Smart Railways Market 2021 Key Findings, Future Insights, COVID-19 Pandemic Impact, Market Revenue and Threat Forecast by 2024
Market Research Future’s study analyzes high valuation expectancy in the global smart railway industry. It presents historical demand data (from 2016) and forecasts (2017 and 2024). In the current situation of novel coronavirus pandemic, the global Smart Railway Market might soar in the future by gaining a growth rate of 16.5% in the same period frame.
Smart Railway Adoption is on Fast Track
Role of data and IoT in transportation sectors including railways has not confined to accounting, logistic and shipping management, managing resources, but has incorporated in day to railway operation. Such functions include run trains safely, scheduling, measuring economic benefit to mention a few. These factors have been included as factors motivating the market to a great extent.
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At the pace with technology adoption by rail operators, IT solution providers have also enhanced the offering for engaged stakeholders. Need for these smart railway solutions will receive surged traction, as railways transition to semi-autonomous transportation over the next ten year. Meanwhile, railway operators are experimenting with smart railways solutions to offer a seamless and safe transportation experience. Rail operators use analytical software to estimate the likely breakdown. Accordingly, they fix the problem in advance for better and safer passenger experience, as well as enhancing the overall efficiency for the operator.
Providing tailwinds to the global smart railways market is the massive allocations by governments of diverse nations in upgrading and modernizing railways so to simplify its management and make commuting seamless for the ever-increasing number of travellers. Further, the swift pace of urbanization and expansion in population is also liable behind the augmentation in the market for smart railways. Thrust on building smart cities by governments is proving beneficial to the market as well.
Through segmentation, the global smart railways market has been studied by segments of type, component, services and solution.
In terms of type segment, the market has included station and onboard type.
In terms of component segment, the market has included Control and Maintenance, Networking & Connectivity Devices, Multimedia Infotainment Devices, Video Surveillance Cameras, and others.
In terms of services, the market has included system integration & deployment, consulting services, and support & maintenance.
In terms of solution type, the market has included rail communication & networking system, rail analytics system, smart ticketing system, passenger information system, advanced security monitoring system, and freight information system.
The smart railway market, regionally, has been studied for the critical regions of Asia-Pacific, Europe, North America, the Middle East & Africa, and South America.
Out of these regions, Europe grabbed the largest market share of 54.5% earlier in 2017, with a market value of USD 6,301.7 million. Now, the market might register a CAGR of 15.8% during the assessment period. Smart rail received a funding of USD 6.6 million from the European Union’s Horizon 2020 research and innovation program.
North America was the second-largest market back in 2017, valued at USD 2,776.6 million. Now, the market is projected to exhibit a CAGR of 16.7%.
In the last, the market in Asia-Pacific is likely to register the highest CAGR of 19.7%. The adoption of IoT technology, significant investments on smart railways projects by the government and fast economic growth are likely to motivate the development of the smart railway market in the region.
Top Market Players
The top market players of global smart railways market are listed as Cisco Systems, Inc. (US), Alstom SA (France), International Business Machines Corporation (US), General Electric Inc. (US), Huawei Technologies Co. Ltd (China), Hitachi Limited (Japan), Bombardier, Inc. (Canada), Siemens AG (Germany), Teleste (Finland), Indra Sistemas SA (Spain), and Thales Group (France).
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