Railway System Market Worth $30.9 Billion by 2027 – | So Good News
Chicago, Oct. 13, 2022 (GLOBE NEWSWIRE) — The rail system market size is projected to grow from USD 25.1 billion in 2022 to USD 30.9 billion by 2027, at a CAGR of 4.2%, according to a new report by MarketsandMarkets™.
Browse in-depth content on “The rail system market“
144 – Tables
54 – Numbers
199 – Pages
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203815831
As rail transport offers the advantage of cost efficiency and efficient transportation of passengers as well as goods, the demand for rolling stock is increasing globally. Advanced rail system production is set to increase in countries such as India, Brazil, Russia and China, due to high demand from rolling stock manufacturers for advanced rail system integration, government support and cost benefits. For example, the Indian government expects to increase manufacturing in the country through its “Make in India” initiative. The government is also promoting rapid transit in the country by increasing investment in their development will drive the rail system market. The European railways have advanced and well-developed passenger transport infrastructure due to which the rail market is likely to experience steady growth which will drive the rail system market in the region, while the North American market is more inclined towards freight transport. Factors such as initial investment and high overhaul and maintenance costs may hamper the growth of the railway system market.
Germany is expected to dominate the European rail system market during the forecast period
Germany has witnessed increased demand for energy-efficient transport and rapid mass transit to reduce traffic congestion. The country’s new rail investments of USD 104 billion in 2020 by the federal government and Deutsche Bahn between 2020-2029 are expected to drive the overall market for rolling stock and related rail systems. Similarly, in 2021 Deutsche Bahn and the federal government invested around $14.7 billion in the modernization, maintenance and expansion of the railway network in the country. With this investment, the country’s rolling stock will be updated with new digital signaling technologies and advanced safety systems, which will further drive the German rail system market.
Europe is estimated to be the largest market for train safety systems during the forecast period
Europe is estimated to be the largest market for train safety systems during the forecast period. European railways are considered among the safest in the world and therefore constitute an important market for train safety systems. The signaling and control component of the European Rail Traffic Management Systems (ERTMS), known as the European Train Control System (ETCS), is highly developed.
Standard track equipment and unified control equipment located inside the train cab are used to deploy ETCS. In its most modern form, all lineside data is transmitted wirelessly to the driver in the cab, eliminating the need for the driver to monitor lineside signals. This will lay the foundation for automated train operation (ATO). The growth in the train safety system segment is attributed to strict government norms and standards for passenger safety in trains.
Request a FREE sample report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=203815831
The Chinese rail system market is expected to be the largest market in the Asia Pacific region
China’s growing economy is driving the expansion of railways and improving transport capacity; hence it has the fastest growing railway industry in the world. Governments are also increasingly investing in the development of railway infrastructure. These high investments by governments led to the development of high-speed trains with advanced technologies and systems. China has developed a new high-speed rail system for cross-border operations that will facilitate connectivity with other nations. The train is equipped with world-class connectivity and safety features.
Important market players
The report analyzes all major players in the rail system market, including CRRC (China), Siemens (Germany), Hitachi (Japan), Alstom (France) and ABB (Switzerland).
Make a request: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=203815831
Browse related reports:
Rolling stock market by component, product type (locomotive, rapid transit, wagon and bus), locomotive technology (conventional, turbocharged and Maglev), application (passenger and freight) and region – global trends and forecast to 2027
Railway telematics market by solution (fleet management, automatic inventory control, shock detection, reefer management, ETA), railcar (tankers, tank cars, well cars, box cars, refrigerated cars), component and region – global forecast to 2026