IMARC Group, a leading market research company, has released a report titled “Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global railway system market size reached US$ 27.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
A railway system refers to the numerous services and technologies that aid in the organization of rail transportation infrastructure, including conventional and fast transits. It is critical for managing and operating passenger and freight train transportation services such as metro, subway, cable railway, rail, monorail, and elevated railway. It provides consumers with speed, comfort, and convenience while assuring maximum safety and security. As a result, railways are already combining innovative and modern technology into their existing infrastructure in order to streamline functions and improve the overall customer experience. The system also efficiently performs several tasks, including high-speed communications, powerful computing on-board and trackside, ticketing management, updating arrivals and departures, and cargo handling.
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Railway System Market Trends and Drivers:
The global market is being driven primarily by an increase in demand for a convenient mode of transportation. The expanding population of working professionals, as well as changing lifestyle preferences, have increased the demand for efficient public transit, such as passenger trains and metros. Railways are favoured by the majority of commuters because they avoid on-road congestion while providing high-speed services and weather protection. Furthermore, the development of high-speed railways with better comfort and safety, as well as the rehabilitation of existing train and metro coaches and related infrastructure, is producing a bright outlook for the railway system market. In addition, manufacturers are conducting research and development (R&D) to connect existing railway systems with big data analytics and Internet of Things (IoT) technology. Governments in many nations are also investing in upgrading aged railway infrastructure, which is driving market growth. The introduction of the smart railway system, which includes data analytics and modeling to aid in operational data and effective decision-making, is expected to boost market expansion even further. Other factors, such as rising urbanization and the increased use of railway networks in disaster management, are likely to drive market expansion.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Transit Type:
- Conventional
- Diesel Locomotive
- Electric Locomotive
- Electro-Diesel Locomotive
- Coaches
- Rapid
- Diesel Multiple Unit (DMU)
- Electric Multiple Unit (EMU)
- Light Rail/Tram
Breakup by System Type:
- Auxiliary Power System
- Train Information System
- Propulsion System
- Train Safety System
- HVAC System
- On-Board Vehicle Control
Breakup by Application:
- Freight Transportation
- Passenger Transportation
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
- Strukton Groep N.V.
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