LONDON--(BUSINESS WIRE)--The global connected rail solutions market is expected to post a CAGR of over 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The continuous expansion of seaports and rising foreign trade are increasing the need for railway networks to facilitate fast and economic transfer of goods from ports to destinations. In addition, countries are expanding their railway networks to meet the increasing demand for passenger transfers. The relaxation of rail tariffs and custom procedures has also encouraged major logistic service providers to increase transportation through railways, especially between Europe and China. Thus, the rise in railway expansion projects will boost the demand for connected rail solutions including CBTC and PTC during the forecast period.
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As per Technavio, the emergence of autonomous trains will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Connected Rail Solutions Market: Emergence of Autonomous Trains
Autonomous trains have been gaining popularity in recent years with the growing demand for efficient modes of transportation. Railway companies are using connected rail solutions such as ATC to generate a considerable amount of data regarding drive patterns, route patterns, and weather conditions. In addition, major rail freight logistics companies and passenger rail operators are deploying autonomous trains with connected rail solution devices to merge their data with big data analytics to create meaningful insights. Furthermore, the use of analytics in autonomous trains helps transport companies to optimize the transport route and stock configuration.
“Increasing need to improve passenger experience, and the advent of smart cities will further boost the connected rail solutions market growth during the forecast period”, says a senior analyst at Technavio.
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Global Connected Rail Solutions Market: Segmentation Analysis
This market report segments the global connected rail solutions market by safety and signaling system (CBTC, PTC, and ATC) and geography (APAC, Europe, MEA, North America, and South America).
Europe led the connected rail solutions market share in 2019, followed by APAC, North America, MEA, and South America respectively. The market dominance of Europe can be attributed to the higher reliability of rail transportation over road and sea transportation for punctuality and timely delivery of goods. However, the APAC region is expected to contribute to the highest incremental growth in the connected rail solutions market during the forecast period owing to growing investments by the governments of China, India, Thailand, and Bangladesh in the development of the railway infrastructure.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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