The global railway system market was valued at USD 25.1 billion in 2022 and is expected to reach USD 30.9 billion by 2027, at a CAGR of 4.2% during the forecast period 2022 to 2027. Inadequate infrastructure and degradation of air quality are some of the key concerns of major metropolitan cities. High gasoline prices, traffic congestion, and GHG emissions are some of the other challenges for city dwellers. In such a scenario, public transportation offers several benefits over private conveyance. Urban transit systems help reduce traffic congestion and are more energy-efficient than other modes of transport.
Germany is expected to dominate the European railway system market during the forecast period
Germany has witnessed increased demand for energy-efficient transport and mass rapid transit to reduce traffic congestion. The country’s new rail investments of USD 104 billion in 2020 by the federal government and Deutsche Bahn between 2020-2029 are expected to drive the overall rolling stock and related railway systems market. Similarly, in 2021, Deutsche Bahn and the federal government further invested around USD 14.7 billion in modernizing, maintaining, and expanding the railway network in the country. With this investment, the country’s rolling stock will be updated with new digital signaling technologies and advanced safety systems, which will further drive the German railway system market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203815831
Europe is estimated to be the largest market for train safety systems during the forecasted period
Europe is estimated to be the largest market for train safety systems during the forecasted period. European railways are regarded as among the safest in the world and hence form an important market for train safety systems. The European Rail Traffic Management Systems (ERTMS) signaling and control component, known as the European Train Control System (ETCS), is highly developed.
Standard trackside equipment and unified controlling equipment located inside the train cab are used to deploy ETCS. In its most modern form, all lineside data is wirelessly transmitted to the driver within the cab, eliminating the need for the driver to monitor lineside signals. This will lay the groundwork for automated train operation (ATO). The growth of the train safety system segment is attributed to stringent government norms and standards for passenger safety in trains.
The Chinese railway system market is expected to be the largest market in Asia Pacific Region
China’s growing economy is driving the expansion of railways and improving transport capacity; therefore, it has the fastest growing railway industry in the world. Governments are also increasingly investing in railway infrastructure development. These high investments from governments led to the development of high-speed trains with advanced technologies and systems. China has developed a new high-speed train system for cross-border operations that will facilitate connectivity with other nations. The train is equipped with world-class connectivity and safety features.
Key Market Players:
The report analyzes all major players in the railway system market including CRRC (China), Siemens (Germany), Hitachi (Japan), Alstom (France), and ABB (Switzerland).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=203815831
Browse Related Reports:
Autonomous Train Market – Global Forecast to 2030
Bullet Train/High-Speed Rail Market – Global Forecast to 2025
Rolling Stock Market – Global Forecast to 2028
