According to the latest report by IMARC Group, titled "Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global railway system market size reached US$ 27 Billion in 2019. A railway system refers to the various services and tools that aid in organizing the infrastructure of rail transportation, including conventional and rapid transits. It is crucial for managing and operating the services pertaining to the movement of trains for passenger and freight purposes, which include metro, subway, cable railway, rail, monorail and elevated railway. It offers speed, comfort and convenience to the users while ensuring optimal safety and security. Consequently, the railways are now incorporating innovative and advanced technologies to their existing infrastructure to streamline functions and improve the overall experience of the users. Several operations, such as high-speed communications, advanced computing on-board and track side, ticketing management, updating arrivals and departures, and cargo handling, are also efficiently performed by the system.
Global Railway System Market Trends:
The global market is primarily driven by a significant increase in the demand for a convenient means of transportation. The growing population of working professionals and shifting lifestyle preferences have impelled the need for efficient public transportation, including passenger trains and metros. Since railways avoid the on-road congestion while offering high-speed services with protection against weather changes, they are preferred by the majority of the commuters. Moreover, the development of rapid railways with high-speed connectivity and improved comfort and safety, along with the renovation of existing train and metro coaches and related infrastructure, is further creating a positive outlook for the railway system market. Apart from this, manufacturers are engaging in research and development (R&D) activities to integrate the existing railway systems with big data analytics and the Internet of Things (IoT) technologies. Governments of various countries are also investing in the upgradation of the aging railway infrastructure, thereby influencing the growth of the market. The advent of the smart railway system, consisting of data analytics and modeling, which aids in operational data and effective decision-making, is projected to further drive the market growth. Other factors, such as rapid urbanization and increasing application of railway systems in disaster management, are expected to contribute to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 35 Billion by 2025, growing at a CAGR of 4.5% during 2020-2025.
- Based on the transit type, the market has been bifurcated 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).
- On the basis of the system type, the market has been divided into auxiliary power system, train information system, propulsion system, train safety system, HVAC system and on-board vehicle control.
- Based on the application, the market has been categorized into freight and passenger transportation.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and 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 Holdings, American Equipment, Inc., Bombardier Inc., CalAmp, Construcciones y Auxiliar de Ferrocarriles, S.A., CRRC Corporation Limited, Fuji Electric Co., Ltd., General Electric Company, Hitachi Ltd., Hyundai Rotem Company, Ingeteam Corporación S.A., Medcom Sp. Z o.o., Mitsubishi Heavy Industries, Ltd., Siemens AG, ŠKODA TRANSPORTATION, a.s., and Strukton.
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