During the projected period, significant growth in the market for working vehicles for overhead catenary is anticipated. The global demand for high-speed and urban rail transportation systems has contributed to the expansion of this industry. The market expansion for these cars is hence anticipated to be fueled by this over the forecast period. Additionally, the increasing need for automation across several industries is anticipated to fuel market expansion throughout the anticipated time frame. Government programmes to build smart cities are also expected to open up new prospects for market participants in this sector.
Due to the rising need for high-speed and urban rail transportation networks around the world, the market for overhead catenary working vehicles is anticipated to expand. Some of the major reasons propelling the expansion of this market are the expanding population and fast urbanization. Furthermore, government programmes to create smart cities are boosting demand for these automobiles.
To check, maintain, and repair a railroad's overhead contact system (OCS), overhead catenary working vehicles are created specifically for this purpose. Hydraulic jacks, ladders, scissors lifts, and other equipment needed for OCS maintenance are included in this vehicle's arsenal. Vehicles designed specifically for maintaining electric trains when the power source is supplied by an overhead wire are known as overhead catenary working vehicles. A pantograph arm, which is a feature of these vehicles, aids in preserving contact between the vehicle and the overhead wire. These vehicles' primary function is to check and clean the contact wire, ensuring that the trains' trains receive an uninterrupted and safe supply of energy.
Over the course of the projection period, the market for overhead catenary working vehicles is anticipated to expand from USD 1.02 billion in 2021 to USD 1.48 billion in 2031, at a compound annual growth rate (CAGR) of 6.5%. This market is expanding as a result of the rising global demand for high-speed and urban rail transportation systems.
The Road and Rail Vehicles Type emerged as the Most Booming Segment
The market for heavy rail cars, road and rail vehicles, and overhead catenary working vehicles has been divided based on type. Due to the rising demand for these vehicles from various end-users, including railway operators and maintenance firms, the road and rail vehicles category is anticipated to develop at the highest CAGR throughout the forecast timeframe.
The Most Prominent Application Segment is the High-Speed Rail
According to their intended uses, conventional rail, high-speed rail, urban rail, and metro make up the market for overhead catenary working vehicles. The segment for high-speed rail is anticipated to experience the highest CAGR during the forecast period as a result of rising investments in high-speed railway projects all over the world.
The APAC Region to render Ample Financing Opportunities
The overhead catenary working vehicle market has been broken down into North America, South America, Africa, Asia Pacific, Europe, and the Middle East based on region. As a result of the rising demand for these cars from nations like China and India, the Asia Pacific region is anticipated to develop at the greatest CAGR during the forecast period. This market's expansion is also anticipated to be fueled by the region's abundance of railroad operators.
The shortage of skilled workers and the high price of these vehicles are limiting factors for the global market for overhead catenary working vehicles. The strict laws governing the safety of these cars are another factor limiting this market's expansion. However, prospects for market expansion are anticipated in the upcoming years due to the rising demand for electric vehicles and the quick expansion of the rail infrastructure.
The leading companies in this industry are China Railway Signal & Communication Corporation Limited (China), Siemens AG (Germany), Bombardier Transportation (Canada), Hyundai Rotem Company (South Korea), and Ansaldo STS (Italy). To meet the rising demand for these vehicles, these players are actively researching and developing new goods and technologies. They are also concentrating on diversifying their product offerings to obtain a competitive edge in this industry.
Recent Developments in the Overhead Catenary Working Vehicles Market
• The strategic relationship between Siemens Mobility and Deutsche Bahn (DB) in the area of rail electrification will be strengthened, the two companies stated in 2021. Both businesses will work together to create innovative technologies for overhead catenary systems as part of this agreement. With the support of this partnership, Siemens Mobility will be able to increase the number of rail electrification products it offers.
• Alstom introduced the new Avelia Liberty train, which has an overhead catenary system, in 2021. With a capacity of 500 travellers, this train can travel at speeds of up to 320 km/h. The introduction of this train is anticipated to aid Alstom in growing its clientele in the high-speed rail industry.
• Ansaldo STS, which is now a part of Hitachi, and Hitachi Rail announced their agreement to work together to create and market innovative goods and services for railway electrification systems in 2021. Both businesses will benefit from this relationship as they work to improve their positions in the railway electrification sector.
Overhead Catenary Working Vehicles Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1.48 billion|
|Growth Rate||CAGR of 6.5% during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||China Railway Signal & Communication Corporation Limited (China), Siemens AG (Germany), Bombardier Transportation (Canada), Hyundai Rotem Company (South Korea), and Ansaldo STS (Italy).|
Key Segments of the Global Overhead Catenary Working Market
Type Overview, 2021-2031 (USD Billion)
- Road and Rail Vehicles
- Heavy Rail Car
Application Overview, 2021-2031 (USD Billion)
- Conventional Rail
- High-Speed Rail
- Urban Rail and Metro
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa