The braking resistors market in Europe is expected to grow from US$ 2,577.1 million in 2019 to US$ 3,466.9 million by 2027; it is estimated to grow at a CAGR of 4.1% from 2020 to 2027. Owing to the growing urbanization and industrial growth, energy consumption has increased manifolds. Therefore, to meet the rising requirements for power, the development of sub-transmission and intrastate transmission networks is increasing. The escalating demand for energy & power, owing to growing household incomes and increasing manufacturing and heavy industries, is boosting the Europe braking resistor market. Renewable energy plays a significant role for offering access to electricity. Additionally, along with new power transmission projects, upgrades in the existing transmission line are taking place. Therefore, development in the energy & power sector upsurges the demand for power transmission projects that demand braking resistor to quickly stop or slow down the mechanical system by producing a braking torque to the electric motor. The growth in electrical infrastructure projects is driving the use of braking resistor among several energy & power projects. Also, high demand for braking resistor owing to inclination toward EVs is among the other factors expected to propel the demand for braking resistors in Europe. In terms of end user, the automobile and railway segment led the Europe braking resistors market in 2019.Rise in demand for passenger cars and commercial vehicles, mostly in developing countries, is bolstering the need for braking resistors to control the speed and use the excess amount of energy dissipated.
China reported the production of 24 million vehicles in 2014, and it is anticipated to increase to around 364 and 607 million by 2030 and 2050, respectively.Several manufacturers are involved in developing different models of vehicles, which demands the integration of braking resistors.
Furthermore, the development of electric vehicles and autonomous vehicles is one of the major driving factors for the braking resistor market.Similarly, rising investments to develop electric trains in different countries across Europe is boosting the demand for braking resistor.
Thus, the growth of the automotive and railways industry is likely to drive the Europe braking resistor market during the forecast period. Countries in Europe, especially Italy and Spain, are adversely affected by the COVID-19 pandemic.Russia is witnessing an economic hit due to a lack of revenue from various industries, as it recorded the highest number of confirmed cases across Europe.
Other member states have implemented drastic measures and travel restrictions, and partially closed their borders to control the spread of the virus.Europe is one of the key regions for the growth of braking resistors market with the presence of many developed countries such as Germany, the UK, France, Italy, Norway, and Sweden.
Oil & gas, energy & power, automotive, and manufacturing are among the significant industries that are heavily impacted due to the pandemic.The crisis is also disrupting the supply of electronic components.
This scenario is hindering the growth of the Europe braking resistors market. The overall Europe braking resistors 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 Europe braking resistors market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The 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 Europe braking resistors market. ABB; CRESSALL RESISTORS LTD.; REO AG; Sandvik AB; Schneider Electric; Toshiba International Corporation; Vishay Intertechnology, Inc.; and Yaskawa Electric Corporation are among the players operating in the market.
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