Chicago, July 20, 2022 (GLOBE NEWSWIRE) -- The global Railway Telematics Market is expected to expand at a compound annual growth rate (CAGR) of 7.5% during the forecast period, reaching a value of USD 7.3 billion by 2026, according to a new report by MarketsandMarkets™. Various countries have realized that the development of railway infrastructure is one of the important factors driving economic development. Therefore, several countries and OEMs are investing significantly in railway infrastructure. Railway telematics is defined as the use of telecommunications and informatics across freight railways. The Railway Telematics Market comprises solutions and services which enable communication and data transfer over long distances through wireless mediums. The Railway Telematics Market is a new emerging market, as systems entrenched in smart rail are not commonly incorporated in all rails. Rail technology equipped with telematics solutions comprises two major connectivity solutions, namely, fleet management and connected safety & security. The major purpose of the technology is to increase safety and security.
An increase in demand for freight rail transportation due to the adoption of rail telematics solutions to monitor railcars are expected to augment the growth of the market. Timely maintenance of railcars and optimal utilization of railcars by railcar lease operators are expected to lead to the increasing adoption of telematics technologies, further, driving the market. The North American market will have the largest share during the forecast period followed by Europe and the Asia Pacific. Large volumes of freight transportation in the North American region led to the high demand for freight wagons and locomotives. Thus, the demand for railway telematics for their management is on the rise.
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Railcar tracking & tracing is estimated to hold the largest market share by solution during the forecast period
Railcar tracking & tracing systems provide real-time communication between fleet operators and customers to track and monitor assets. This solution provides asset visibility which ensures optimized utilization, enhances security, monitoring for damages, and lower operating costs of assets. This solution offers improved visibility of railcars and cargo. The tracking of railcar location and monitoring is undertaken using information to optimize fleet performance. The usage on GPS is done to get real-time alerts of critical events such as in and out data of railcars from yards. The event monitoring feature enables tracking and tracing the damage to goods anywhere in the railway network. This solution is also applicable for tracking and continuously monitoring hazardous chemicals with the usage of telematics devices for rail and container operators. The temperature and fuel level can be monitored using the track & trace solution.
TCU segment is estimated to be the largest and fastest segment by component during the forecast period
TCUs help fleet managers provide real-time location to customers about the location of their goods and wagons with an accuracy of within two meters. Digitalization enables providing new generation information access to technicians, transport planners, and current and future customers. This information can be provided regardless of the country, and on which railroad the goods are shipped. TCU enables further monitoring through accelerometers to gain valuable insights on how railcars are being handled. These factors are driving the growth of the market for the TCU component. Due to the increase in the demand for freight transportation, spending on digitization is on rise for rail telematics solutions. Thus, railcar lease operators are provided with rail logistics data, helping optimize the utilization of railcars and increasing the efficiency of rail logistics. Thus, the rising demand for TCUs is expected to lead to the growth of segment.
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North America is expected to be the largest market in the Railway Telematics Market
North America is projected to account for the largest market share during the forecast period. One of the key reasons for the major market share is the early adoption of the telematics technology for rail freight in the region. North America constitutes developed economies such as the US and Canada. These countries are significantly advanced in terms of technology and application deployments. The leading telematics solution providers such as Trinity Industries, Amsted Rail, and ORBCOMM started offering telematics solutions in the region. The North American region already consists of private rolling stock players in the Railway Telematics Market. Existing players tend to combine their own expertise with other players’ higher capability offerings with the help of new product developments, acquisitions, partnerships, collaborations, alliances, and mergers. The advent of 4G and LTE technologies are expected to spur market growth in North America.
The report analyzes all major players in the Railway Telematics Market including Hitachi Ltd. (Japan), Siemens (Germany), Bosch (Germany), Knorr-Bremse (Germany), and Alstom (France).
