New York, March 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Railway Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Connector Type, Component, and Application" - https://www.reportlinker.com/p06244593/?utm_source=GNW
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.Moreover, government projects, such as Dubai Route 2020 Metro, for building new rail infrastructure and increasing investments in expanding train connectivity are contributing to the growth of the railway sector.
In December 2021, two new high-speed railway lines were launched in China’s Central and North-East regions to support regional, social, and economic development.The US positive train control (PTC) systems mandate and increase the need for robust and dependable connectors.
In 2021, Indian railways announced the completion of 49 rail projects. Therefore, increasing government investments would surge the number of railway projects, which is expected to boost the growth of the global railway connector market during the forecast period.
Railway is among the hardest hit sectors by the onset of COVID-19 outbreak.According to the WSP Global, in 2020, the public transport in urban area was decreased by 75% in Canada, 70% in the US, 77% in the UK, 50% in UK, 35% in South Korea, 65% in Australia, and 30% in Hong Kong.
Owing to containment norms laid down by governments across the world affected the passenger footfall, which impacted the railway sector, thereby negatively affected the railway connectors market from demand side in 2020.Further, disruption in supply lines of railway connectors market players impacted the market from supply side in 2020.
However, from the late Q3 of 2020, the containment norms were relaxed, and economies started to reopen.The change increased the railway passenger footfall.
Moreover, government initiatives in the form of investments to expand railway network and improve railway infrastructure to accelerate the post-COVID-19 economic recovery of railways sector positively affected the growth of the railway connectors market from 2021.
The railway connector market is segmented on the basis of connector type, component, application, and geography.Based connector type, the market is segmented into broad level connector/PCB connector, data connector, pogo pin connectors/spring load connector, power connector, and others.
In 2021, the broad level connector/PCB connector segment led the market and accounted for the largest market share.Based on component, the market is bifurcated into backshell and connector body.
In 2021, the connector body segment led the market and accounted for a larger market share.Based on application, the railway connector market is segmented into light rail/trams, metro, passenger coach, and others.
In 2021, the others segment led the market and accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share in the global market.
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 key players operating in the global railway connector market and profiled in the market study.
The overall global railway connector market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the railway connector market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the railway connector market.
Read the full report: https://www.reportlinker.com/p06244593/?utm_source=GNW
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