LOS ANGELES, July 05, 2021 (GLOBE NEWSWIRE) -- The Global Automotive Switch Market is expected to grow at a CAGR of around 8.8% from 2020 to 2027 and reach the market value of over US$ 5,623.5 Mn by 2027.
European region to take a forefront lead in the train control management systems market
Because railways in major European countries are being outfitted with cutting-edge solutions such as train control and management systems, the European market represents significant revenue growth for train control and management system market players. Siemens train control and management systems, for example, will be installed on the Hungarian railway line. This new signaling technology is set to be operational by the end of 2020. Furthermore, another market participant in train control and management systems, Bombardier Transportation, opened a new high-tech laboratory for railway technology and presented solutions for battery-powered trains in Mannheim, Germany.
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Asia Pacific to register fastest growing CAGR for the train control management systems market
With nearly 40,000 km of rail projects under planning or development, the Asia Pacific rail industry is one of the world's fastest growing markets. This can be attributed to the region's rapid urbanization as well as the digitalization of rail. Passengers are showing a strong preference for advanced rail transportation solutions that can provide enhanced mobility while also providing safety, comfort, and environmental sustainability. With rising consumer demand, government officials are making concerted efforts to digitally transform and modernize the regional rail network.
For example, the Government of India announced in 2015 that it would invest US$ 137 Bn over the next five years in railway infrastructure and rail assets. Similarly, China has invested US$ 456 Bn in expanding its urban railway transport by 6,000 kilometers by 2020. These significant efforts are having a positive impact on the business world.
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Segmental Outlook
The global train control and management system market is segmented as train type, component, connectivity, and control solutions market. Train type is segmented as metros & high-speed trains, electric multiple units, and diesel multiple units. Based on component, the market is segregated as vehicle control unit, mobile communication gateway, human machine interface, and others. Further, connectivity is segmented as GSM-R, Wi-Fi, TETRA, and others. Train control solutions segment is segmented as positive train control, communication-based train control, and integrated train control.
Market Drivers
Rising demand for secure, safer, and efficient transport systems
According to World Health Organization (WHO) statistics, road traffic injuries are the leading cause of death among people aged 15 to 29 years, accounting for 1.25 million deaths each year due to road accidents. Furthermore, traffic accidents result in significant economic losses for individuals, their families, and nations. As a result, the increased demand for safe, secure, and efficient transportation systems contributes significantly to the global market's growth. Railway transportation is regarded as the safest and most cost-effective mode of transportation, which has increased demand for railways.
The most recent trains are outfitted with cameras, sensors, and communication devices. Furthermore, in most locations, such trains run underground or at ground level and are heavily secured by fences or walls to prevent trespassing, propelling the market's growth.
Market Restraint
High infrastructure and maintenance cost associated with the train control management systems market
Capital and maintenance costs for track, engineering structures such as bridges and tunnels, train signaling, communication systems, power supply in electrified sections, and terminal infrastructure are all significant costs for rail infrastructure. These infrastructure costs, combined with the costs of equipment, land acquisition, and financing, act as a constraint on the rolling stock.
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Competitive Landscape
Key companies profiled in this report involve Bombardier Inc., Siemens AG, Toshiba Corporation, Mitsubishi Electric Corporation, Hitachi Ltd., Knorr-Bremse AG, ALSTOM SA, and among others.
Some of the key observations regarding the train control management systems industry include:
- In 2015, Hitachi Ltd. announced acquisition with AnsaldoBreda S.p.A. (Italy). This strategic acquisition enabled Hitachi to strengthen its position in the signaling and traffic management system markets.
- In January 2016, Alstom SA announced signing of a supply agreement with India's Kochi Metro Rail (KMRL) to supply 25 Made in India coaches. Alstom is supplying an initial fleet of 25 three-car metropolis trainsets to KMRL under a USD 90 million contract awarded in October 2014, which also includes options for up to 25 additional trainsets.
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