Railway Fishplate Market was worth US$ 4.83 Billion in the year 2022 and is expected to reach US$ 5.89 Billion by the year 2028 at a CAGR of 3.4% between 2022 and 2028.
Railway fishplates, also known as rail joints or splice bars, are mechanical fasteners used to join two sections of railway track together. These components are essential for maintaining the stability and integrity of railway tracks, ensuring safe and reliable transportation of passengers and cargo.
The demand for railway fishplates is driven by the increasing demand for railway transportation, especially in developing countries. Railway networks are expanding rapidly in many regions, and the maintenance and replacement of existing tracks require a steady supply of fishplates. Moreover, the use of high-speed trains, which require a high degree of track stability and smoothness, has further increased the demand for high-quality fishplates.
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At the same time, low transverse resistance coupled with sensitive chemical attacks could hamper the market. Besides, the fact that advanced fishplates (used for heavy rail) are costlier than their counterparts can’t be ignored. As such, advanced products’ higher cost is expected to restrain the market in the near future.
Future Market Insights has walked through these facets with future perspectives in its latest market study entitled ‘Railway Fishplate Market’ through its utmost dedicated team of analysts and consultants going for bottom-up approach in primary, secondary, and tertiary modes of research.
“With rising demand for insulated joints, the global railway fishplate market is likely to grow at a noteworthy rate going forward”, says an analyst from Future Market Insights.
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Key Takeaways from Railway Fishplate Market
- North America and Europe are at the matured stage of railway fishplate market. This could be credited to growing popularity on the part of high speed rails, growing utilization of trams for the local transport, and higher prevalence of the high railway track network density in the US and Canada. The UK prefers railway as a feasible mode of transport. Several investments and efforts are being made by private companies and governments for improving connectivity across every corner of the UK. The Rail Industry Finance (UK) report states that overall rail expenditure in 2019-20 witnessed a 4% increase as compared to the previous year. On the other hand, the US freight rail network does continue to stay the largest and most cost-efficient system all across (140,000 route miles).
- The Asia-Pacific is expected to grow at a speedy pace in the railway fishplate market in the forecast period due to improvement in transportation infrastructure coupled with ascertaining high-end safety to consumers through the ongoing railway projects. India is known to be the 4th largest railway system around the world. The IBEF states that Indian Railways did have nearly 13,169 passenger trains with 8,479 freight trains in the year 2019-20. Plus, in 2021-22, The Railway Ministry did identify 56 projects in several railway zones to be completed within a short time-span.
Competitive Fishplates
- AGICO, since August 2018, started supplying 460 sets of fish bolts and railway fishplates to a railway project based out of Malaysia.
- Henry Williams has its fishplates produced by making use of forging process that does maximize the raw materials’ inherent strength by maintenance of grain flow through metal. Emergency clamped joggled fishplates do facilitate proper functioning of trains by catering to fractured or welded rail section on an emergency basis.
What does the Report fix?
- The research study is based on rail joint type (common rail joint, compromise rail joint, insulated rail joint, and joggled fish plate), and by rail type (heavy rail and light rail).
- With realization of the fact that railway fishplates make way for superlative thermal stability, insulation, and resistance against corrosion, the global railway fishplate market is likely to grow inadvertently in the near future.
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Railway Fishplate Market by Category
By Rail Joint Type:
- Common Rail Joint
- Compromise Rail Joint
- Insulated Rail Joint
- Joggled Fish Plate
By Rail Type:
- Heavy Rail
- Light Rail
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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