railway braking system Market

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% during the forecast period 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.