OEMs are likely to invest in rail infrastructure to provide safety & signaling system. In addition, investment towards rail digitalization to provide services such as passenger information, train tracking and others would boost market for connected rail system.
New York, April 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Connected Rail Market by Service, Rail Signaling System, Rolling Stock and Region - Global forecast to 2027" - https://www.reportlinker.com/p04944753/?utm_source=GNW
The connected public transportation also provides efficient traffic management and convenient traveling experience, but the slow growth in developing countries would affect the overall growth of connected rail market.
Growing inter-state trade agreements is likely to propel the growth of the Freight Wagon segment during the forecast period
Freight wagons, also known as unpowered bogies, are used for carrying goods and cargo, which are propelled by prime movers (diesel or electric).The bogies consist of regular couplers and other fittings, such as hoses for air brakes, allowing different wagon types to be assembled into prime movers.
The growth of the connected rail industry in the region can be attributed to urbanization in countries such as China and India and investments in freight rail infrastructure to support the mining and natural resource markets in these countries.In 2020, Siemens AG signed a contract with VTG Rail Europe GmbH to test its innovative Brake Monitoring System (BMS) for freight trains.
Freight wagons are rolling stocks that are used to transport goods and commodities.The railway is one of the many modes of transportation available for trade, and it is likely to be the cheapest.
As compared to road transportation, this mode of transportation can carry a large amount of cargo in a single trip, while still taking less time over long distances than a maritime route. Governments all over the world are putting a premium on last-mile connectivity for trade, resulting in a boom in investment in logistical infrastructure. The number of projects to expand the railway network for inter-state and intra-state trade is growing. On similar grounds, innovations such as dedicated freight corridors are expected to boost trading opportunities, thus increasing the demand for freight wagons.
Asia Pacific is expected to be the fastest market during the forecast period
Asia Pacific is estimated to be the fastest-growing region in terms of the growth of the connected rail market, due to the increase in the adoption of new technologies, higher investments for digital transformation, and the growth in GDP in the Asia Pacific countries.Also growing population, rising per capita income, congested urban roads, need for seamless trade corridors, and an increasing number of metro rail projects have all contributed to the growth of the connected rail market in Asia Pacific.
The markets in other countries in Asia Pacific are also growing, though not as fast as the major economies like China, Japan, and India.In March 2021, Hitachi Rail was awarded a supply contract for integrated logistics support for the Frecciarossa high-speed fleet.
The contract worth USD 18 billion will be for a duration of six years.
North America is expected to be the largest market during the forecast period
The North American connected rail market is dominated by domestic manufacturers such as Cisco (US), IBM (US), Wabtec Corporation (US), Trimble (US), Sierra Wireless (US), and CalAmp (US).The US government, in an effort to increase the safety and security of the country’s railways, has instituted certain mandates, which, in turn, has resulted in increased R&D by local and international railway rolling stock and technology manufacturers.
The increasing use of technology in railways presents several opportunities for connected rail technology manufacturers.In May 2021, Siemens announced the acquisition of RailTerm, a Canada-based rail service provider.
This acquisition will help the company expand its product portfolio of on-ground track and signaling, electrification, and communication systems.The major growth drivers for the market in the region are the increasing number of projects focused on upgradation and the construction of freight infrastructure and high-speed railway lines.
In 2020, Wabtec Corporation announced a supply contract worth USD 120 with Virgin Trains USA to provide unique high-speed signaling and train control applications for the North American market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: OEMs - 57%, Tier I - 29%, and Tier II - 14%
• By Designation: CXOs - 54%, Directors - 32%, and Others - 14%
• By Region: North America - 14%, Europe - 12%, Asia Pacific - 57%, Rest of the World- 10% and Middle East & Africa- 7%
The connected rail market comprises major players such as Robert Bosch GmbH (Germany), Siemens (Germany), Hitachi (Japan), Huawei (China) and Wabtec Corporation (US).
The market study covers the connected rail market across segments.It aims at estimating the market size and future growth potential of this market across different segments such as by service, by rolling stock, by safety & signaling system and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume numbers for the overall connected rail market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report will also help the market players understand the impact of COVID-19 on connected rail market.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04944753/?utm_source=GNW
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