IMARC Group, a leading market research company, has recently released a report titled “Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global railway system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Railway System Industry?
According to the report, 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.
What is Railway System?
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.
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What are the growth prospects and trends in the Railway System industry?
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Transit Type:
- Diesel Locomotive
- Electric Locomotive
- Electro-Diesel Locomotive
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd.
- 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
- Mitsubishi Heavy Industries Ltd.
- Siemens Aktiengesellschaft
- Škoda Transportation
- Strukton Groep N.V.
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