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Connected Rail Market Research, Size, Forecast to 2033: A Comprehensive Analysis
Connected Rail Market Research
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According to The Business Research Company's, The connected rail market size has grown strongly in recent years. It will grow from $88.82 billion in 2023 to $94.25 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the adoption of Internet of Things (IoT) sensors, increasing last-mile trade connectivity for trade, increasing rail connectivity and operational efficiency, growing adoption of communication-based train control for automating traffic management, increased emphasis on the installation of smart railway systems.
The connected rail market size is expected to see strong growth in the next few years. It will grow to $120.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the growth of smart transportation initiatives, increasing emphasis on the installation of smart railway systems, increasing automation in the automotive sector, and growing acceptance of embedded systems in electric and hybrid vehicles. Major trends in the forecast period include expansion of rail electrification, new product innovation, technological advancement, strategic mergers and acquisitions.
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Market Drivers and Trends:
The governmental initiatives towards increasing rail connectivity are expected to propel the growth of the connected rail market going forward. Governmental initiatives towards rail connectivity are increasing due to the growing recognition of efficient and sustainable transportation systems' economic, environmental, and social benefits. Governmental initiatives play a crucial role in promoting and funding the adoption of connected rail technologies to enhance transportation efficiency, safety, and infrastructure modernization. For instance, in November 2023, according to the Office of Rail and Road, a UK-based government department, the UK government invested $10.42 billion (£9.7 billion) in rail infrastructure and rolling stock, with a significant portion dedicated to the High Speed 2 (HS2) project. Therefore, government initiatives aimed at increasing rail connectivity are driving the growth of the connected rail market.
Major companies operating in the connected rail market are focusing on technological advancements, such as a fully autonomous railway system, to gain a competitive edge in the market. A fully autonomous railway system refers to trains that operate without human intervention, utilizing artificial intelligence, sensors, and communication networks for navigation and control. For instance, in June 2023, Hitachi Ltd., a Japan-based company, launched the first phase of the Honolulu Skyline, the first fully autonomous urban railway system in the United States. The initial phase of the system includes a 10.75-mile elevated rail line with nine stations, connecting East Kapolei to Aloha Stadium. The system is designed to reduce traffic congestion and pollution by providing a sustainable and efficient mode of transportation to the residents and tourists of Honolulu. The fully autonomous system is powered by electricity and features advanced safety features, including over 1,500 cameras connected to the control center for emergency response.
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Major Key Players of the Market:
Russian Railways, Huawei Technologies Co. Ltd., Hitachi Ltd., General Electric Company, Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Deutsche Bahn AG, ABB Ltd., Toshiba Corporation, Nokia Corporation, Union Pacific Railroad, BNSF Railway, Thales Group, CSX Corporation, Network Rail, Canadian National Railway Company, Norfolk Southern Corporation, Central Japan Railway Company, Alstom SA, Wabtec Corporation, Bombardier Inc., Trimble Inc., Ansaldo STS, Australian Rail Track Corporation
Connected Rail Market 2024 Key Insights:
• The connected rail market size is expected to see strong growth in the next few years. It will grow to $120.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Government Initiatives Drive Growth Of Connected Rail Through Enhanced Infrastructure And Digital Solutions
• Advancements In Fully Autonomous Railway Systems
• North America was the largest region in the connected rail market in 2023
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