(EnergyIndustry.Net, February 06, 2020 ) According to the new market research report "Railway Connectors Market by Application (Diesel Multiple Units (DMUs), Electric Multiple Units (EMUs), Light Rails/Trams, Subways/Metros, Passenger Coaches), Platform, Component, Connector Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Railway Connectors Market is expected to grow from USD 802 million in 2018 to USD 1,069 million by 2023, at a Compound Annual Growth Rate (CAGR) of 5.92% during the forecast period. The primary factors driving the railway connectors market include the increased number of passengers opting for railways as the mode of transport and adoption of driverless trains by several countries.
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The subways/metros application segment is expected to grow at the highest CAGR in the railway connectors market during the forecast period.
The railway connectors market has been segmented by application into Diesel Multiple Units (DMUs), Electric Multiple Units (EMUs), light rails/trams, subways/metros, and passenger coaches. Among these, subways/metros is expected to be the fastest-growing segment in the market. A metro system requires more powerful units and high initial investment for infrastructure than a light rail/tram system. In the light rail/trams segment, the market for metro vehicles is expected to grow substantially in future because of increasing urbanization and the growing need for a sustainable mode of transportation. The demand for metro vehicles is estimated to be high in future in developed regions such as Europe owing to existing infrastructure.
Power connectors is expected to be the fastest growing connector type segment in the railway connectors market during the forecast period.
The railway connectors market has been segmented by connector type into six categories: broad level connectors/PCB connectors, power connectors, RF/HF coaxial connectors, data connectors, pogo pin connectors/spring load connectors, and modular & mix connectors. Among these, power connectors is expected to be the fastest-growing segment in the railway connectors market. The railway connectors market is experiencing increasing power and voltage demand for specific critical applications such as metro rail, light/tram rail, base station installations, etc. Power connectors that transmit high power are used in high power connector applications.
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Europe is expected to have the largest market size for railway connectors during the forecast period.
Europe is estimated to account for the largest share of the railway connectors market in 2018. This region is highly fragmented with a large number of railway connectors manufacturers, namely, Fischer Connectors (Switzerland), Schaltbau (Germany), and TT Electronics (UK), among others. Most European vehicles are equipped with high-end technology that includes wireless radio connection, wireless data transmission, eco-friendly cars, and comfort features. However, adoption of high-end technology is lower in the East European countries compared to the West European countries such as the UK, Germany, France, and Spain. This provides rolling stock OEMs an opportunity to increase their presence in Eastern Europe. France has plans to increase the number of rail lines and tramway locomotives.
Major vendors in the railway connectors market include are TE Connectivity (Switzerland), Amphenol Corporation (US), Molex Incorporated (US), ITT (US), Smiths Interconnect (US), Fischer Connectors (Switzerland), Esterline Technologies (US), Schaltbau (Germany), and Sichuan Yonggui Science and Technology (China).