The smart railways global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Railways Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The smart railways market size has grown strongly in recent years. It will grow from $26.10 billion in 2023 to $28.64 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased urbanization and population growth, rise in government investments and initiatives, aging railway infrastructure, growth in environmental concerns and emissions regulations, and rise in passenger demand for seamless connectivity.
The smart railways market size is expected to see rapid growth in the next few years. It will grow to $41.89 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to continued digital transformation initiatives in the rail sector, a shift towards MaaS models, government policies promoting sustainable transportation solutions, growing emphasis on data-driven decision-making in railway operations. Major trends in the forecast period include integration of IoT sensors and devices, adoption of AI technologies for predictive analytics, implementation of digital twin technologies, embrace of 5G connectivity, focus on cybersecurity, and integration of railway services into multimodal transportation ecosystems.
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Scope Of Smart Railways Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Railways Market Overview
Market Drivers –
An increase in demand for environmentally friendly and efficient transportation options is expected to propel the growth of the smart railways market going forward. Environmentally friendly and efficient transportation options refer to modes of transportation that minimize negative environmental impacts, such as air and noise pollution, while also optimizing energy usage and resource efficiency. The surge in environmentally friendly and efficient transport can be attributed to increasing awareness of environmental issues, government regulations promoting sustainability, and shifting consumer preferences towards more eco-friendly modes of travel. Smart railway systems integrate technology to optimize operations, reducing emissions and energy consumption while enhancing transportation efficiency and offering eco-friendly travel alternatives for sustainable mobility. For instance, in March 2024, according to Eurostat, a Luxembourg-based intergovernmental statistical organization, the quantity of railcars powered by electricity in France rose to 7,113, marking an increase from 7,081 in 2021 and 6,908 in 2020. Similarly, in Sweden, the number increased to 2,889 in 2022, reflecting a growth rate of 25.99% compared to 2,291 in 2021. Therefore, the rise in demand for environmentally friendly and efficient transportation options is driving the growth of the smart railways market.
Market Trends –
Major companies operating in the smart railway market are focusing on developing innovative mobility solutions, such as smart electric trains, to gain a competitive edge in the market. A smart electric train refers to a modern train powered by electricity and equipped with advanced technologies for enhanced performance, efficiency, and passenger experience. For instance, in November 2023, Siemens Mobility GmbH, a Germany-based provider of transport solutions, launched the Mireo Smart Electric Train. It is an electric version of the existing Mireo model, with spacious seating for 214 passengers, accommodation for 21 bicycles, and impressive performance metrics, including a maximum speed of 160 km/h and rapid acceleration of up to 0.96 m/s^2. The Mireo Smart is equipped with advanced passenger information and security monitoring systems, offering a practical and cost-effective solution for rail operators. Moreover, it is compatible with existing Mireo and Desiro HC trains.
The smart railways market covered in this report is segmented –
1) By Type: Rail Freight, Passenger Rail
2) By Device And Component: Rail Sensors, Video Surveillance Cameras, Smart Cards, Networking And Connectivity Devices, Other Devices And Components
3) By Services: Consulting Services, System Integration
4) By Solutions: Passenger Information System, Freight Management System, Smart Ticketing System, Security And Safety Solutions, Rail Communication And Networking System, Rail Analytics System, Rail Asset Management And Maintenance Solutions, Rail Operation And Control Solutions
5) By End-Use: Mining, Construction, Agriculture, Other End-Uses
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Regional Insights –
Europe was the largest region in the smart railways market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart railways market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the smart railways market report are <b>Huawei Technologies Co. Ltd.; Hitachi Ltd.; Siemens AG; General Electric Company; Accenture plc; International Business Machines Corporation; Cisco Systems Inc.; SAP SE; ABB Ltd.; Toshiba Corporation; Capgemini SE; L&T Technology Services Limited; Thales Group; Alstom SA; Infosys Technologies Private Limited; Atos SE; HCL Technologies Limited; Insight Enterprises Inc.; Wipro Limited; Wabtec Corporation; Tech Mahindra Limited; Presidio Inc.; ALE International SAS; Televic N.V.; Moxa Technologies </b>
Table of Contents
1. Executive Summary
2. Smart Railways Market Report Structure
3. Smart Railways Market Trends And Strategies
4. Smart Railways Market – Macro Economic Scenario
5. Smart Railways Market Size And Growth
…..
27. Smart Railways Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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