Global Smart Railway Systems Market: About this market
This smart railway systems market analysis considers sales from solutions, components, and services. Our study also finds the sales of smart railway systems in APAC, Europe, MEA, North America, and South America. In 2019, the solutions segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as advanced security monitoring systems will play a significant role in the solutions segment to maintain its market position. Also, our global smart railway systems market report looks at factors such as the expansion of railways to address efficiency and environmental concerns, rising adoption of advanced technologies, and increase in government and private sector investments in railways. However, investments in initial infrastructure and related requirements, outdated infrastructure and other technical challenges, and security threats may hamper the growth of the smart railway systems industry over the forecast period.
Global Smart Railway Systems Market: Overview
Rising adoption of advanced technologies
Advanced technologies such as automation, Al, and machine learning have the potential to revolutionize the railway industry. The use of advanced technologies provides several benefits ranging from cost benefits to higher customer value and efficiency. The use of IoT can increase the safety and efficiency of rail traffic by ensuring preventive maintenance. The deployment of analytics will aid in improving railway maintenance decisions by using the precise locations of trains, their speed, weather report, and other data from vibration sensors located alongside the tracks. Thus,the adoption of advanced technologies will lead to the expansion of the global smart railway systems market at a CAGR of almost 14% during the forecast period.
Need for sustainable, clean, and high-speed transport
With growing concerns around climate change, the railway industry is striving to find better alternatives and ways to minimize emissions. The increasing use of hydrogen fuel cells, battery-powered locomotives, and dual-fuel locomotives are a few developments targeted at introducing an energy-efficient and cost-effective alternative to diesel trains. In addition, the industry is also widely adopting autonomous vehicle technology along with the deployment of alternative fuels to make rail transportation faster, cleaner, and more efficient. This development is expected to have a positive impact on the overall market growth.
With the presence of several major players, the global smart railway systems market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading smart railway systems manufacturers, that include ABB Ltd., Alstom Holdings, Bombardier Inc., Cisco Systems Inc., General Electric Co., Hitachi Ltd., International Business Machines Corp., Nokia Corp., Robert Bosch GmbH, and Siemens AG.
Also, the smart railway systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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