LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global connected rail solutions market to grow at a CAGR close to 7% during the period 2018-2022, according to their latest report.
This market research report segments the global connected rail solutions market into the following safety and signaling systems, including CBTC, PTC, and ATC and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the growing urbanization and increasing investments as a key factor contributing to the growth of the global connected rail solutions market:
Growing urbanization and increasing investments
The urban population consists of more than 50% of the total global population in 2016. In countries such as India, China, and various countries in Africa and Latin America, high growth is witnessed. The rise in urban population leads to an increase in mobility in urban areas. However, growing urbanization in urban areas leads to an increase in traffic and congestion. With the growth of urban population, the need for public transportation that offers high capacity transit will also increase. Railway is an option which can overcome the problem of traffic congestion in roads because of the use of a different route for transit that is rails.
According to a senior analyst at Technavio for logistics, “As rail transport is cheap, safe, and sustainable, the demand for it has increased. When compared to other modes of transport, rail transport options are more sustainable because they generate the least CO₂ emissions. Additionally, the advent of regenerative braking in trains makes rail transport a more sustainable option. With economic growth being the main focus, countries are investing more in rail infrastructure projects to improve the public transportation facilities.”
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Global connected rail solutions market segmentation
EMEA was the leading region for the global connected rail solutions market in 2017, accounting for a market share of 36%. By 2022, APAC is expected to witness a decline in its market share. APAC, on the other hand, is expected to see a positive growth during the forecast period.
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