Dubai, UAE, April 03, 2023 (GLOBE NEWSWIRE) -- As per the recent research report published by Extrapolate, the global Rail Infrastructure Market was valued at USD 58.73 billion in 2022 and is estimated to reach USD 83.81 billion by 2032 at a CAGR of 3.62% between 2023 and 2032.
The demand for transportation is rapidly increasing across the globe. Based on current trends and analysis, passenger and freight activity volume is expected to double by the year 2050. While this growth is a sign of progress and development, it also brings about heightened energy demands and increased emissions of CO2 and atmospheric pollutants. In an increasingly urbanized world, rail travel is well-suited to meet the needs of urban areas. As per Extrapolate’s analysis, high-speed rail is increasingly being preferred as a substitute for short-haul air travel, while conventional and freight rail work together with other transportation modes to offer efficient mobility.
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Government initiatives to reduce carbon emissions and promote sustainable transport is driving investment in the rail infrastructure market. For example, the European Union has set a goal to reduce greenhouse gas emissions by 55% by 2030. A significant portion of this reduction is expected from the transportation sector. Despite carrying only 8% of the world's passengers and 7% of global freight transport, the rail sector demands only 2% of the total transport energy, making it a more sustainable mode of transportation. Most conventional rail networks are in North America, Europe, China, Russia, India, and Japan. These regions account for approximately 90% of global passenger movements on conventional rail, with India leading at 39%, followed by China at 27%, Japan at 11%, and the European Union at 9%.
Most Lucrative Revenue Pockets in Global Rail Infrastructure Market
- High-speed rail (HSR) is offering lucrative revenue opportunities. HSR is an eco-friendly and efficient transport mode, with countries like China, Japan, France, Germany, and the United States heavily investing in enhancing connectivity and reducing travel time.
- Urban transit systems, such as metro and light rail, are vital investment areas in the rail infrastructure market. Due to rapid urbanization and population growth, the need for efficient and affordable transportation in urban areas is increasing. Consequently, cities worldwide, including Mumbai, Bangalore, Chennai, Los Angeles, Sydney, and Riyadh, are investing in metro and light rail systems to alleviate congestion and boost connectivity.
- Freight rail infrastructure is a critical investment sector due to a significant economic means of transporting goods over long distances. As a result, the market is witnessing a solid inflow of investment. For instance, between 1980 and 2021, U.S. freight railroads invested approximately $760 billion in capital expenditures and maintenance expenses, averaging over $20 billion annually.
- Many countries have started investing in rail infrastructure modernization projects to upgrade existing infrastructure and ensure safety and reliability. For instance, the UK has recently undertaken various rail infrastructure modernization projects, such as railway line electrification and new signaling systems development. In December 2022, Network Rail committed to a 53-billion-euro budget for the next five years, with separate arrangements made for Scotland and Northern Ireland.
Rail Infrastructure Market Segmentation by Ownership:
- Private Rail
- Public Rail
Public Ownership to Remain the Largest Revenue Contributor to Global Rail Infrastructure Market
Public ownership generates the highest revenue in the rail infrastructure market. This is due to several factors, including pricing flexibility, investment in infrastructure, collaboration with other public entities, and the ability to cross-subsidize different rail services.
Governments around the globe set pricing policies that align with the public interest and economic goals, leading to more competitive pricing and increased demand. Additionally, public ownership enables more significant investment in infrastructure, which can improve reliability, safety, and efficiency, which ultimately drives revenue.
In recent years, the global rail infrastructure market has experienced a significant increase in government funding for developing and improving high-speed public rail networks. This trend is driven by the growth of developing nations, accumulating the numerous benefits of high-speed rail to their citizens, economies, and the environment. Currently, over 25 nations have established high-speed rail networks with a combined track length exceeding 45,000 kilometers.
China dominates the market, accounting for approximately 60% of the world's track length, and has ambitious plans to operate 38,000 kilometers by 2025. However, to achieve the Net Zero Scenario, high-speed rail activity levels need to increase by 60% by 2030. This underscores the importance of sustained investment and innovation in the rail infrastructure market to achieve ambitious sustainability goals in the coming years.
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Rail Infrastructure Market Segmentation by Form:
- Locomotive
- Rapid Transit Vehicle
- Railcar
Locomotive Trains Expected to Dominate the Market: Technological Advancements Transforming the Rail Industry
Locomotive rails are expected to account for the largest share of this market. The increasing demand for freight transportation is a key driver of this growth, fueled by e-commerce, globalization, and urbanization. As per Extrapolate's findings, rail freight is expected to play a significant role in the global economic recovery over the next five years, with a growing sense of optimism internationally. The sector's economic contribution has been estimated at nearly USD 250 billion and is projected to grow by 2% annually during the next five years. Locomotive rails are crucial for transporting heavy loads of goods and materials over long distances, making them a critical component of the global supply chain.
Technological advancements, such as developing more robust and durable rail materials, are improving the efficiency and reliability of locomotive rails. Governments worldwide also invest in rail infrastructure to aid economic growth and reduce carbon emissions. For example, the European Union aims to shift more freight transport from road to rail to reduce greenhouse gas emissions by 55% by 2030.
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Competitive Landscape
The rail infrastructure industry is highly competitive, with numerous global and regional players operating in the industry. The competitive landscape of the rail infrastructure market is being shaped by factors such as technological innovation, favorable government regulations, environmental concerns, and pricing strategies. Some of the key players include:
- ALSTOM
- BNSF Railway Company
- BOMBARDIER
- CRRC CORPORATION LIMITED
- Kawasaki Railcar Manufacturing Co., Ltd.
- K&R Rail Engineering Ltd.
- National Railroad Passenger Corporation
- Nossen-Riesaer Eisenbahn-Compagnie GmbH (NRE)
- Siemens Mobility
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Asia Pacific to Remain at the Forefront of the Global Rail Infrastructure Market
The Asia Pacific region is expected to emerge as the largest market for rail infrastructure due to several growth factors during the forecast period. The region's massive population, accounting for around 60% of the world's population, has led to a growing need for an efficient and reliable transportation system to connect people, goods, and services.
Additionally, the Asia Pacific region is further predicted to be the fastest-growing economy in the world, with countries like China, India, Japan, and South Korea leading the way. Economic growth has fueled increased demand for transportation infrastructure, including rail infrastructure, to support business activity. Recently, India announced to invest over USD 715 billion in improving its rail infrastructure by 2030.
In 2023, China State Railway plans to fund the construction of 3,000 kilometers of new railway lines, a 26.8% decline from 2022. China has relied heavily on debt-driven fixed-asset investment, including building railways, roads, properties, and factories, to power economic growth over the past two decades.
Table of Content:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 COVID-19 Impact on Rail Infrastructure Market
Chapter 5 Global Rail Infrastructure Market Overview, By Infrastructure, 2018 - 2032 (USD Million)
Chapter 6 Global Rail Infrastructure Market Overview, By Rail Type 2018 - 2032 (USD Million)
Chapter 7 Global Rail Infrastructure Market Overview, By Ownership, 2018 - 2032 (USD Million)
...
Chapter 14 Competitive Landscape
Chapter 15 Key Vendor Analysis
Chapter 16 Sourcing Strategy and Downstream Buyers
Chapter 17 Marketing Strategy Analysis, Distributors/Traders
Chapter 18 Market Effect Factors Analysis
...TOC Continued
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