According to the latest report by IMARC Group, titled "Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global railway system market reached a value of US$ 27.1 Billion in 2022. The railway system refers to a commercial organization that is responsible for managing and operating various services related to the movement of trains for transporting freight and passengers from one place to another. Recent advancements have impelled the utilization of advanced services and tools for improving the overall railway infrastructure, such as operation management, traffic planning, power supply and infrastructure management, station control and communication network, and rail-facility information management. The demand for an efficient railway system is increasing across the globe due to the rising need for a reliable and convenient mode of transportation among individuals.

Global Railway SystemMarket Trends:

The global market is primarily driven by significant growth in the railway industry. Coupled with significant demand for cost-efficient transportation solutions among the masses, this is creating a positive market outlook. Besides this, the railway transport system is capable of carrying a large number of cargo and passengers at the same time, thus making it an efficient medium for controlling pollution levels across the globe. This has encouraged governing bodies and private firms of multiple countries to heavily invest in improving the existing railway infrastructure. Moreover, continual technological advancements and the integration of intelligent sensors and big data with railway systems in order to improve its operational efficiency while delivering enhanced rail solutions to consumers are acting as major growth-inducing factors. Furthermore, the rising industrial and mining activities across developing economies is also positively influencing the market. Other factors, including rapid industrialization, the growing need for urban connectivity, the increasing traffic congestion and rapid changes in the stock manufacturing industry, are favorably impacting the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 35.9 Billion by 2028, exhibiting a CAGR of 4.7% during 2023-2028.

Market Summary:

• On the basis of the transit type, the market has been segmented into conventional (diesel locomotive, electric locomotive, electro-diesel locomotive and coaches) and rapid (diesel multiple unit (DMU), electric multiple unit (EMU) and light rail/tram).
• Based on the system type, the market has been classified into the auxiliary power system, train information system, propulsion system, train safety system, HVAC system and on-board vehicle control.
• On the basis of the application, the market has been bifurcated into freight and passenger transportation.
• Based on the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ABB Ltd., Alstom, American Equipment Company, Bombardier Inc., Calamp Corporation, Construcciones y Auxiliar de Ferrocarriles, CRRC Corporation Limited, Fuji Electric, General Electric Company, Hitachi Ltd., Hyundai Rotem Company, Ingeteam Power Technology, Medcom, Mitsubishi Heavy Industries Ltd., Siemens Aktiengesellschaft, Škoda Transportation and StruktonGroep N.V.

Report Scope:
 

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