Connected Rail Market worth $124.5 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2022 /PRNewswire/ -- According to the new market research report "Connected Rail Market by Service (Passenger Mobility, PIS, Train Tracking & Monitoring, Automated Fare Collection, Predictive maintenance, Freight Management), Rail Signaling System (PTC, CBTC & ATC), Rolling Stock and Region - Global forecast to 2027", published by MarketsandMarkets™, the global Connected Rail Market size is projected to grow from USD 94.6 billion in 2022 to reach USD 124.5 billion by 2027, at a CAGR of 5.6%.The major factors behind the growth of rail systems & services market is the continuous need for safety and security in railways, commutator convenience, government support, growing economy, and increasing population. Continuous innovations in the application and advanced analytics of data management are promising to transform the railway industry and commuter experience. The connected technology helps improve safety, train control, traffic management, and visual automated monitoring on trains and platforms.
Browse in-depth TOC on "Connected Rail Market"
174 – Tables
53 – Figures
245 – Pages
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Asia Pacific is expected to be the fastest market during the forecast period.
Asia Pacific is home to emerging economies such as China, Japan, South Korea, and India. The growth of the connected rail industry in the region can be attributed to urbanization, rising investments for digital transformation, growing GDP of countries such as China and India, and investments in freight rail infrastructure to support the mining and natural resource markets. These developing nations are facing concerns like population growth and a lack of infrastructure, which have increased passenger dependence on public transport. In September 2021, Hitachi launched its PTC application that helps the company in automating product development processes, enhancing product innovation, and reducing delivery time for rail applications. Government initiatives to increase transport services and rise in the adoption of real-time information systems in the transport segment will drive the Asia Pacific Connected Rail Market. Global rail manufacturers and technology manufacturers, such as Alstom and Bombardier, Inc. among others, cater to the Asian market through supply contracts with governments. The Chinese market will be large in Asia Pacific as there has been a significant increase in demand for high technology rails in the country.
The Rolling Stock segment is expected to be the largest market during the forecast.
Increasing urbanization, rising demand for increased connectivity, and the comfort, reliability, and safety offered by rail transport have led to the growth of rail transportation. Rolling stock plays a vital role in the infrastructure of a city or a country. There is a rising demand for convenient, eco-friendly, and safe modes of transportation from commuters and governments. Increasing urbanization is driving the need for greater connectivity between newly developed suburban cities and metropolises, and inadequacies in the existing infrastructure have led to the need for new transit solutions. Locomotives are traditionally used to haul freight and passenger wagons for long-distance mainline transport. Metros, light rail vehicles (LRVs), and monorails are used for intracity as well as intercity transportation. Advancements in rail technology have led to the introduction of rolling stock such as electro-diesel locomotives, diesel multiple units (DMUs), electric multiple units (EMUs), high-speed trains, and Maglev, which are currently used commercially. However, the application of DMUs, EMUs, high-speed trains, and Maglev for transporting goods is yet to be introduced on a wider scale. Rail transportation consumes less energy and operates at a lower cost in comparison to alternate modes of transportation. The introduction of the Maglev and bullet train technology is also offering higher speeds for the transportation of goods and passengers along with reduced time. In 2021, China developed a bullet train to carry goods and considers it to be the fastest freight transport train with an operating speed of 350 km/hour.
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North America is expected to be the largest market during the forecast period.
Freight traffic is high in North America. Freight railroads play an important role in the economy of the region, due to the movement of imports and exports and the shipments of coal and oil. The US Department of Transportation forecasts that freight railroad demand will increase to 88% by 2035. The railroads in the US are part of an integrated network that includes the railroads in Canada and Mexico, making it the world's cheapest and most-efficient freight rail service network. The US government's mandates on safety and security are directly going to drive the Connected Rail Market. The US and Canada are the leading countries in the region as they witness significant advancements in terms of the development of smart cities and transportation projects. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to the development of new technologies in the Connected Rail Market. In 2020, Wabtec Corporation announced a supply contract worth USD 120 with Virgin Trains USA to provide unique high-speed signaling and train control applications for the North American market.
Key Market Players:
Major players in Connected Rail Market include Robert Bosch GmbH (Germany), Siemens (Germany), Hitachi (Japan), Huawei (China) and Wabtec Corporation (US).
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