Dublin, May 16, 2023 (GLOBE NEWSWIRE) -- The "Railway Telematics Market Size, Share & Trends Analysis Report By Solution (Fleet Management, Automatic Stock Control, Remote Data Access), By Railcar, By Component, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global railway telematics market is expected to reach USD 18.37 billion by 2030, registering a CAGR of 6.7% from 2023 to 2030. Increase in government initiatives for smart railways owing to rapid urbanization and evolution of smart cities, globally, is driving the market growth.
Governments across the globe are laying emphasis on undertaking several smart city initiatives to speed up operational activities in public transport services and offer better infrastructure for transportation.
Several countries such as Germany, India, France, and Canada have recognized that the expansion of the railway infrastructure is a significant factor supporting economic development. As a result, OEMs and numerous countries are investing considerably in railway infrastructure. For instance, in September 2022, Siemens mobility announced a contract with NS Groep N.V., a transportation company, to upgrade 176 ViRM trains with the most up-to-date ETCS European Train Control System (ETCS) Level 2 technology.
With the ETCS Level 2 update, the fleet will be able to function more effectively to balance its useful life while also satisfying the most recent European criteria for rail safety compatibility. Equipment for the ETCS onboard unit, installation assistance, and seven years of system maintenance services will all be supplied by Siemens Mobility.
The majority of the prominent players in the railway telematics market belong to European region. OEMs including Alstom, DB Cargo, Knorr-Bremse, and Siemens AG hold a majority of the share in the railway telematics market. Several railway operators are replacing old technologies with progressive train signaling and control systems. For instance, in May 2022, Rail Pulse announced a partnership with Railinc, a rail data services provider company.
Under this partnership, Railinc and Rail Pulse will provide sensor and telematics technology to the North American freight rail sector. Under a 10-year agreement, Railinc will create, maintain, and run the technology platform for Rail Pulse to track the current location, and condition of railcars.
The prominent players that dominated the railway telematics market globally in 2020 include Hitachi Ltd., Siemens AG, Robert Bosch GmbH, Knorr-Bremse AG, and Alstom SA. These players majorly focus on strategic partnerships and mergers & acquisitions to enhance their business operations. For instance, in January 2022, Hitachi Rail Limited partnered with Intermodal Telematics BV (IMT), a software services provider for the intermodal transport industry, to improve its rail freight market offerings.
As part of this partnership, IMT's monitoring sensors that provide real-time monitoring will be integrated into Hitachi's present digital freight service. These sensors support the accurate verification of railcar locations, loading status, door and hatch open/close conditions, cargo temperature and pressure, along with the condition of bogies and wheelsets.
Railway Telematics Market Report Highlights
- The fleet management segment is expected to dominate the railway telematics market due to the increasing freight activities, globally. The segment growth can be attributed to the rising need to manage the performance and the condition of rail assets
- The telematics control unit segment is expected to dominate the component segment and the trend is expected to continue during the forecast period. The growth can be attributed to the increased profitability, safety, and maintenance provided by the advanced telematics control unit in railcars
- North America is estimated to account for the majority share of the market during the forecast period. Growing transportation requirements of freight and logistics industries and increasing awareness about safety and accident prevention are some of the major drivers of the market growth in this region
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $11.68 Billion |
| Forecasted Market Value (USD) by 2030 | $18.37 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Railway Telematics Market Variables, Trends, and Scope
Chapter 4. Railway Telematics Market: Solution Outlook
4.1. Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2030 (USD Million)
4.1.1. Fleet Management
4.1.1.1. Market estimates and forecasts by region, 2018 - 2030 (USD Million)
4.1.2. Automatic Stock Control
4.1.2.1. Market estimates and forecasts by region, 2018 - 2030 (USD Million)
4.1.3. Remote data access
4.1.3.1. Market estimates and forecasts by region, 2018 - 2030 (USD Million)
4.1.4. Railcar tracking and tracing
4.1.4.1. Market estimates and forecasts by region, 2018 - 2030 (USD Million)
4.1.5. Others
4.1.5.1. Market estimates and forecasts by region, 2018 - 2030 (USD Million)
Chapter 5. Railway Telematics Market: Railcar Outlook
5.1. Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2030 (USD Million)
5.1.1. Hoppers
5.1.2. Tank cars
5.1.3. Well cars
5.1.4. Boxcars
5.1.5. Refrigerated boxcars
5.1.6. Others
Chapter 6. Railway Telematics Market: Component Outlook
6.1. Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2030 (USD Million)
6.1.1. Telematics Control Unit
6.1.2. Sensors
Chapter 7. Railway Telematics Market: Regional Outlook
Chapter 8. Competitive Analysis
Chapter 9. Competitive Landscape
Companies Mentioned
- Siemens AG
- Hitachi Ltd.
- Alstom SA
- Knorr-Bremse AG
- Hitachi Ltd.
- Robert Bosch GmbH
- A1 Digital
- Rail nova SA
- SAVVY Telematics Systems AG
- Wabtec Corporation
- Amsted Industries
- Orbcomm
For more information about this report visit https://www.researchandmarkets.com/r/9mmsjy
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