Global Railway Electrification System market to be moderately Impacted in Short Term Owing to COVID-19 | CRCC, Siemens, Alstom, Hitachi, Balfour Beatty, MEC, Toshiba

The Global Railway Electrification System Market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, the impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.

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Railway electrification involves a system that provides electrical power to railway locomotives and trains with the help of an on-board generator while the non-electrical railway lines use a local fuel supply for running the engines. The power generated from the engines is transmitted to stations which further supplies the electric power to the rest of the network. While running the electrical locomotive systems, the electricity on this network is used as a power source. The type of electrification or electrical traction system can be Direct-Current (DC) electrification system, Alternating Current (AC) electrification system or a composite system. The electric power utilized in the railway system is from wind energy, nuclear energy, or solar power.

Drivers

Global adoption of renewable energy resources for power consumption is expected to boost the growth of the global railway electrification system market during the forecast period. According to India Brand Equity Foundation (IBEF), the Ministry of New and Renewable Energy (MNRE) has set a goal to increase renewable energy capacities to 227 GW by 2022.

Reduced harmful effects on the surrounding by electrification of the railway system is expected to drive the growth of global railway electrification system market over the forecast period.

The increased volume of freight transportation and expanding urban areas is expected to propel the growth of the global railway electrification system market during the forecast period.

Restraints

Expensive maintenance along with the safety concerns of railway tracks and lines is expected to hamper growth of global railway electrification system market over the forecast period.

Power failure or blackout may lead to the derailment of the trains. This factor is expected to hinder the growth of the global railway electrification system during the forecast period.

Opportunities

Conventional railways running on non-renewable fuels emit hazardous gases which have adverse effects on the flora and fauna of the eco-system surrounding the railway line. These effects have resulted in the accelerated implementation of electrical systems.

Operating costs of the electrical-railway system are cheaper as compared to the conventional fuel-based railway system. This factor is expected to exhibit growth of the global railway electrification system market over the forecast period.

The COVID-19 outbreak had a fruitful impact on the cloud music streaming market. The imposition of nationwide lockdowns and the social-distancing restrictions has compelled people to access the streaming services.

Regional Insights

The Asia Pacific is expected to witness lucrative growth in the global railway electrification system market during the forecast period. Rising passenger preference for public transportation is driving the growth of the railway electrification system market in this region.

Europe is projected to experience robust growth in the global railway electrification system market over the forecast period. Increased trade between the European and Asian countries is driving the growth of the railway electrification system in this region.

Competitive Section

The key players contributing to the global railway electrification system market are CREC, ABB, Wabtec, and Schneider.

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Key Developments

In January 2021, Siemens Mobility entered into a deal with the National Authority for Tunnels to install Egypt’s first 285 miles electric-run rail transportation system.

In February 2021, the French stock manufacturer, Alstom deploys a signaling electronic interlocking system on the Beni Suef Assuyt railway line of Egypt

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