LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart railway systems market to grow at a CAGR of more than 13% during the period 2018-2022, according to their latest market research report.
The increasing number of smart city projects in emerging countries is one of the major trends being witnessed in the global smart railway systems market. Railways play a major role in the infrastructure development of smart cities. In addition, the development capabilities of smart cities revolve around the country’s transportation infrastructure.
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In this report, Technavio analysts highlight the growing adoption of high-speed rail by emerging economies as a key factor contributing to the growth of the global smart railway systems market:
Global smart railway systems market driver: Growing adoption of high-speed rail by emerging economies
The high disposable income and changing lifestyle are prompting people to spend more for convenient transportation. To provide cost-effective and safe transportation, countries are focusing on high-speed trains that are gaining popularity in the market. In 2016, there were around 20, 000 miles of high-speed line networks across the globe and about 1, 712 million passengers used high-speed trains as a mode of transport each year.
According to a senior analyst at Technavio for research on logistics, “The demand for smart railway systems is expected to be more in China and Japan due to the huge investments in the development of high-speed rail networks in both countries. India’s first high-speed rail project between Mumbai and Ahmedabad was initiated in 2017, which is expected to be completed by 2022.”
Global smart railway systems market: Segmentation overview
This market research report segments the global smart railway systems market into the following products (solutions, services, and components) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the solutions segment held the largest market share in 2017, accounting for over 40% of the market. This product is expected to dominate the global market throughout the forecast period.
EMEA led the global smart railway systems market in 2017, accounting for a market share of nearly 46%. It was followed by the Americas and APAC. APAC is anticipated to demonstrate substantial growth during the forecast period when compared with the other two regions.
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