Radar & LiDAR Technology for Railways Application Market to reach a valuation of US$ 4.98 Bn by 2031

The global radar & LiDAR technology for railways application market is expected to reach a valuation of US$ 4.98 Bn by 2031. Increasing demand for radar & LiDAR technology sensors in countries such as India and Indonesia, coupled with rise in investment in the development of autonomous railway systems are likely to drive the market.

Radar and LiDAR technology plays a crucial role in railway applications. These technologies can used for tracking of railway track faults, protect against rail collision, detect pedestrian, train tracking & control, and for various other purposes. Radar systems are basically used for the purpose of train traffic control, and to detect objects present on the train tracks. Whereas, the LiDAR technology sensors are used to conduct surveys to gather information regarding the railway track surrounding land to plan the most efficient railroad route.

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In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for Radar & LiDAR technology for railways application products. The report tracks the global adoption of Radar & LiDAR technology for railways application products in 20+ high-growth markets, along with analyzing the impact of COVID-19 on the global adoption of Radar & LiDAR technology for railways application solutions, along with the pre-COVID and post-COVID market growth analysis.

“Companies operating in the market are launching advanced solutions to improve rail collision prevention mechanism. Their efforts will elevate the market demand,” says the FMI analyst

Key Takeaways

• The global radar & LiDAR technology for railways application market is forecast to reach the valuation of US$ 4.98 Bn by the end of assessment period
• The U.S. radar & LiDAR technology for railways application market is anticipated to grow at 10.4% CAGR throughout the forecast period. Increasing government funding towards improving productivity will aid overall expansion.
• Rapid adoption of technology for producing digital railways system and increasing government initiatives towards developing high speed rail network will have positive influence on the U.K. radar & LiDAR technology for railways application market growth.
• China has been working extensively towards developing its railway infrastructure. With increasing research and development initiatives undertaken for digitization of railway system, impressive growth is on card for the China radar & LiDAR technology for railways application market.
• Integration of cloud based traffic planning solutions with railways and track management system will fuel the market growth during the upcoming years.
• Increasing demand for safe protection system, reliable scheduling and tracking of trains along with their positioning has perpetuated the radar & LiDAR technology for railways application market demand.

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COVID-19 Impact Analysis on Radar & LiDAR technology for railways application Market
The COVID-19 pandemic has had a significant impact on nearly all spheres on the global economy. Due to restricted connectivity during the lockdown, supply-chains, exchange and transfer of essential goods and services and distribution of various commodities have been affected.

The pandemic has adversely affected many countries worldwide, resulting into negative impact on the global economy. According to UIC estimates, the passenger and freight revenues could lose up to $125 billion total for both 2020 and 2021

The pandemic has driven most of the affected nations into shutdowns, restricting their commercial and industrial activities. As a result, transportation revenues dropped significantly, therefore, transport workers’ wages were deducted, other transport workers were laid off, and some transport companies closed due to bankruptcy. Resultantly, new investments in railway systems has been impeded.

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Competitive Landscape

Some of the leading players operating in the market are Radarxense BV, Radar Vision, Earth Radar Pty Ltd, Bosch Mobility Solutions, Navtech Radar, ELVA-1, DEUTA-WERKE GmbH, Hupac Intermodal, BlackBerry Limited, Leica Geosystems AG, Trimble Inc., RIEGL Laser Measurement Systems GMBH, SICK AG, Quantum Spatial, Velodyne Lidar, YellowScan, Phoenix LiDAR Systems, XenomatiX, and IDS GeoRadar (Hexagon).

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About FMI
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This release was published on openPR.