Railway Connector Market to hit US$ 1,150.21 Million, Globally, by 2028 at 5.3% CAGR: The Insight Partners

According to our latest market study on "Railway Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Connector Type, Component, and Application," the market is expected to grow from US$ 803.50 million in 2021 to US$ 1,150.21 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.

The global railway connector market is segmented into five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. The growing emphasis of government across the world on increasing the railway network and improving railway infrastructure to strengthen transport infrastructure is driving the growth of the railway connectors market. However, high maintenance costs of rolling stocks and increased complexity in train systems hamper the growth of the market. On the other hand, with the growing urbanization, governments worldwide are increasingly deploying metro rail and subway projects, which is expected to flourish the railway connectors market in the coming years.

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Growing population, changing lifestyle, and rapid urbanization require an interconnectivity railway communication system and drive the market growth. Moreover, increasing data rates and rising miniaturization trends in electronic devices drive developments in compact, robust, and high-speed communication solutions. The emergence of digital transmission networks on railways offers manufacturers the challenge of developing system concepts and equipment interfaces which is suitable for complex data communication. Many European vehicles are equipped with high technologies, such as wireless data transmission, which is expected to propel the demand for railway connectors for complex data communication in Europe during the forecast period.

Impact of COVID-19 Pandemic on Railway Connector Market

In 2020, the COVID-19 pandemic created a large-scale negative impact on global economies. The pandemic led to many challenges across various markets, such as the railway connector market. The demand and supply were majorly reduced due to low production. Further, the railway industry was negatively impacted due to lockdown. The restrictions on the supply chain created a halt in the manufacturing of railway connectors across the globe. However, the outlook for railway projects remained buoyant in 2021. Therefore, the demand for railway connectors has increased from 2021.

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The emergence of Driverless Trains to Propel Railway Connector Market during Forecast Period
Increasing electrification across the global transportation industry irrespective of the mode of transport has led to the development of automated transport methods. Trains are the frontrunners of transport automation after road transport, as autonomous driving is making its entry into the railway sector. In Europe, automatic train operation (ATO) is becoming the latest trend that modernizes the region's railway sector. In October 2019, six German companies, led by Siemens Mobility, started a joint project named "AStriD." The growing urban and local transport propels the need to integrate advanced and automated systems in rail to optimize train operations. Therefore, the increasing demand for connectors in autonomous trains offers advantages to the players operating in the railway connector market.

Players operating in the railway connector market are mainly focused on developing advanced and efficient products.

In January 2021, Fischer Connectors Group started the construction of a new manufacturing facility in Portugal.

In June 2021, TT Electronics' AB Connectors became gold members of rail forum Midlands.

The List of Companies - Railway Connectors Market

Amphenol Corporation, TE Connectivity Corporation, Smiths Interconnect, HARTING Technology Group, Fischer Connectors SA, TT Electronics, KYOCERA-AVX, Molex, LLC (Koch Industries, Inc.), Schaltbau GmbH and Allied Electronics Corporation

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