Report : Railway Braking System Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Pneumatic Brake, Electrodynamic Brake, Mechanical Brake, and Electromagnetic Brake) and Train Type (Metros, Monorail, High-Speed Train, Light Rail/Trams, and Freight Train)
Pneumatic Brake Segment to Lead Railway Braking System Market during 2020–2027
According to our latest market study on “Railway Braking System Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Pneumatic Brake, Electrodynamic Brake, Mechanical Brake, and Electromagnetic Brake) and Train Type (Metros, Monorail, High-Speed Train, Light Rail/Trams, and Freight Train),” the 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 2019 to 2027.
The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
In North America, companies offering railway braking system and manufacturing rail vehicles, such as Webtac Corporation, Bombardier Inc., are contributing toward strengthening the regional railway sector, which, in turn, would drive the market. Any product development or R&D for the future development of rail transit would contribute toward the adoption of complementary systems including braking systems in the region. Also, growing significance of high-speed rail is other aspect projected to contribute toward the adoption of railway braking system and thus, influencing the market growth.
Furthermore, the concept of automated and driverless vehicle is consistently making a huge transition in transport systems. The idea of autonomous driving is making its entry in the railway sector. In Europe, automatic train operation is becoming a latest trend impacting the railway sector of the region. In October 2019, six German companies, led by Siemens Mobility, started a joint project named “AStriD” – Autonome Straßenbahn im Depot” (Autonomous Tram in Depot). In this project, the participants would examine autonomous tram in automated depot. Such projects in the field of automation would help in boosting the integration of systems, such as railway braking systems. CLEARSY is engaged in offering automatic train braking systems which work without having train localization system and train location information. In this new system, only one beacon connected to a signal is installed for detecting train speed. Moreover, embedded sensors are connected to the train braking system, which contribute in making the braking system more efficient.
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 are among the key market players that are profiled during this market study. 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.
COVID-19 Impact on Railway Braking System Market
North America is among the worst hit regions by the COVID-19 pandemic. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The US has well-established railway across the region. The shock of emergence and spread of COVID-19 has traumatized the sector and has forced individuals to limit use of rails. In addition, as the country is known for adopting technologies at an early phase, due to pandemic situation, the technology sector also witnessed decline in business. This has further impacted integration of braking systems with advanced technologies.
The report segments the global railway braking system market as follows:
By Train Type