Report : Europe Braking Resistors Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Resistor Element Type (Wire-wound, Edge-wound, Stamped Grid, and Others), and End User (Oil and Gas, Mining, Marine, Automobile and Railway, Energy, and Others)
Automobile and Railway Segment to Dominate Europe Braking Resistors Market during 2019–2027
According to a new market research study on “Europe Braking resistors Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Resistors Element Type and End User” is expected to reach US$ 3,466.9 million by 2027 from US$ 2,577.1 million in 2019. The market is estimated to grow at a CAGR of 4.1% from 2020 to 2027. The report provides trends prevailing in the Europe braking resistors market along with the drivers and restraints pertaining to the market growth. High demand for braking resistor owing to inclination towards EVs is the major factor driving the growth of the Europe braking resistors market. However, issues associated with excessive motor heating related concerns hinders the growth of Europe braking resistors market.
The Europe baking resistors market is segmented based on resistors element type and end-user. Based on resistors element type, the Europe braking resistors market is segmented into wire-wound, edge-wound, stamped grid, and others. Wire-wound segment held the largest market share of Europe braking resistors market in 2019. Based on end-user, the Europe braking resistors market is segmented into oil and gas, mining, marine, automobile and railway, and others. Automobile and railway segment held the largest market share of Europe braking resistors market in 2019.
Countries in Europe, especially Italy and Spain, are adversely affected by the COVID-19 pandemic. Russia is witnessing an economic hit due to a lack of revenue from various industries, as it recorded the highest number of confirmed cases across Europe. Other member states have implemented drastic measures and travel restrictions, and partially closed their borders to control the spread of the virus. Europe is one of the key regions for the growth of braking resistors market with the presence of many developed countries such as Germany, the UK, France, Italy, Norway, and Sweden. Oil & gas, energy & power, automotive, and manufacturing are among the significant industries that are heavily impacted due to the pandemic. The crisis is also disrupting the supply of electronic components. This scenario is hindering the growth of the Europe braking resistors market.
ABB; CRESSALL RESISTORS LTD.; REO AG; Sandvik AB; Schneider Electric; Toshiba International Corporation; Vishay Intertechnology, Inc.; Yaskawa Electric Corporation are among the leading companies in the Europe braking resistors market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Yaskawa Electric Corporation’s R1000 regenerative unit avoids energy to waste. Instead, it is delivered back to the power source that could be used by other loads. The R1000 regenerative unit is a safer solution for regeneration than the open heating element used in dynamic braking resistors.