Overview report of the Smart Railway Market
A smart railway is a technologically advanced approach to efficiently managing railway operations by sharing rail data across rail infrastructure components.
Smart Railway Market Growth was valued at USD 21.3 billion in 2021. The Smart Railway market industry is projected to grow from USD 23.3 billion in 2022 to USD 43.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.45% during the forecast period (2022 – 2030). The smart railway market drivers includes factors such growing urbanization coupled with local commuting requirements, surge in demand for passenger & freight capacity, increase in the number of railway projects globally, and changes in passenger payment patterns.
The Smart Railway Market is driven by the penetration of digital infrastructure and the requirement for automated & autonomous rail operations. Most railways are operated through government authorities, where procurement and installation of such smart technologies are done through contracts and agreements. Rapid urbanization coupled with local commute requirements and a surge in need for passenger & freight capacity, an increase in the number of railway projects across the globe, and changes in passenger payment habits is expected to drive the growth of the global smart railway market.
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However, high installation costs and infrastructure changes to the existing system are expected to restrain the market’s growth during the forecast period. In this era of urbanization, a convenient daily commute between workplace and residence is the need for every individual, which creates ample growth opportunities for the market.
COVID 19 report of the market
During a pandemic, many lives got lost, and many people lost their jobs. The markets were affected due to the spread of the virus. To lessen the impact of the virus government of several regions made several regulations for the country worldwide. Social distancing and staying indoors were the most important rules because several markets were impacted. Especially the transportation industry was affected as there were no movement and people were not allowed to move, so the industry didn’t gain any profit due to the strict ban on traveling or moving from one place to another.
The Smart Railway Market was affected as people were not using public transport. Almost all the companies’ work from home norms also affected the market. Recently, the situation is getting better, and the ban on the movement was also removed, so the market will further register growth in the forecast period.
Segmentation report of the market
Smart Railway Market is analyzed in several segments. The market segments are type, Component, service and solution, and region. The market is divided into Station Type, Onboard Trains based on the type. The Component is further segmented into Networking & Connectivity Devices. The Smart Railway Market is bifurcated into Consulting Services and System Integration by Services.
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Based on the Solution, the market is segmented into Smart Ticketing systems and Passenger Information systems. Geographically the market is analyzed into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, Italy, France, and Rest-of-Europe), Asia Pacific (Japan, India, China, South Korea, and Rest-of-the-APAC), and other parts of the world.
Among them, Europe is expected to dominate the market with market share. The flourishing market and presence of high-end manufacturers will improve the market in the forecast period. Some of the prominent players in the market are International Business Machines Corporation and Huawei Technologies Co. Ltd, Bombardier, Siemens AG.
Smart Railway Market Key Players
Top companies operating in the global smart railway market include Cisco Systems, Inc. (US), Alstom SA (France), General Electric Inc. (US), Hitachi Limited (Japan), International Business Machines Corporation (US), Huawei Technologies Co. Ltd (China), Bombardier, Inc. (Canada), Siemens AG (Germany), Indra Sistemas SA (Spain), Thales Group (France), and Teleste (Finland), among others.
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