A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Smart Railways Market: Global Industry Analysis and Opportunity Assessment 2015 – 2025”which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that the sector for Smart Railways Market would rise at a positive CAGR during the period 2015-2025.
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Adoption of innovative technologies is gaining traction in the railway sector, as governments look to offer hassle-free and efficient transport services. From ergonomic station design to ticketless travel, incorporation of smart technologies and solutions promises a massive transformation. In terms of valuation, the global smart railway market is projected to reach US$ 160 Bn in revenues by 2025, a staggering increase from US$ 17.6 Bn in 2015.
The key trends that will shape up the global smart railways market during the forecast period include,
Integrated ticketing: Adoption of paperless, integrated ticketing is gaining traction in major stations around the globe, and it is expected that smart ticketing will become more ubiquitous during the forecast period. As technology reduces our dependence on cash and paper, efforts to reduce waiting times and improve journey experience will gain momentum. The concept of a single ticket, regardless of the mode of transportation or service provider, can become a reality through the adoption of smart solutions and technology.
Big Data & IoT: Adoption of Big Data and Internet of Things (IoT) can have a massive impact on train safety. Positive train control and computer-based point machines are already witnessing a shift from analogue to digital. In addition to safety features, IoT and Big Data will be employed to gain insights into traveller behaviour. This can help operators in meticulous planning, such as staff deployment, customer service, and personalised marketing campaigns.
Government Support for Smart Railways: Success in the smart railways domain is dependent on government support and funding to a large extent. Governments in various countries have made modernisation of railways a priority, enabling faster implementation and earmarking of funds. For example, China’s largest banks have joined other financial firms with a view to invest US$ 28 Bn in PPP projects related to smart railways.
Other key trends that are covered in detail in FMI’s report on the smart railways market include,
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- Digital payment methods in railways
- Incorporation of fibre optic technology to improve rail safety
- Demand prediction to optimise transportation capacity and assets
- Adoption of GSM-R systems and cloud computing in railways
Smart Railways Market Analysis and Forecast by Offering Type
On the basis of offering type, the global smart railways market can be segmented into,
- Devices & components (includes rail sensors, VSC, smart cards, networking & connectivity devices, and others)
- Services (professional services, cloud services, integration & implementation services)
- Solutions (PIS, ASMS, RTMS, smart ticketing, RCNS, ROMS, and others)
Among these, the solutions segment revenues are the highest, followed by devices & components, and services. The services segments is projected to increase at the highest CAGR during the forecast period 2015-2025.
Smart Railways Market Analysis and Forecast by Region
Asia Pacific excluding Japan (APEJ) is the largest market for smart railways, followed by North America and Western Europe. The APEJ smart railway market is projected to reach nearly US$ 50 Bn in revenues by 2025, largely on the back of robust adoption of smart technologies in China and India. The market in North America will be dominated by the U.S., whereas the Western Europe smart railways market will witness growth in EU5 countries.
Key Players in the Global Smart Railway Market
The leading players profiled in FMI’s report on the smart railway market include ABB Group, Indra Sistemas, S.A., Alstom S.A., Alcatel-Lucent S.A. Bombardier Inc., Huawei Technologies Co. Ltd., Hitachi, Ltd., Cisco Systems, Inc., Siemens AG, IBM Corporation, General Electric Co., and Ansaldo STS.
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