Global Railway Couplers Market 2019-2023
About this market
The concept of virtually coupled trains is gaining traction in the railway couplers market. This concept allows trains to run closer together without any physical contact. The use of existing railway network can be increased by virtual coupling because the coupling takes place while in motion by using a rendezvous maneuver. Virtual coupling can increase the efficiency of railway freight services by reducing the transport cost and time. Moreover, virtually coupled trains occupy one slot compared to several by freight trains running separately. Although the concept of virtual coupling is in the research and development stage, it is expected to gain popularity during the forecast period and boost the growth of railway couplers market. Technavio’s analysts have predicted that the railway couplers market will register a CAGR of over 3% by 2023.Market Overview
Investments in new railway projects
Several countries are investing in railway projects to improve their domestic and international connectivity and logistics channels. The Government of India has approved multiple railway projects including new lines and doubling of existing lines. China is also investing heavily in the development railway networks between several Asian and European countries as part of its Belt and Road initiative. Similarly, multiple new railway projects are under planning, development, and construction stages in various countries. Thus, the investments in new railway projects is driving the growth of the market during the forecast period.
Delay in the execution and development of railway projects
Railway projects require huge investments which makes them a major cost burden for the national economy. This leads to frequent delays in project implementation and huge time gaps between planning, start of construction, and completion. These delays in execution of railway projects affect the demand for railway couplers which in turn hampers the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the railway couplers market during 2019-2023, view our report.
The market appears to be fairly concentrated and with the presence of companies such as Dellner Couplers, and Escorts the competitive environment is intense. Factors such as the investments in new railway projects, will provide considerable growth opportunities to railway coupler manufacturers. Dellner Couplers, Escorts, NIPPON STEEL & SUMITOMO METAL, Titagarh Wagons, and Voith are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Railway Couplers Market 2019-2023
Technavio recognizes the following companies as the key players in the global railway couplers market: Dellner Couplers, Escorts, NIPPON STEEL & SUMITOMO METAL, Titagarh Wagons, and Voith.
Commenting on the report, an analyst from Technavio’s team said: “Virtual coupling concept increases the efficiency of freight services and eliminates the need for mechanical coupling. This concept will gain traction during the forecast period and boost the growth of railway couplers market.”
According to the report, one of the major drivers for this market is the significant investments in new railway projects and expansion of existing railway networks in several countries. This is creating a demand for railway couplers and thereby driving market growth.
Further, the report states that one of the major factors hindering the growth of this market is the delays in the execution and development of railway projects. This directly impacts the demand for railway couplers and hampers the growth of the market.
NIPPON STEEL & SUMITOMO METAL