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Smart Railways Global Market Report 2024 by The Business Research Company | Huawei Technologies Co. Ltd.; Hitachi Ltd.; Siemens AG; General Electric Company; Accentur*e plc; International Business Machines Corporation; Cisco Systems Inc.; SAP SE; ABB Ltd.
Smart Railways Market Trends
The smart railways market size is expected to see rapid growth in the next few years. It will grow to $41.89 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to continued digital transformation initiatives in the rail sector, a shift towards MaaS models, government policies promoting sustainable transportation solutions, growing emphasis on data-driven decision-making in railway operations. Major trends in the forecast period include integration of IoT sensors and devices, adoption of AI technologies for predictive analytics, implementation of digital twin technologies, embrace of 5G connectivity, focus on cybersecurity, and integration of railway services into multimodal transportation ecosystems.
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Smart Railways Market Major Segments
The smart railways market covered in this report is segmented -
1) By Type: Rail Freight, Passenger Rail
2) By Device And Component: Rail Sensors, Video Surveillance Cameras, Smart Cards, Networking And Connectivity Devices, Other Devices And Components
3) By Services: Consulting Services, System Integration
4) By Solutions: Passenger Information System, Freight Management System, Smart Ticketing System, Security And Safety Solutions, Rail Communication And Networking System, Rail Analytics System, Rail Asset Management And Maintenance Solutions, Rail Operation And Control Solutions
5) By End-Use: Mining, Construction, Agriculture, Other End-Uses
Key Driver - Demand For Environmentally Friendly Transportation Fuels Smart Railway Market
An increase in demand for environmentally friendly and efficient transportation options is expected to propel the growth of the smart railways market going forward. Environmentally friendly and efficient transportation options refer to modes of transportation that minimize negative environmental impacts, such as air and noise pollution, while also optimizing energy usage and resource efficiency. The surge in environmentally friendly and efficient transport can be attributed to increasing awareness of environmental issues, government regulations promoting sustainability, and shifting consumer preferences towards more eco-friendly modes of travel. Smart railway systems integrate technology to optimize operations, reducing emissions and energy consumption while enhancing transportation efficiency and offering eco-friendly travel alternatives for sustainable mobility. For instance, in March 2024, according to Eurostat, a Luxembourg-based intergovernmental statistical organization, the quantity of railcars powered by electricity in France rose to 7,113, marking an increase from 7,081 in 2021 and 6,908 in 2020. Similarly, in Sweden, the number increased to 2,889 in 2022, reflecting a growth rate of 25.99% compared to 2,291 in 2021. Therefore, the rise in demand for environmentally friendly and efficient transportation options is driving the growth of the smart railways market.
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Prominent Trend - Increasing Focus On Introducing Smart Electric Trains In Response To Growing Demand For Green Transportation Solutions
Major companies operating in the smart railway market are focusing on developing innovative mobility solutions, such as smart electric trains, to gain a competitive edge in the market. A smart electric train refers to a modern train powered by electricity and equipped with advanced technologies for enhanced performance, efficiency, and passenger experience. For instance, in November 2023, Siemens Mobility GmbH, a Germany-based provider of transport solutions, launched the Mireo Smart Electric Train. It is an electric version of the existing Mireo model, with spacious seating for 214 passengers, accommodation for 21 bicycles, and impressive performance metrics, including a maximum speed of 160 km/h and rapid acceleration of up to 0.96 m/s^2. The Mireo Smart is equipped with advanced passenger information and security monitoring systems, offering a practical and cost-effective solution for rail operators. Moreover, it is compatible with existing Mireo and Desiro HC trains.
Smart Railways Market Players
Major companies operating in the smart railways market report are Huawei Technologies Co. Ltd.; Hitachi Ltd.; Siemens AG; General Electric Company; Accentur*e plc; International Business Machines Corporation; Cisco Systems Inc.; SAP SE; ABB Ltd.; Toshiba Corporation; Capgemini SE; L&T Technology Services Limited; Thales Group; Alstom SA; Infosys Technologies Private Limited; Atos SE; HCL Technologies Limited; Insight Enterprises Inc.; Wipro Limited; Wabtec Corporation; Tech Mahindra Limited; Presidio Inc.; ALE International SAS; Televic N.V.; Moxa Technologies
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the smart railways market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart railways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Railways Market Report Structure
3. Smart Railways Market Trends And Strategies
4. Smart Railways Market - Macro Economic Scenario
5. Smart Railways Market Size And Growth
…..
27. Smart Railways Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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