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According to the new research report, titled “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),” published by The Insight Partners, the market is expected to reach US$ 10,515.7 million by 2027, registering a CAGR of 3.7% during 2020–2027.
Railway Braking System Market in APAC to Grow at Highest CAGR
The regional connectivity of the railway network in Southeast Asian countries is becoming better due to implementation of a number of projects to connect existing routes under Pan Asia railway network. Indonesia and the Philippines have also planned rail projects to connect key cities with their major islands. Thailand is looking ahead to make an investment of US$ 74.5 billion, which includes constructing high-speed link between Chiang Mai and Bangkok. Japan is testing the newest version of bullet trains—the ALFA-X Shinkansen. This train can reach the speed of around 225 miles/hour. It has also been stated that the East Japan Railway Company is working for the development of ALFA-X. It has decided for two different auxiliary braking systems, which were never used on the railroads of Japan. The developers of ALFA-X are using aerodynamic brakes that work on the principle of air resistance and “maglev-type decelerators,” which use electromagnets. However, the ongoing COVID-19 outbreak is anticipated to affect the growth rate of railway braking system market in the year 2020 and early 2021 owing to disruptions in supply chains, decrease in demand and production, and negative impact on economic as well as industrial growth of major countries in the region. Hence, there is a decline in y-o-y growth during the year 2020 and 2021. However, the growth is expected to normalize from 2021 onward and the market is projected to grow at a steady pace from 2021 to 2027.
Key Findings of Study:
In the era of constant technological developments, the railway sector worldwide is experiencing new technologies and systems that is playing a crucial role in transforming the entire sector. For instance, in September 2019, ALSTOM granted a contract to Knorr-Bremse for providing faster-reacting design of heating, ventilation, and air-conditioning and braking system for next-generation high-speed trains for French National Railways. In addition, Knorr-Bremse said that Avelia Horizon is a first French high-speed train equipped with a direct braking system where all commands of brake are conveyed electrically through vehicle bus. Also, advent of next-generation air disk brakes is making its path for transforming rails. In addition, in direct braking system, the brake commands are transmitted quickly with shorter time lag.