According to a research report “Smart Railways Market by Offering (Solutions (Rail Asset Management and Maintenance, Operation and Control, Communication and Networking, Security and Safety, Rail Analytics) and Services (Professional and Managed)) Region – Global Forecast to 2027″, published by MarketsandMarkets, the smart railways market 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.
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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.Some of the prominent key players are:
- Alstom (France)
- Cisco (US)
- Wabtec (US)
- ABB (Switzerland)
- IBM (US)
- Hitachi (Japan)
- Huawei (China)
- Indra Sistemas (Spain) and many more…
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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.
Europe to hold the largest market size during the forecast period
Europe is the second-largest economy in the world in nominal terms, after the US, and the third one in purchasing power parity (PPP) terms, after China and the US. The GDP of Europe was USD 17.1 trillion in 2020. By 2025, the EU aims to have uninterrupted 5G coverage on major transport paths across Europe.
In November 2021, the UK government announced a USD 126 billion investment in rail infrastructure for faster and better journeys to more people across the country. This represents a significant opportunity for companies working toward the development of new and advanced connected rail solutions.
According to the report published by Bundesnetzagentur (Federal Network Agency) in December 2018, titled Railway Market Analysis Germany 2018, the railway market in terms of revenue in Germany rose from 2016 to 2017 by approximately 2.5%. The report also states that long-distance passenger kilometers have improved from 40 billion in 2015 to 41 billion in 2016.
France has a strong economy, with a GDP of USD 2.7 trillion in 2018. In October 2021, the French government announced an investment worth USD 1 billion to strengthen the competitiveness of rail freight operators.
