Press release
Wayside Control Market SWOT Analysis, Industry Revenue, Growth Overview, Industry Share And Forecast To 2033
Wayside Control Market
The Business Research Company presents an extensive market research report on the Wayside Control Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The wayside control market size has grown strongly in recent years. It will grow from $1.19 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to railway infrastructure expansion, safety and regulatory compliance, demand for automated solutions, traffic management optimization, urbanization and public transportation.
The wayside control market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to high-speed rail development, implementation of positive train control (ptc), focus on energy efficiency, global connectivity and interoperability, population growth and urban mobility. Major trends in the forecast period include investments in rail infrastructure, digitalization and iot integration, integration of communication technologies, technological advancements in railways, integration of advanced sensor technologies.
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Key Market Players:
Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Nokia Corporation, Thales Group, Alstom SA, Cubic Corporation, Wabtec Corporation, Rockwell Automation Inc., Indra Sistemas S.A., Construcciones y Auxiliar de Ferrocarriles S.A., Phoenix Contact, Advantech Co. Ltd., Belden Inc., Schaltbau Holding AG, Kyosan Electric Mfg. Co. Ltd., Autech Technology Co. Ltd, Frauscher Sensor Technology, Aversan Inc., LILEE Systems Ltd., EKE-Electronics Ltd., Sphinx Connect are prominent players in the industry.
Market Drivers:
The increasing railway network is expected to propel the growth of the wayside control market going forward. A railway network is a collection of interconnected railroad lines that move passengers and freight within a nation or region. Wayside control systems are used to regulate numerous elements of the railway infrastructure, such as signals, switches, and detectors, to maintain trains' safe and effective running. For instance, in April 2023, according to a press information bureau published by the Ministry of Indian Railways, 5243 km of the new line (new line/ doubling/ gauge conversion) were completed in 2022-2023 as opposed to 2909 km in 2021-2022. Therefore, the increasing railway network is driving the growth of the wayside control market.
Market Segments Include:
1) By Component: Hardware, Software, Services
2) By Control System Type: Centralized Control Systems, Distributed Control Systems
3) By Application: Automatic Train Control (ATC), Centralized Traffic Control (CTC)
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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