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Railway Telematics Global Market Report 2022
Siemens AG, Hitachi Ltd. , Alstom SA, Knorr-Bremse AG, Robert Bosch GmbH, Intermodal Telematics BV, Intrex Telematics, Orbital Communications Corporation, Savvy Telematics, Trinity Industries Inc, Cisco Systems, Inc, Teledyne FLIR LLC, Sumitomo Electric Industries, Ltd, LG CNS, Kapsch TrafficCom AG, Thales Group, Bombardier Inc, General Electric Company, and IBM Corporation are major players in railway telematics market.
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Railway Telematics Global Market Report 2022" - https://www.reportlinker.com/p06284252/?utm_source=GNW
The global railway telematics market is expected to grow from $3.84 billion in 2021 to $4.16 billion in 2022 at a compound annual growth rate (CAGR) of 8.48%. The growth is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.77 billion in 2026 at a CAGR of 8.51%.
The railway telematics market consists of sales of railway telematics solutions and services or related products by entities (organizations, sole traders, and partnerships) that are used to enable communication and data transfer over long distances with wireless mediums. Railway telematics is referred to as the use of informatics and telecommunications in railways and consists of services or solutions using embedded technology and mobile and telematics systems to enable controls on railcars on the move.
The main railway telematics solutions include fleet management, automatic stock control, remote data access, and railcar tracking and tracing.Fleet management is used to manage railway fleets.
These tools ensure the optimal utilization, fuel consumption, and maintenance of railways.The different railway telematics railcars include hoppers, tank cars, well cars, boxcars, and refrigerated boxcars.
The railway telematics component types include telematics control units and sensors.
In 2021, North America will be the largest region in the railway telematics market.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increase in government initiatives for smart railways is significantly driving the growth of the railway telematics market.Governments across the world are undertaking various smart railway initiatives to provide better transportation infrastructure.
For instance, in July 2020, the government of China announced the development goal of smart railways using 5G technology and the BeiDou Navigation Satellite System (BDS), including a national railway network exceeding 200,000 kilometers. Also, in November 2021, the government of India announced the development of 102 semi-high-speed Vande Bharat Expresses, and in October 2021, Indian Railways announced a plan to establish approximately 500 multi-modal cargo terminals under the "PM GatiShakti" program, for a total cost of $6.68 billion over five years. Hence, the government’s initiatives for smart railways will increase the demand for railway telematics and thereby drive the growth of the railway telematics market.
Strategic partnerships and collaborations are a key trend gaining popularity in the railway telematics market.The strategic partnerships and collaborations in the railway telematics market are enabling competitiveness in the rail sector between freight transportation companies.
For instance, in 2020, rail companies in the USA, such as GATX Corporation, Genesee & Wyoming, Watco, Norfolk Southern, and Trinity Rail, have announced a joint venture, Rail Pulse, to involve GPS technologies and other telematics technologies in the future of the American railcar fleet.In March 2020, Netherlands-based Intermodal Telematics BV (IMT) and Germany-based transportation company, VTG AG, entered into a long-term partnership to extend the digitization of VTG’s rail waggon fleet, under which 15,000 rail cars will be equipped with CLT20-Ex GPS units.
Also, in January 2022, Italy-based Hitachi Rail made a strategic partnership with Netherlands-based Intermodal Telematics (IMT) to embed the company’s monitoring sensors into Hitachi Rail’s digital freight service.
In September 2020, Omnitracs LLC, a leading provider of fleet management solutions to transportation and logistics companies, announced the acquisition of SmartDrive Systems, Inc. for an undisclosed amount. Through this acquisition, Omnitracs will create an end-to-end platform to optimise safety, driver productivity, and workflow, and also enhance routing dispatch and compliance fright rails. SmartDrive Systems is a US-based driver safety and transportation intelligence company, offering telematics for fleets and drivers on rail transit.
The countries covered in the railway telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284252/?utm_source=GNW
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