Industry Background:
The growing digitalization across the globe has been increasing over the past few decades which has encouraged the deployment of highly automated systems in numerous applications such as public transportation. The railway systems have been encouraged as the most powerful transportation system. Moreover, it enables us to provide several railway solutions with intelligent sensors for load detectors, wagon identification, traffic control center systems and many more. These automated systems minimize the complexities in the railway applications including fault detection, brake system inspection, automated train control, and many other systems. In addition to this, introduction to cloud-based and IoT enabled intelligent railway systems will generate significant over the forecasted period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Bombardier (Canada), Alstom (France), Siemens (Germany), Hyundai Rotem (South Korea), General Electric (United States), CRRC (China), ABB Group (Switzerland) and Indra Sistemas, S.A. (Spain) |
According to AMA, the market for Railway System is expected to register a CAGR of 6.83% during the forecast period to 2030. This growth is primarily driven by Introduction of Metro and High-Speed Rail Projects, Smart Cities, and Smart Transportation across the Globe and Growing Demand for Energy-Efficient Transport.
Globally, a noticeable market trend is evident Improves Consumer Safety by Minimizing the Scheduling Mistakes and Introduction to Anti-Collision System
Major Players, such as Bombardier (Canada), Alstom (France), Siemens (Germany), Hyundai Rotem (South Korea), General Electric (United States), CRRC (China), ABB Group (Switzerland) and Indra Sistemas, S.A. (Spain), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On January 15, 2019, Buffalo and Fort Erie Public Bridge Authority has selected TransCore to develop an integrated electronic toll collection and border analytics system on the Peace Bridge, which crosses the Niagara River, connecting Buffalo, New York with Fort Erie, Ontario. The innovative approach combines electronic tolling with data analytics to improve mobility and reliability along an important international bridge.
In February 2019, ABB received its largest traction equipment order in India, worth more than USD 42 million to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), Varanasi. The converters are custom designed for Indian Railways and will be manufactured at one of ABB’s largest factories for locomotive applications in Nelamangala, near Bengaluru.
Influencing Trend:
Improves Consumer Safety by Minimizing the Scheduling Mistakes and Introduction to Anti-Collision System and Improving Railway Infrastructure with Big Data & Internet of Things, Government Encouraging FDI & Financing in Smart Railways through PPP
Market Growth Drivers:
Introduction of Metro and High-Speed Rail Projects, Smart Cities, and Smart Transportation across the Globe and Growing Demand for Energy-Efficient Transport
Challenges:
High Overhaul and Maintenance Costs, Requires Skilled Workforce for Developing the Intelligent Railway System and Integration Complexities with the Existing Systems
Restraints:
Refurbishment of Existing Rolling Stock and Capital-Intensive Nature of Rolling Stock
Opportunities:
Increasing Railway Projects Across the Globe and The Inclination of Emerging Countries Toward High-Speed Rail for Rapid Transit
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Railway System Market
- Analysis about New Entrants in Railway System Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Railway System Study Sheds Light on
The Railway System Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Railway System industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Railway System industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.