New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Smart Railway Market Research Report: By Solution, Type, Services, Component, and Region- Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 43.34 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.45% during the assessment timeframe.
Smart Railway Market Overview:
Smart railways are developed by installing GSM-R systems, data analytics, and cloud computing. The IoT solution is utilized for the smart railway application to comprehend the condition information distributed over massive railway areas. Smart railways consist of freight information systems, e- catering, and smart ticketing. They help in effective transport and reduce costs ultimately by automating several procedures and enabling technology to improve services. The world is moving towards digitization, and the railway market would not be impervious to this change. The railway industry, believed to be a conservative industry referring to the rapid technological implementation, has known to be the advantages of going digital. Digitization in the railway sector guarantees customer satisfaction, improved customer experience, sustainability, and operational efficiency, which are vital concerns railway operators globally faced until recently. Higher safety & sustainability, increasing mobility, and urbanization standards have boosted the market's growth.
Smart Railway Market Competitive Analysis
- Teleste (Finland)
- Cisco Systems, Inc. (US)
- Huawei Technologies Co. Ltd (China)
- Alstom SA (France)
- Bombardier, Inc. (Canada)
- General Electric Inc. (US)
- Siemens AG (Germany)
- Hitachi Limited (Japan)
- Indra Sistemas SA (Spain)
- International Business Machines Corporation (US)
- Thales Group (France)
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Smart Railway Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 43.34 Billion |
| Growth Rate | CAGR of 9.45% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rising Adoption of advanced safety Systems Drives the Market Growth |
| Key Market Drivers | Smart railways offer advanced and reliable services that enhance operational efficiency, passenger experience, and high returns on investments (ROI). |
Smart Railway Market USP Covered
Smart Railway Market Drivers
The smart railways market has developed massively in recent years owing to the rising adoption of advanced safety systems, expanding demand for cloud-based services, growing adoption of IoT technology, and growing demand for effective & safer commuting services.
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Smart Railway Market Restraints
On the other hand, the aspects such as a lack of information & communication technology infrastructure, concerns related to infrastructure, and high installation costs may limit the market's performance.
COVID-19 Impact
The world has faced several unexpected challenges given the arrival of the global health crisis in the form of COVID-19, which ended up affecting the majority of the industry sectors across the globe. Not like other market areas, the smart railways market has witnessed several positive changes during the pandemic. On the other hand, with all the global financial and industrial activities returning to normal, the global smart railway market is likely to grow substantially over the coming years.
Smart Railway Market Segment Analysis
Among all the measuring systems, the track measurement segment will likely secure the top position across the smart railways market over the review era. It plays a significant part in the smart railways market.
Among all the solutions, the rolling stock segment is predicted to ensure the top spot across the smart railway market over the review era.
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Based on the solution, the smart railway market has been segmented into rolling stock, electrification, energy storage system, control and signaling, tunnels, and others.
Among all the digital solutions, the passenger information system segment will likely secure the top position across the global market over the coming years.
Smart Railway Market Regional Analysis
According to the research reports by MRFR, the European region is predicted to secure the top position across the smart railways market over the assessment timeframe. The region is considered the global hub for high-end train manufacturers and a lucrative market for luxury autonomous trains. The research reports by MRFR state that the regional market accounted for approximately 54.5% market share in 2017, with a valuation of approximately USD 6,301.7 million. The report further anticipates the regional market to flourish substantially at a healthy CAGR of around 15.8% over the review timeframe. The main parameter supporting the regional market's growth is the adoption of IoT technology. Furthermore, factors such as significant investments in smart railways projects by the government and fast economic growth are also predicted to influence the regional Smart Railway Market growth over the coming years.
The smart railway market for the North American region will likely ensure the second position across the global market over the assessment era. The research reports by MRFR state that the regional market was valued at USD 2,776.6 million in 2017. According to the report, the regional market is predicted to show a substantial growth rate of approximately 16.7% during the review era. The railway industry across the North American region is witnessing a massive demand because of the growing penetration of advanced technologies. Moreover, the growing innovations, mobility, and technology developments with respect to railway infrastructure are also likely to boost the regional Smart Railway Market growth over the assessment timeframe.
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The smart railway market for the Asia-Pacific region is predicted to show the maximum CAGR over the review era. The main parameter supporting the growth of the regional market is the growth in research & development investments for the development of autonomous trains. The growing consumer preference and government spending to deploy high-performance trains will likely catalyze the regional market's growth over the coming years. Moreover, the growing smart city projects, such as smart hospitals and smart railways, are predicted to boost the regional market's growth over the coming years. According to the research reports by MRFR, the smart railway market for the Asia-Pacific region is predicted to bolster substantially at a healthy CAGR of approximately 19.7% during the review era.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
