Overhead Catenary System (OCS) Market Report Overview
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The global overhead catenary system (OCS) market size was USD 4610.5 million in 2021 and is projected to touch USD 7267 million by 2031, CAGR of 4.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with overhead catenary system (OCS) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
A catenary is a system of overhead wires used to supply electricity to a locomotive, tram, or light rail vehicle that is equipped with a pantograph. Overhead catenary system (OCS) market refers to the infrastructure and equipment used for providing electric powers to trains, electric vehicles and tram. The need for high voltage overhead catenary systems is foreseen to increase as nations throughout the world invest in high-speed rail infrastructure to improve connectivity and transportation efficiency. The demand for cost-effective and ecologically friendly transportation options is another factor boosting the market for high-voltage overhead catenary systems. Growing need for energy efficient rail transport and safe electrification method for railways have boosted the demand. Growing awareness about the environmental impact of diesel engines has led many countries to shift electrical engines. Rigorous government regulations for discharge control has resulted in the growth of electrified rail transport eventually impacting the railway overhead catenary system (OCS) market growth. Great inflation on the global economy, fiscal policies measures reducing its effects on supply, cash flow, and currency exchange. The expansion of the market for overhead catenary systems is indirectly supported by the development of rail infrastructure. With the capability to handle various train speeds and traffic numbers, it is frequently working in both city and rural regions. Overhead catenary system (OCS) ensures a continuous and dependable power supply allowing electric vehicle to operate proficiently and with reduced environmental impact. Government are implementing worldwide policies and regulations to promote the adoption of electric vehicles. Various Taxes incentives, subsidies, funding program for OCS infrastructure are creating favourable condition for market growth. Rising awareness about environmental concerns and reduction of greenhouse gas emission have propelled the demand for electric vehicles. With improvements in power transmission efficiency, reliability and safety overhead catenary system (OCS) technology is evolving rapidly. As consumer preference is growing towards sustainable transportation option thus, demand for electric vehicle is driving the need for OCS to support widespread adoption.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the overhead catenary system (OCS) market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity.
Overhead Catenary System (OCS) Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into flexible overhead catenary system, rigid overhead catenary system
Flexible overhead catenary systems capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented passenger & freight railway, high speed railway, and city transportation
Overhead catenary system (OCS) market players cover segment as passenger & freight railway will dominate the market share during forecast period.
Driving Factors
"Increasing focus on environmental support to increase the market growth"
The increasing focus on environmental sustainability and the need to reduce carbon emission are boosting the demand for electrical vehicles, consequently boosting the adoption of overhead catenary system. It helps to reduce the dependence by providing a sustainable and clean energy solution for transportation.
"Growing focus on transportation to boost the market."
The development of rail infrastructure indirectly promotes the growth of the market for overhead catenary systems. Acceptability of high-speed trains is expected to increase in the near future as a result of the economic growth opportunities generated by the development of high-speed railroads. This is attributed to the need for a reliable and safe mode of transport channel, which is gaining pace
Restraining Factors
"Maintenance and high operational cost to hamper the market growth"
The installation of an overhead catenary system infrastructure requires substantial capital investment, installation of wires, and procurement of equipment. Infrastructure requires maintenance and upkeep, including inspections, repairs and replacement. These maintenance cost can be significant and need to be considered when implementing.
Overhead Catenary System (OCS) Market Regional Insights
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"North America to dominate the region due to increasing demand"
North America is further expected to witness growth in the overhead catenary system (OCS) market share. The exponential growth of the electrified rail tracks in economies has led to the upsurge in demand for overhead lines for rail application which in turn has augmented the growth of the overhead catenary system (OCS) market. This accomplishment is anticipated to be a strong move to furnish to the demands of the rail industry and gain a strong position in the overhead catenary market. Exponential rise in the high-speed rail network in countries are skilled for being the largest market for high-speed rail.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage."
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Siemens (Germany)
- Engie Ineo (France)
- Colas Rail (France)
- Alstom (France)
- Tianjin Keyvia (China)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 4610.5 Million in 2021 |
Market Size Value By |
US$ 7267 Million by 2031 |
Growth Rate |
CAGR of 4.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the overhead catenary system (OCS) market expected to touch by 2031?
Overhead catenary system (OCS) market is expected to touch USD 7267 million by 2031.
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What CAGR is the overhead catenary system (OCS) market expected to exhibit during 2031?
Overhead catenary system (OCS) market is expected to exhibit CAGR of 4.6% during 2031.
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What are the driving factors of the Overhead Catenary System (OCS) Market?
The increasing focus on environmental sustainability and the need to reduce carbon emission are boosting the demand for electrical vehicles, consequently boosting the adoption of overhead catenary system market.
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Which are the key players or most dominating companies functioning in the Overhead Catenary System (OCS) market?
The dominating companies in the Overhead Catenary System (OCS) market are CREC, Siemens, Engie Ineo, Cobra, Tianjin Keyvia, Colas Rail, and Alstom.