Rolling Stock Cables Market Size

Ongoing technological progress is driving the market growth

Market CAGR for rolling stock cables is being driven by the ongoing technological progress. Any vehicle that can travel on rails and roads is referred to as rolling stock in the railway transportation sector. Both powered vehicles like locomotives and non-powered vehicles like freight wagons, passenger coaches, and others are included. The use of autonomous rolling stock is becoming more prevalent at the moment. Trains that operate or function without a driver include automated trains and driverless trains, for instance. They run automatically, are watched over, or are managed from the control station.

Additionally, it’s regarded as one of the most economical ways to carry people across large distances, as well as heavy or bulky items. The carrying capacity is greater than that of other modes of transportation, additionally, it is easy to adjust to the particular requirements of the user. Due to the wide range of industries it can be applied to, including oil and gas, the automotive and mining sectors, where tank trucks are used to transport a variety of goods, including industrial chemicals, gasoline, and diesel.

These rolling stock and related infrastructure have been in great demand in recent years as people's preferences for rail travel have increased.

The increased demand for reliable, secure, and effective transportation systems has a big impact on the expansion of the global economy. The demand for railroads has increased as a result of the perception that rail travel is the safest and most cost-effective means of transportation. The most recent trains have cameras, sensors, and communication equipment on board. Furthermore, the majority of these places have subterranean or ground-level trains that are heavily guarded by walls or gates to deter trespassing, which fuels the market's expansion.

Additionally, based on the level of automation, modern, advanced trains use about 30% less energy than older models because of improved traction, braking, and acceleration systems.

For instance, Road traffic injuries, which account for 1.25 million deaths annually due to accidents on the road, are the biggest cause of mortality among persons between the ages of 15 and 29, according to a fact sheet from the World Health Organization (WHO). Additionally, low- and middle-income nations account for 90% of all global road fatalities despite owning just 54% of the world's vehicles. Thus, result in driving the Rolling Stock Cables market revenue.

Rolling Stock Cables Market Segment Insights:                           

The Global Rolling Stock Cables Market Industry is experiencing a notable surge in demand for electrification in rail systems. As countries strive to enhance energy efficiency and reduce carbon emissions, the transition from diesel to electric trains is becoming increasingly prevalent. This shift is expected to drive the market value to approximately 4.4 USD Billion in 2024. Electrified rail networks require specialized rolling stock cables that can withstand higher voltages and provide reliable performance. Consequently, manufacturers are focusing on developing advanced cable technologies to meet these requirements, thereby contributing to the overall growth of the industry.

Leading market players are putting a lot of money on R&D to broaden their product ranges, which will help the market for rolling stock cables grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. to grow and endure in an increasingly competitive and challenging market environment, Rolling Stock Cables industry must provide reasonably priced goods.

One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the global Rolling Stock Cables industry to develop market sector and provide benefits to customers. In recent years, the Rolling Stock Cables industry has provided the transportation sector with some of the most significant benefits. Major players in the Rolling Stock Cables market, including Caledonian Cables, PRYSMIAN GROUP, Eugania Rail Pacific, Electric Fever, NEXANS, ATL Technology, Prysmian, Tratos, Hengfei Cable, Siechem, and others, invest in operations for research and development in an effort to improve market demand.

Prysmian S.p.A. is a global corporation with its headquarters in Milan that specializes in the creation of electrical cable for use in the telecom, energy, and optical fiber industries. Prysmian has 23 plants in North America, 48 in Europe, 13 in LATAM, 7 in the meat industry, and 13 in Asia. It is the market leader for making cables for wind farms. The business is included in the FTSE MIB index and is traded on the Milan Stock Exchange.

Prysmian intends to invest about EUR 450 million by 2022 in order to achieve net-zero CO2 emissions for the Group and enhance the sustainability of its supply chain.

Caledonian Cables Ltd. is a maker of electric cables, which has received ISO 9001 certification. Eighty percent of the products made globally by the Caledonian Cable Group are exported to more than 60 different nations. Their area of expertise is the production of several cables. Armoured, non-armoured, underwater, and overhead cables are made in accordance with international quality requirements, or they can be made of composite material per the customer's specifications and, if necessary, with the addition of other services. In 2019, EDPR and ENGIE formed OW by combining their offshore wind project pipeline and assets.

At that time, the business had 1.5 GW under construction and 4.0 GW in development.