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    Home > Chemicals Industry > International Chemical > The global railway harness market will grow at a compound annual rate of 4.6% from 2021 to 2026

    The global railway harness market will grow at a compound annual rate of 4.6% from 2021 to 2026

    • Last Update: 2023-01-03
    • Source: Internet
    • Author: User
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    According to a report released by Markets and Markets, an international market research institution, the global railway harness market size was about $1.
    5 billion in 2021, and the market is expected to grow at a compound annual growth rate of 4.
    6% by 2026 to $1.
    9 billion
    by 2026.

    The increase in projects such as light rail and metro in various regions is expected to drive the railway wiring harness market
    .
    The electrification of existing tracks will also drive the demand growth
    of the market.
    Governments plan to electrify existing rail networks, for example, Indian Railways plans to complete 40,000 km of electrification, of which 18,605 km
    were completed between 2014 and 2020.
    The goal is to complete an additional 7,000 km of electrification by 2021 and full electrification by 2023 in India
    .

    Spain has proposed a 36%
    increase in suburban investment in its 2021 rail budget, submitted in October 2020.
    All of this supports the growth
    in demand for rail wiring harnesses in various countries.

    In terms of value, traction systems are estimated to account for the largest market share
    .
    The growth of this segment is driven by the increasing number of rail-based intercity and intra-city transportation
    .
    Increasing adoption of rolling stock and increasing government investments in infrastructure development are expected to drive the growth of the rapid transportation market, which will further support the demand
    for traction system wiring harnesses.
    At the same time, to reduce emissions, governments are planning to convert existing diesel fleets to electric fleets
    .
    These developments are expected to provide opportunities
    for the growth of the market in the future.

    In terms of wires, the wire segment is expected to be the largest and fastest growing segment
    due to the increasing number of electronic systems in trains and the rising trend of driverless trains.
    Accelerating urbanization, increasing demand for enhanced connectivity, and the comfort, reliability and safety offered by rail transit have led to the growth of
    rail wire components.

    Trains play a vital role
    in the infrastructure of a city or country.
    There is an increasing
    demand from commuters and governments for convenient, eco-friendly and safe modes of transportation.
    For example, in 2020, China announced $14 billion in investment in intercity transportation and high-speed rail projects
    .
    In 2020, 24 European countries joined forces to advance international rail lines to provide international services to passengers in a range of 300-800 km, such as digital solutions
    for complex ticketing systems with multiple legs.
    This is expected to drive the passenger transport market
    in the coming years.
    Therefore, as the use of wire harnesses in railways continues to increase, there will be a huge demand for wiring lengths of different lengths
    .

    In terms of regional markets, Europe is Leoni (Germany), Nexans (France), TE Con?? Home to nectivity (Switzerland), Huber+Suhner (Switzerland), Prysmian Group (Italy) and other original equipment manufacturers
    .
    The region is investing in railways, thereby providing significant opportunities
    for the railway harness market.
    For example, in 2021, the Connecting Europe Express was one of the most prominent initiatives of the European Year of
    Rail 2021.
    The project will also raise awareness of the importance of financing sustainable infrastructure such as rail and the EU supporting such investments, including through the recently agreed $41 billion New Connectivity Europe Fund (CEF) as part of the next long-term plan, all of which will support the growth of
    rail wiring harnesses in the region.

    Asia Pacific held the largest market share
    in 2020.
    The region is home
    to original equipment manufacturers such as Hitachi, Furukawa Electric Corporation, LS Cable in Korea, Korea Cable, and Far East China Corporation.
    According to the policies and national conditions of various Asian countries, for example, 12 cities in India currently have metro systems, and 15 other cities in India are building more than 500 kilometers of metro lines
    .
    The Government of India has allocated $340.
    4 million
    for the Regional Rapid Transit System (RRTS) project in the 2020-21 budget.
    In the first half of 2020, China Railway invested US$50.
    3 billion, and these railway investments are expected to provide growth opportunities
    for the future railway harness market.

    According to a report released by Markets and Markets, an international market research institution, the global railway harness market size was about $1.
    5 billion in 2021, and the market is expected to grow at a compound annual growth rate of 4.
    6% by 2026 to $1.
    9 billion
    by 2026.

    Wiring harnesses

    The increase in projects such as light rail and metro in various regions is expected to drive the railway wiring harness market
    .
    The electrification of existing tracks will also drive the demand growth
    of the market.
    Governments plan to electrify existing rail networks, for example, Indian Railways plans to complete 40,000 km of electrification, of which 18,605 km
    were completed between 2014 and 2020.
    The goal is to complete an additional 7,000 km of electrification by 2021 and full electrification by 2023 in India
    .

    Spain has proposed a 36%
    increase in suburban investment in its 2021 rail budget, submitted in October 2020.
    All of this supports the growth
    in demand for rail wiring harnesses in various countries.

    In terms of value, traction systems are estimated to account for the largest market share
    .
    The growth of this segment is driven by the increasing number of rail-based intercity and intra-city transportation
    .
    Increasing adoption of rolling stock and increasing government investments in infrastructure development are expected to drive the growth of the rapid transportation market, which will further support the demand
    for traction system wiring harnesses.
    At the same time, to reduce emissions, governments are planning to convert existing diesel fleets to electric fleets
    .
    These developments are expected to provide opportunities
    for the growth of the market in the future.

    In terms of wires, the wire segment is expected to be the largest and fastest growing segment
    due to the increasing number of electronic systems in trains and the rising trend of driverless trains.
    Accelerating urbanization, increasing demand for enhanced connectivity, and the comfort, reliability and safety offered by rail transit have led to the growth of
    rail wire components.

    Trains play a vital role
    in the infrastructure of a city or country.
    There is an increasing
    demand from commuters and governments for convenient, eco-friendly and safe modes of transportation.
    For example, in 2020, China announced $14 billion in investment in intercity transportation and high-speed rail projects
    .
    In 2020, 24 European countries joined forces to advance international rail lines to provide international services to passengers in a range of 300-800 km, such as digital solutions
    for complex ticketing systems with multiple legs.
    This is expected to drive the passenger transport market
    in the coming years.
    Therefore, as the use of wire harnesses in railways continues to increase, there will be a huge demand for wiring lengths of different lengths
    .

    In terms of regional markets, Europe is Leoni (Germany), Nexans (France), TE Con?? Home to nectivity (Switzerland), Huber+Suhner (Switzerland), Prysmian Group (Italy) and other original equipment manufacturers
    .
    The region is investing in railways, thereby providing significant opportunities
    for the railway harness market.
    For example, in 2021, the Connecting Europe Express was one of the most prominent initiatives of the European Year of
    Rail 2021.
    The project will also raise awareness of the importance of financing sustainable infrastructure such as rail and the EU supporting such investments, including through the recently agreed $41 billion New Connectivity Europe Fund (CEF) as part of the next long-term plan, all of which will support the growth of
    rail wiring harnesses in the region.

    Asia Pacific held the largest market share
    in 2020.
    The region is home
    to original equipment manufacturers such as Hitachi, Furukawa Electric Corporation, LS Cable in Korea, Korea Cable, and Far East China Corporation.
    According to the policies and national conditions of various Asian countries, for example, 12 cities in India currently have metro systems, and 15 other cities in India are building more than 500 kilometers of metro lines
    .
    The Government of India has allocated $340.
    4 million
    for the Regional Rapid Transit System (RRTS) project in the 2020-21 budget.
    In the first half of 2020, China Railway invested US$50.
    3 billion, and these railway investments are expected to provide growth opportunities
    for the future railway harness market.

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