At CAGR of 5.3%, Railway Connector Market is expected to grow from US$ 803.50 Million in 2021 to US$ 1,150.21 Million by 2028 - Global Analysis By The Insight Partners

Railway Connector Market: Key Insights

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.

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Growing population, changing lifestyles, 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 a 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.

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.

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Railway Connector Market: Competitive Landscape and Key Developments

Amphenol Corporation, Kyocera-AVX, Fischer Connectors SA, Harting Technology Group, Molex, LLC (Koch Industries, Inc.), Schaltbau GmbH, Allied Electronics Corporation, Smiths Interconnect, TE Connectivity Corporation, and TT Electronics are among the major companies operating in the railway connector market.

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

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

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

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