The railway braking system market was valued at US$ 8,909.9 million in 2019 and is projected to reach US$ 10,515.7 million by 2027; it is expected to grow at a CAGR of 3.7% from 2020 to 2027. There is a growth in the railway sector across the world due to increasing number of passengers and freight transport.Therefore, the governments of respective countries are making huge budget allocation for improving their existing rail infrastructure.
India has a fourth-largest railway system worldwide, after the US, Russia, and China.Countries, such as India, China, the Philippines, and Thailand, are investing monetary resources on reinforcing their railways.
In India, the railway projects announced by the government for passenger trains and redevelopment of railway stations have a potential of drawing investment of more than US$ 7.5 billion in the coming five years. Similarly, the governments in the Middle East are investing US$ 104 billion on major public transport initiatives to drive future smart cities. For instance, in the UAE, Dubai is making an investment of US$ 5 billion to extend metro rail system. Other countries in the Middle East are funding their railways with massive amounts, including US$ 10.7 billion in Qatar, US$ 71 billion in Saudi Arabia, US$ 7 billion in Jordan, and US$ 7 billion in Kuwait. Such investments in railways sector would transform it as per the future requirements. Expansion in railways through funding is driving the scope of integration of railway braking systems.
With growing urban and local transport, the need to integrate advanced and automated systems in rail to optimize train operations is rising. Therefore, use of automated braking systems in autonomous trains and use of ATO in rail transit would benefit the market players of railway braking systems.
The global railway braking system market is segmented based on type and train type.Based on type, the market is segmented into pneumatic brake, electrodynamic brake, mechanical brake, and electromagnetic brake.
In terms of train type, the market is segmented into metros, monorail, high-speed train, light rail/trams, and freight train.Based on geography, the railway braking system market is broadly segmented into North America, Europe, APAC, MEA, and SAM.
In the base year, i.e., 2019, Asia Pacific held the largest market share, followed by North America and Europe.
The overall railway braking system 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 overview and forecast for the railway braking system market with respect to all the segments.It also provides the overview and forecast for the global railway braking system market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a 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 braking system market.
Major players operating in the global railway braking system market include ABB Ltd.; akebono brake industry Co., Ltd.; Alstom SA; Amsted Rail; DAKO-CZ, A.S; Frenoplast; Knorr-Bremse AG; NABTESCO CORPORATION; SABRE RAIL SERVICES LTD.; and Wabtec Corporation. In addition to these players, several other important market players operating in the ecosystem were studied and analyzed during the course of this market research study to get a holistic view of the global railway braking system market. These players are increasingly adopting strategies such as contracts, acquisitions, and product launches and developments to develop as well as introduce new technologies and products. For instance, Wabtec Corporation celebrated the groundbreaking of a 20,000-sqm, state-of-the-art green factory for developing and manufacturing brakes, and also maintaining brakes and couplers for transit vehicles.
Our reports have been used by over 10K customers, including:
The global smart space market size is projected to grow from USD 9.4 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The increasing green building initiatives and environmental concerns to drive market growth. • By component, the service segment to register the highest...
The ultrasonic sensors market was valued at USD 1040.12 million in 2020 and is expected to reach a value of USD 2383.19 million by 2026, at a CAGR of 15.68%, during the forecast period (2020-2025). The ultrasonic sensor is an emerging technology with significant growth potential. Ultrasonic sensors rely on non-intrusive detection of target...
The indoor farming technology market is estimated at USD 14.5 billion in 2020 and is projected to grow at a CAGR of 9.4%, to reach USD 24.8 billion by 2026. Indoor farming is followed to bolster local food supplies and provide nutritious, fresh produce to consumers. This method of farming controls plant-fertilizing nutrients, so the food that...
The global Sales Performance Management (SPM) market size is projected to grow from USD 1.5 billion in 2020 to USD 3.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. The SPM market is expected to grow at a fast pace with growing automation to improve visibility and avoid incentive compensation...
The urban air mobility market is projected to grow from USD 2.6 billion in 2020 to USD 9.1 billion by 2030, at a CAGR of 13.5% from 2020 to 2030. The increasing demand for enhanced efficiency, human safety, and investment activities are expected to drive the market. However, the limited reliability of eVTOLs during transportation and the inability...
The global hydraulics market size is expected to grow from USD 37.4 billion in 2020 to USD 42.1 billion by 2025, at a CAGR of 2.4%. The growth of this market is mainly driven by growing construction activities drive significant demand for hydraulic equipment, increasing demand for material handling equipment, rising demand for advanced agriculture...
The global MNS market size is projected to grow from USD 8.0 billion in 2020 to USD 27.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period. MNS solutions offer the ability to designate different groups so companies can reach the right people with the right message quickly. Organizations can create...
Slow down: Growth in the auto parts aftermarket has helped mitigate greater industry decline Abstract Automobile Steering & Suspension Manufacturing in the US The Automobile Steering and Suspension Manufacturing industry experienced slight growth over the five years to 2019, as automobile production...
The drive by wire market is projected to reach USD 31.9 billion by 2025 from an estimated USD 24.0 billion in 2020 at a CAGR of 5.9% during the forecast period. The primary reason for the growth is driven by the increasing number of mandates from governments to control vehicle emissions, vehicle weight reduction and the demand for premium...
The global PIM market size is expected to grow from USD 9.0 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2% the forecast period. The major factors driving the growth of the PIM industry include rising demand for PIM solution from flourishing eCommerce industry and increasing need to offering enhanced...
Gross Domestic Product
Online Shopping Penetration
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.