LONDON--(BUSINESS WIRE)--The global smart railway systems market size is expected to grow by USD 15.03 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Advanced technologies including automation, AI, and machine learning are expected to revolutionize the railway industry. The use of advanced technologies provides several benefits ranging from cost benefits to higher customer value and efficiency. The use of IoT can increase the safety and efficiency of rail traffic by ensuring preventive maintenance. Furthermore, the deployment of analytics will aid in improving railway maintenance decisions by using the precise locations of trains, their speed, weather report, and other data from vibration sensors located alongside the tracks. The fusion of this meta-data will further enhance decision-making and help in creating a sophisticated rail scheduling software. Thus, implementation of advanced technologies with the smart railway systems will provide operational efficiency and faster as well as better services for commuters. This, in turn, will eventually drive market growth during the forecast period.
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As per Technavio, growing need for sustainable, clean, and high-speed transport 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 Smart Railway Systems Market: Growing Need for Sustainable, Clean, and High-Speed Transport
With growing concerns around climate change, the railway industry is striving to find better alternatives and ways to minimize emissions. The increasing use of hydrogen fuel cells, battery-powered locomotives, and dual-fuel locomotives are a few developments targeted at introducing an energy-efficient and cost-effective alternative to diesel trains. In addition, the industry is also widely adopting autonomous vehicle technology along with deployment of alternative fuels to make rail transportation faster, cleaner, and more efficient. Thus, the growing need for sustainable, clean, and high-speed transport alternatives will drive the demand for smart railways systems in the forthcoming years.
“Growing consolidation in the railway industry, rising deployment of IoT and Big data, and increasing investments in railways by the government and private sector will boost the smart railway systems market growth during the forecast period”, says a senior analyst at Technavio.
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Global Smart Railway Systems Market: Segmentation Analysis
This market report segments the global smart railway systems market by product (solutions, components, and services) and geography (APAC, Europe, MEA, North America, and South America).
Europe led the smart railway systems market share in 2019, followed by North America, APAC, MEA, and South America respectively. Several factors including the growing demand for transportation, increasing environmental concerns, and stringency of regulatory frameworks are driving the smart railway systems market in Europe. However, APAC is expected to witness the highest incremental growth in the smart railway systems market owing to the factors such as the emergence of megacities and rising investments in the development of railway network. Furthermore, the growing focus of regional governments on enhancing the existing railway network will drive APAC to witness fastest growth during the forecast period.
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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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