traffic Management System) for railway traffic management and railway communication is boosting the demand for connectors, which is one of the major factors aiding the market growth.
Global Railway Connectors Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has impacted various sectors including transportation. The disruption in the product supply chain has created issues for manufacturers, thus hindering the development of the railway connectors market. Further, the government has urged strict lockdowns which has negatively impacted the railway industry. The demand and supply of connectors were significantly reduced due to low production. The restrictions on the supply chain created a pause in the manufacturing of railway connectors all over the world. However, from 2021, manufacturers have started their production to fullest capacity and the demand for railway connectors has increased.
For instance, in March 2021, Amphenol, one of the major railways connector manufacturers in Europe, developed its manufacturing facility in France and suppliers were completely operational. Further, Amphenol declared that it can meet scheduled product delivery timelines.
To know the latest trends and insights prevalent in the Global Railway Connectors Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/railway-connectors-market-4978
Key Trends and Analysis of the Global Railway Connectors Market:
- Among design, the rectangular segment held the highest market share in 2020 and is expected to retain its market share over the forecast period. Rectangular connectors are used as an alternative to circular connectors in factory automation processes, power generation, and rail transportation. Furthermore, most of the rectangular connectors are modular in design, flexible, user-configurable as well as capable of carrying multiple different signals. These connectors have reduced the cost of projects by a significant margin and also simplifies the installation process in harsh environmental conditions. Hence, many vendors are concentrating on product expansion which has led to the development of cost-effective rectangular connectors.
- Among function, the signalling segment held the highest market share in 2020 and is expected to retain its market share over the forecast period. Increasing demand for more load-carrying capacity and high speed on strategic railway routes are driving the demand for signaling equipment with digital technology rather than analog systems. For instance, TE Connectivity, a manufacturer and seller of connectivity and sensors solutions, provides innovative solutions that are compliant with the latest market requirements. These solutions include industrial ethernet systems, single and multimode fiber optics, and other ERTMS-compliant products.
Competitive Section
Major companies operating in the global railway connectors market 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, and TT Electronics.
Segmentation
Market Taxonomy:
- By Type
- Power Connectors
- Data Connectors
- Modular Connectors
- Others
- By Design
- Circular
- Rectangular
- By Physical Application
- Rolling Stock
- Engine Monitoring
- Infrastructure & Signaling
- Roof/ Pantograph
- Air Conditioning System
- Trackside Safety Systems
- Others
- By Function
- Signalling
- Communication
- Power distribution
- By Rail Type
- Light Rails/Trams
- Metro
- Passenger Train
- Cargo Train
- By Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
