Market Size – USD 12.28 billion in 2018, Market Growth – CAGR of 14.7%, Market Trends – Favorable government initiatives
The global smart railways market is expected to reach USD 37.19 Billion by 2026, according to a new report by Reports and Data. Increasing growth in population is estimated to stimulate market growth in the forecast period. In 2016, more than ten million people resided in 31 cities, of which six of them were in China and five in India, and this figure is anticipated to increase to 41 cities by 2030. In 2018, World Smart City Expo in Barcelona laid emphasis on the novel public transit models reshaping the cities and commutes, fueling enhanced mobility in modern urban areas. A smart train uses data to aid passengers and keep them informed, connected, and entertained through a stable WiFi or 4G connection across carriages and stations. Also, data is implemented internally by the transport operator to report to predictive maintenance and improve the service level.
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The increasing need for urban connectivity are likely to drive the growth of the market in the forecast period. Transport infrastructure is considered to be a significant factor for a nation’s progress. Better physical connectivity in urban and rural areas is crucial for economic growth. Passenger rail traffic worldwide is likely to double by the year 2020, posing a challenge for both the train operators and commuters. By tracking trains across networks by deploying geolocation and processing this data through analytics, train operators can operate trains in an efficient way. As part of a USD 15.00 billion project to create such a network, the Taiwan High-Speed Rail Corporation made an advanced system that automatically triggers maintenance activities by detecting potential problems in the network and through automated alarms which addresses the issue before it poses any risk to passenger safety.
Favorable government initiatives are boosting the market growth. For instance, in the Indian state of Kerala, Kochi Metro made an announcement that in June 2018, it would derive a quarter of its total electric supply from solar power systems by installing all of Kochi Metro’s 22 stations with rooftop solar power systems.
Further key findings from the report suggest
- By type, stations held a larger market share in 2018 and are expected to grow at a rate of 14.1% in the forecast period.
- By solution, rail analytics is forecasted to witness the highest growth rate in the forecast period. The analytics-based solutions coordinate with security and surveillance systems to make use of video analytics to aid in obstacle determination.
- By service, managed services held a major market share in 2018 and are expected to grow at a considerable rate in the forecast period.
- By device, multimedia displays are projected to witness the fastest growth rate in the forecast period, owing to the increasing demand for entertainment in railways.
- Europe dominated the market in 2018 and is estimated to observe a growth rate of 14.1% in the forecast period. Technological advancements, the proliferation of smart devices, and strict government regulations, followed by high usage of big data analytics, predictive, and sensor analytics in the railway industry are driving the market growth in the region.
- Key participants include Huawei Technologies Pvt. Ltd., Alstom SA, General Electric, Cisco Systems Inc., IBM Corporation, ABB Limited, Hitachi Limited, Siemens AG, Bombardier Inc., and Ansaldo STS, among others.
For the purpose of this report, Reports and Data have segmented the global smart railways market on the basis of type, solution, service, device, and region:
Type Outlook (Revenue, USD Million; 2016-2026)
- On-Board Train
Solution Outlook (Revenue, USD Million; 2016-2026)
- Railway Analytics
- Freight Information System
- Smart Ticketing System
- Railway Communication and System Network
- Advanced Security Monitoring System
- Passenger Information System
Service Outlook (Revenue, USD Million; 2016-2026)
- Managed Service
- Professional Service
Device Outlook (Revenue, USD Million; 2016-2026)
- Video Surveillance Cameras
- Smart Cards
- Networking and Connectivity Devices
- Multimedia Displays
- Rail Sensors
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/smart-railways-market
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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