Smart Railway Market is expected to reach USD 43.34 | So Good News
New York, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Global Smart rail market Research report: By solution, type, services, component and region forecast to 2030, the market is expected to achieve a value of approx. USD 43.34 billion by the end of 2030. The reports further predict that the market will flourish at a robust CAGR of over 9.45% during the assessment period.
Smart Railway Market Overview:
Smart railways are developed by installing GSM-R systems, data analysis and cloud computing. The IoT solution is used for the smart railway application to understand the condition information distributed over massive railway areas. Smart railways consist of freight information systems, e-catering and smart ticketing. They help in efficient transportation and ultimately reduce costs by automating several procedures and enabling technology to improve services. The world is moving towards digitization and the rail market would not be impervious to this change. The railway industry, believed to be a conservative industry referring to the rapid technological implementation, has known to be the benefits of going digital. Digitization in the rail sector guarantees customer satisfaction, improved customer experience, sustainability and operational efficiency, which are key concerns faced by rail operators globally until recently. Higher safety and sustainability, increasing mobility and urbanization standards have contributed to the market’s growth.
Smart Railway Market Competitive Analysis
- Teleste (Finland)
- Cisco Systems, Inc. (USA)
- Huawei Technologies Co. Ltd (China)
- Alstom SA (France)
- Bombardier, Inc. (Canada)
- General Electric Inc. (USA)
- Siemens AG (Germany)
- Hitachi Limited (Japan)
- Indra Sistemas SA (Spain)
- International Business Machines Corporation (USA)
- Thales Group (France)
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Smart Railway Market Report Scope:
|Revenue forecast in 2030||USD 43.34 billion|
|Growth rate||CAGR of 9.45% from 2022 to 2030|
|Important market opportunities||Increasing use of advanced security systems is driving the market growth|
|Important market drivers||Smart railways offer advanced and reliable services that improve operational efficiency, passenger experience and high return on investment (ROI).|
Smart Railway Market USP covered
Drivers of smart rail markets
The market for smart railways has developed massively in recent years due to the increasing use of advanced security systems, increasing demand for cloud-based services, increasing use of IoT technology and increasing demand for efficient and safer commuting services.
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Smart rail market constraints
On the other hand, aspects such as lack of information and communication technology infrastructure, concerns related to infrastructure and high installation costs may limit the market’s performance.
The world has faced several unexpected challenges given the arrival of the global health crisis in the form of COVID-19, which ended up affecting the majority of industrial sectors worldwide. Unlike other market areas, the smart rail market has witnessed several positive changes during the pandemic. On the other hand, with all the global financial and industrial activities returning to normal, the global smart rail market is likely to grow significantly in the coming years.
Smart Rail Market Segment Analysis
Among all the measurement systems, the track measurement segment is likely to secure the top position across the smart railway market during the review period. It plays a significant role in the smart railway market.
Among all the solutions, the rolling stock segment is predicted to secure the top position across the smart rail market during the review period.
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Based on the solution, the smart railway market has been segmented into rolling stock, electrification, energy storage system, control and signaling, tunnels and others.
Among all the digital solutions, the passenger information system segment is likely to secure the top position in the global market in the coming years.
Smart Rail Market Regional Analysis
According to the research reports of MRFR, the European region is predicted to secure the top position across the smart railway market over the assessment timeframe. The region is considered the global hub for advanced train manufacturers and a lucrative market for luxury autonomous trains. The research reports of MRFR state that the regional market accounted for approximately 54.5% market share in 2017, with a valuation of approximately USD 6,301.7 million. The report further expects the regional market to flourish significantly at a healthy CAGR of around 15.8% over the review timeframe. The main parameter supporting the regional market’s growth is the use of IoT technology. Furthermore, factors such as significant investments in smart railway projects by the government and rapid economic growth are also predicted to influence the regional Smart Railway Market growth in the coming years.
The smart rail market for the North American region is likely to secure the second position across the global market during the assessment period. The research reports of MRFR state that the regional market was valued at USD 2,776.6 million in 2017. According to the report, the regional market is predicted to show a significant growth of approximately 16.7% during the review period. The railway industry across the North American region is witnessing a massive demand due to the increasing penetration of advanced technology. Moreover, the increasing innovation, mobility and technological advancement with respect to railway infrastructure is also likely to boost the regional Smart Railway Market growth during the assessment period.
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The smart rail market for the Asia-Pacific region is predicted to exhibit the maximum CAGR during the review period. The main parameter supporting the growth of the regional market is the growth in research and development investments for the development of autonomous trains. The growing consumer preference and government spending to deploy high-performance trains is likely to catalyze the growth of the regional market in the coming years. Moreover, the growing smart city projects, such as smart hospitals and smart railways, are predicted to boost the growth of the regional market in the coming years. According to the research reports of MRFR, the smart rail market for the Asia-Pacific region is predicted to strengthen significantly at a healthy CAGR of approximately 19.7% during the review period.
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Market Research Future (MRFR) is a global market research company that prides itself on its services, offering a complete and accurate analysis regarding various markets and consumers worldwide. Market Research Future has the excellent goal of providing optimal quality research and granular research to clients. Our market research by products, services, technologies, applications, end users and market players for global, regional and country level market segments enables our clients to see more, know more and do more, helping you answer the questions that matter most.
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