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Chicago, July 06, 2022 (GLOBE NEWSWIRE) -- According to the new market research report 'Railway Wiring Harness Market by Application (HVAC, Lighting, Traction System, Infotainment), Material, Train (Metro/Monorail, Light Rail, HRS), Component (Wire, Connector), Voltage (High, Low), Cable, Length, End-Use and Region' , published by MarketsandMarkets™, the Railway Wiring Harness Market, by value, was USD 1.5 billion in 2021. It is projected to grow at a CAGR of 4.6% from 2021 to 2026, to reach USD 1.9 billion by 2026.
A wiring harness in a train is used to transmit electrical and data transmission signals in an electrical system. With rapid technological advancements in railway technologies and increasing safety systems, railway manufacturers are largely inclined toward installing advanced electronic systems in trains. The increasing need for advanced electronic systems and improved safety technologies in trains drive the demand for technology wirings. The global demand for rail vehicles is fueled by the rising population in urban areas, which is placing significant pressure on the existing transportation infrastructure and necessitates the expansion of the network infrastructure.
The increasing number of projects such as light rail and metro in various regions are expected to drive the market for the railway wiring harness. Electrification of existing track length is expected to drive the market. The increasing urban population is expected to require governments to increase urban transportation facilities such as metros, light rails, monorails, and subways. This is expected to drive the demand for new rail vehicles, including locomotives, multiple units, wagons, and coaches. The increase in rail projects will directly impact the demand for railway wirings as they carry and provide electric energy for the systems across the train.
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Traction System is estimated to hold the largest market share by application during the forecast period
The traction system is estimated to account for the largest share of the market in terms of value during the forecast period. The growth of the segment can be attributed to the consistently increasing rail-based intercity and intracity transportation. The electric traction system is widely used around the world, particularly for routes with dense traffic, like urban and suburban railways or long-distance, high-speed lines. The traction system harness is the wire used for transmitting electricity generated from the traction system throughout the train. Increasing adoption of rolling stock and rising investments by governments for infrastructure development is expected to propel the growth of the rapid transit market and thereby drive the demand for wiring harnesses for traction systems. For example, the Indian government allocated a fund worth USD 340.4 million for the Regional Rapid Transit System (RRTS) projects in the Budget for 2020-21. Such investments for the expansion of rail infrastructure and the development of new projects are expected to boost market growth.
Wire segment is estimated to be the largest and fastest segment by component
The wire segment is expected to be the largest and fastest-growing segment during the forecast period due to the increasing number of electronic systems in a train and the rising trend of driverless trains. Increasing urbanization, rising demand for increased connectivity, and the comfort, reliability, and safety offered by rail transport have led to the growth of wire. The railway wire is widely used to transmit data on a data bus, along with a variety of digital and analog signals from each switch and sensor installed in the train. There are different types of wire in a train. Railway wiring harnesses consist of various wire that are packed at the body of the train and bogie. Each wire is responsible to carry electrical signals and data for the smooth functioning of other subsystems such as HVAC, lighting, brake, traction system, and engine. Asia Pacific is expected to be the largest and the fastest-growing market of wire during the forecast period. The growth of this market in Asia Pacific can be attributed to increased investments to introduce advanced technologies in trains by the governments of several countries in the region.
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Asia Pacific is expected to be the largest market during the forecast period.
Rapid urbanization and the growing population are major factors driving the demand for rail networks and thereby urban rail and mainline infrastructure construction in Asia Pacific. The growth of this infrastructural construction will drive the Railway Wiring Harness Market in the region. Many countries in the region are also increasing the comfort systems in trains by introducing HVAC systems in normal trains too, which increases the demand for the wiring harness. In 2021, the Indian Railways announced to roll out a new air-conditioned general second-class coach. In 2020, Guangzhou Metro Corp opened an extension of Line 8 from Cultural Park on the west side of the city center to Jiaoxin in Baiyun District to the north on November 26, adding 16·3 km and 11 stations. These projects are expected to drive the market for railway wiring harnesses in the region. In 2021, the European Investment Bank (EIB) signed a finance contract worth USD 182 million with the Indian government for the Pune Metro Rail project's second portion in Maharashtra through a virtual signing ceremony. This project is expected to offer urban mobility to a large population, including the working class.
The Railway Wiring Harness Market is dominated by players such as Hitachi Ltd. (Japan), Prysmian Group (Italy), TE Connectivity (Switzerland), Leoni (Germany), Nexans (France) among others. These companies offer an extensive range of products and have strong distribution networks worldwide. The key strategies adopted by these companies to sustain their market positions are new product developments, deals and others.
Tags Railway Wiring Harness Market Railway Wiring Harness
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