Railway Telematics Market by Solution (Fleet Management, Automatic Stock Control, Shock Detection, Reefer Wagon Management, ETA) - Global Forecast to 2026

The Railway Telematics Market was valued at USD 5.1 billion in 2021 and projected to reach USD 7.3 billion by 2026, growing at a CAGR of 7.5% from during forecast period.

Driver: Government initiatives for smart railways

Increasing urbanization across the globe is resulting in the evolution of smart cities. Governments around the world are undertaking various smart city initiatives to provide better transportation infrastructure and speeding-up operational activities in public transportation services. For instance, in March 2020, the Government of India has proposed to develop 100 smart cities in the next few years. The Government of Singapore is implementing digital technology in transportation to accomplish its Smart Nation vision. Transportation is considered one of the most important pillars of a country's economic development, and hence, these smart city initiatives are expected to drive market growth.

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Opportunity: Increasing need for railway telematics

The need for telematics in freight and cargo transportation by rail has increased over the years. Population is increasing annually every year all over the world. Transportation infrastructure is a significant challenge for many countries across the world. Countries which are in the developmental stage lag in terms of efficient freight transportation services. The global rail industry is undergoing continuous changes in terms of technology for higher efficiency and safety.

Several countries have realized that the development of railway infrastructure is one of the important factors driving economic development. A number of countries are investing significantly in railway infrastructure. Regions such as Europe and North America are advanced as against the other regions and are therefore able to provide advanced telematics solutions for the high interoperability of rail cars. The North American freight rail network runs almost 140,000 route miles annually and accounts for 27.9% of the total freight movement as of 2020 in the country as per the US Department of Transportation's Federal Railroad Administration. In November 2020, US operators, namely, Norfolk Southern, Genesee, Wyoming, and Watco joined the manufacturers, TrinityRail and GATX Corp as part of their joint venture for the purpose of accelerating the adoption of GPS location and other telematics solutions across the North American freight wagon fleet. As far as the European region is concerned, mandates by governments regarding smart railcars have given a boost to the railway telematics market in that region.

Hopper railcars account for a major share of the market during the forecast period

Due to the new GSM and GPS modules, a significant cost reduction could be achieved. Interfaces for complementing sensors such as shock detection, digital/analog inputs/outputs, etc. are integrated. In addition, based on the analysis of user requirements, the development of a reliable load sensing technology for freight cars has been launched. This is a result of the fact that today most of the freight cars in operation in the railways do not use the full load capacity as cost-effective measurement of the load does not exist, especially during the filling-up process such as in the area of bulk freight. These advanced solutions are expected to support the growth of the railway telematics market.

Key Market Players

The key players considered in the analysis of the Railway Telematics market are Siemens (Germany), Hitachi Ltd. (Japan), Alstom (France), Knorr-Bremse (Germany), and Robert Bosch (US). These companies offer extensive products for the Railway Telematics industry and have strong distribution networks, and they invest heavily in R&D to develop new products.

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This release was published on openPR.