The global Railway Telematics Market size is expected to
reach USD 18.82 billion by 2028, expanding at a CAGR of 7.5%, from 2021 to
2028, as per the research conducted by Grand View Research, Inc. Increasing
government initiatives aimed at introducing smart railways, rapid urbanization,
and the evolution of smart cities globally are some of the key factors driving
the market growth. Governments across the globe are emphasizing smart city initiatives
to speed up operational activities in public transport services and offer
better infrastructure for transportation.
Countries such as Germany, India, France, and Canada
have recognized the benefits of expanding railway infrastructure and its
positive impact on the economy. As a result, OEMs and numerous countries are
investing in railway infrastructures. For instance, Digitaler Bedienplats of
Germany and Commande Centralisee de Reseau of France have declared their plans
of deploying digital interlocking technology across several systems by 2033 and
2035. In May 2021, Etihad Rail, UAE's national railway network, entered into a
strategic agreement with Transportr, a digital freight service provider, to
digitize the company’s railway fleet. Various developed and developing
economies such as India, U.S., Germany, and Canada are putting increased focus
on innovation and R&D and are adopting various technologies in their rail
infrastructure to overcome mobility challenges.
Europe is home to some of the prominent players in the
market for railway telematic, including OEMs such as Alstom, DB Cargo,
Knorr-Bremse, and Siemens AG. These companies hold a majority share in the
market. Several railway operators are replacing old technologies with
progressive train-signaling and control systems. For instance, European Railway
Traffic Management System (ERTMS) Level 2, designed and developed by
Trans-European Rail Network, provides speed control systems and signaling
solutions for interoperability across railways in Europe.
The COVID-19 pandemic lockdowns and travel
restrictions imposed by various governments hampered freight and logistics
activities globally during the first half of 2020, negatively impacting the
market growth. This has led to a significant decline in the overall demand for
telematics services. However, the gradual ease in lockdown restrictions and the
revival of logistics, freight activities, and business activities are expected
to help the market gain traction over the forecast period.
Some of the dominant players in the market are Hitachi
Ltd., Siemens AG, Robert Bosch GmbH, Knorr-Bremse AG, and Alstom SA. These
players majorly focus on strategic partnerships and mergers and acquisitions to
enhance their business operations. In April 2021, Hitachi Rail acquired
Perpetuum, a U.K.-based rail technology firm, to enhance Hitachi’s digital rail
maintenance activities.
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Railway Telematics Market Report
Highlights
- In terms of solution, the fleet management segment is expected to
dominate the market over the forecast period, due to increasing freight
activities globally. The segment is expected to reach USD 6.17 billion by
2028
- In terms of railcar, the refrigerated boxcars segment is
anticipated to expand at the highest CAGR of 8.4% over the forecast period
- In terms of component type, the telematics control unit segment is
expected to dominate over the forecast period. The segment is anticipated
to reach USD 9.96 billion by 2028
- Europe is projected to account for the majority share of the market
over the forecast period. The regional market is anticipated to reach USD
7.25 billion by 2028. The rapid adoption of technological innovations and
the presence of several prominent players in the region are some of the
key factors expected to work favorably for the market’s future growth
prospects
- Some of the prominent industry participants are Hitachi Ltd.,
Siemens AG, Robert Bosch GmbH, Knorr-Bremse AG, and Alstom SA.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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