Northbrook, IL 60062 -- (SBWire) -- 09/17/2023 --The global Smart Railways Market size is expected to grow from USD 28.9 billion in 2022 to USD 43.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period, according to research report by MarketsandMarkets™.
The railway business is not immune to the transition as the globe becomes increasingly digitized. The railway industry, seen as a relatively conservative sector in adopting technology, has also recognized the advantages of becoming digitized. Connectivity, the cloud, and artificial intelligence (AI) have emerged as three crucial areas that will form the foundation of the railway industry's transformation as it adopts digital technology. Some of the major factors influencing this growth include the adoption of loT and automation technologies to improve the optimization of smart railways, an increase in government initiatives and Public-Private Partnerships (PPP), and technological advancements aimed at improving the customer experience.
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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. Software, hardware, and other technologies that make up smart railway systems redefine how to train assets and rail network connectivity are employed. Information and communication technology (ICT) integration with intelligent transportation systems enables this. Rail companies depend on streamlined and reliable asset operations, maintenance, and continuously growing infrastructure to successfully meet the rapidly multiplying requirements. The increased requirement for an efficient ecosystem with a reduction of expenses is driving the segment.
By solution, the rail communication and networking segment to account for the largest market share in 2022
The use of intelligent communication solutions in a variety of railway management applications aids in improving rapid decision-making for problems, including asset deployment, usage, and maintenance. For stations, control and dispatch centers, and rolling stock to communicate accurately and on time to maintain security, safety, and uninterrupted service, railroad operations must be efficient. Therefore, signaling, phone, video, and data traffic must be reliably sent over railway lines and across backbone transmission networks using railway communication systems.
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Key Players:
Major vendors in the smart railways market include Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra Sistemas (Spain), Siemens (Germany) and Honeywell (US).
Regional Analysis for Smart Railways Market:
Asia is the fastest-growing economic region and one of the largest economies in terms of GDP Nominal and PPP in the world. The Asian economy comprises 48 economies, and the economy in the region was projected at around USD 36.8 trillion in nominal terms, calculated using figures from the IMF in 2021. Asia accounts for 39% of the world GDP, with a 47.5% share in PPP, which was around USD 68.7 trillion.
Japan:
East Japan Railway Company reported a growth of 2.2% in operating revenue in the first quarter of 2019. Higher adoption of railway technologies and increasing revenue in the railway sector are expected to boost the smart railway market in Japan.
ANZ:
Martinus Rail has been given a contract worth $403.5 million to design and build improvement works for the Inland Rail project. Inland Rail, which connects Melbourne and Brisbane via rural Victoria, New South Wales and Queensland, is the biggest freight rail infrastructure project in Australia.
China:
Revenues of railway companies operating in China are growing at a fast pace, for instance the revenue of China Railway Construction Corporation Limited increased by 7.2% in 2018.
India:
Indian railways are turning more and more profitable every year. In January 2022, Nokia and Alstom announced their plan to deploy a private wireless network to support safe and sustainable travel along the high-speed commuter rail network in India.
SEA region:
Cross Island Line Extension: Two civil contracts at USD 923 million have been awarded by Singapore's Land Transport Authority. The design and construction of the Punggol interchange station, which is situated along Punggol Central, were given to Woh Hup Limited under a contract worth USD 365 million.
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Smart Railways Market Share, Trend, Global Industry Size, Price, Future Analysis, Regional Outlook to 2027
The research report categorizes the smart railways market based on By Offering and By Region.