Rolling Stock Cables Market Analysis
The Rolling Stock Cables market industry is projected to grow from USD 4.25 Billion in 2023 to USD 5.64 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.60% during the forecast period (2023 - 2032). Technological development and progress, increasing its use in downstream applications are the key market drivers accelerating market expansion.
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Drivers
Increasing Need for Reliable and Efficient Transportation Systems to Boost Market Growth
The growing need for effective and dependable transportation networks is fuelling the expansion of the rolling stock sector. As governments and companies prioritize modernizing and enhancing their railway systems, the requirement for sophisticated rolling stock cables is predicted to rise.
Opportunities
Technological Advances to offer Robust Opportunities
Technological improvements happening in the cable industry, like new materials and innovative manufacturing techniques, are leading to higher quality cables with enhanced performance features being provided at competitive costs. This is helping the global market for rolling stock cables grow.
Restraints and Challenges
Limitations of Infrastructure to act as Market Restraint
The limitations of infrastructure may act as market restraints over the forecast period. The creation of new train cars requires large investments in infrastructure, such as building completely new railway tracks, signals, and maintenance buildings. Without making these investments, it can be challenging to incorporate the new rolling stock into a transportation network.
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Market Segmentation
The global rolling stock cables market is bifurcated based on application and type.
By type, thin wall will lead the market over the forecast period. At higher voltage levels, thin wall cable has superior electrical performance compared to standard cable; however, this is not the case for its mechanical attributes, which are inferior to those of medium wall cable. Thin wall cable contains thinner conductors than typical wall cables, enabling weight reduction without compromising electrical performance. Additionally, thin wall cable provides greater flexibility, simplifying handling during installation.
By application, subway will domineer the market over the forecast period. In subway systems, electricity from the third rail is converted to DC at contact shoes at each wheel axle and transported via cables in the trains. These train cables allow multiple trains to operate with minimal voltage drop between power stations and locomotives, ensuring continuous service even when ridership is highest.
COVID-19 Analysis
The pandemic has led to interruptions in the supply chain, especially in the accessibility of raw materials and parts. Numerous countries enforced lockdowns and limitations on movement to restrain the spread of the virus, which resulted in factory shutdowns and transport disturbances. Consequently, the supply of critical raw materials, like steel and aluminium, was impacted, resulting in hold-ups in manufacturing and shipment.
Regional Analysis
North America to Head Rolling Stock Cables Market
The North American region grabs the largest market for rolling stock cables, owing to substantial investment in railway infrastructure and growth of the freight transport industry. Some of the major countries in this region that have seen rising demand for passenger transportation over time are the United States, Canada, Mexico, Brazil, Argentina, and others.
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