Smart Railways Market Growing at a CAGR 13.7% | Key Player Alstom, Cisco, Wabtec, ABB, IBM

Smart Railways Market Growing at a CAGR 13.7% | Key Player Alstom, Cisco, Wabtec, ABB, IBM

“Alstom (France), Cisco Systems (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra (Spain), Siemens (Germany), Honeywell (US), Bombardier (Canada), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprises (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), and Aitek (Italy)”
Smart Railways Market by Solution (Rail Asset Management & Maintenance, Operation & Control, PIS, Communication & Networking, Security & Safety, and Rail Analytics) and Service (Professional and Managed), and Region – Global Forecast to 2024

MarketsandMarkets projects the Smart Railways Market to grow from USD 20.5 billion in 2019 to USD 39.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. Major factors driving the growth of the smart railways market include technological advancements targeted toward the enhancement of customer experience, government initiatives for smart cities and Public-private partnership (PPP) working model, and adoption of Internet of Things (IoT) as well as automation technologies to enhance optimization of smart railways.

By offering, the services segment to account for a higher CAGR during the forecast period

The demand for smart railways services is driven by the growing number of passengers each year. Rail companies fully rely on efficient and reliable asset operations and rail infrastructure to successfully meet these growing demands. The increase in deployment of smart railways solution is driving the demand for both professional and managed services.

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By solution, the rail analytics segment to account for the highest CAGR during the forecast period

The rail analytics system segment is projected to grow at a highest CAGR during the forecast period. This growth can be attributed to increase in the use of analytics for improvement in asset utilization and reduce inventory. The system further enables railways to estimate resource requirements and probable congestion patterns during route planning.

Key and emerging market players include Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra (Spain), Siemens (Germany), Honeywell (US), Bombardier (Canada), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprises (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), and Aitek (Italy). These players have adopted various strategies, such as new product launches and product enhancements; expansions; mergers and acquisitions; and partnerships, agreements, and collaborations, to grow in the smart railways market.

Alstom (France) is a prominent player in the smart railways market. The company offers metros, tramways, tram-trains, suburban trains, regional trains, high-speed trains, and passengers and freight locomotives. It also provides signaling products, such as rail-control systems, security and controls, tracksides, and interlocking products. The company designs and installs solutions for track laying, electrification of and power supply to lines, and supplies electromechanical equipment. Alstom adopted inorganic growth opportunities, such as agreements and contract to maintain its leading position in the smart railways market. For instance, in November 2019, the company signed a ten-year maintenance contract with SBB, for European Train Control System (ETCS) equipment. In year of 2019, the company was awarded with various global contracts, including Metro de Santiago (Chile), Deutsche Bahn AG (Germany), Nanjing Metro (China), Maha Metro Rail Corporation Ltd (MMRCL) (India), and Renfe (Spain). These contracts are expected to help the company enhance its global business and maintain its position as a leader in smart railways market.

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Hitachi (Japan) is another key player in the smart railways market and offers smart railway solutions to the Japanese and global railway operators. The company offers digital signaling technologies in its solutions including digital Automatic Train Protection (ATP), Automatic Train Operation (ATO), and Communication Based Train Control (CBTC), to help railway operators achieve enhanced ride comfort and shortened train headway. The company has adopted inorganic growth opportunities, such as agreements and acquisitions, to expand its railway business. For instance, in May 2019, Hitachi Rail STS S.p.A, a Hitachi subsidiary operating in the railway systems business, signed agreement with Trentino Trasporti S.p.A (Italy), to carry out Proof of Concept (PoC) of a new Digital Ticketing Solution for public transportation. This was operated by Trentino Trasporti, including Trento-Malé-Mezzana Railway and buses in the vicinity of Trento, Italy. In January 2019, Hitachi Rail STS S.p.A acquired Ansaldo STS, an Italian leader in railway signaling systems, to strengthen its position in the signaling and turnkey business. As per terms of the acquisition, Ansaldo STS would be operating as a subsidiary of Hitachi under the name “Hitachi Rail STS”.

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