Railway System - Global Market Review & Outlook (2020-2025) – IMARCGroup.com
According to the latest report by IMARC Group, the global railway system market is expected to reach a value of around US$ 35 Billion by 2025, registering a CAGR of 4.5% during 2020-2025.
A railway system collects information, monitors operations and manages the transportation of passenger and freight trains. It allows station operators to coordinate and manage train arrivals, departures and cargos effectively in freight transportation. Moreover, it aids in streamlining rail operations, increasing security, managing revenue, ensuring accuracy in the fare collection, lowering maintenance costs and improving consumer satisfaction.
On account of traffic congestion and rising environmental concerns, individuals nowadays are preferring public transportation. This represents one of the key factors driving the railway system market growth. In addition to this, governments of several countries are encouraging various private-sector organizations to invest in the railway sector using the public-private partnership (PPP) model. They are also improving the existing railway infrastructure with advanced management solutions for enhancing operational efficiency. Furthermore, the integration of advanced technological solutions, such as big data, internet of things (IoT), real-time monitoring and cloud-based services, is expected to provide a positive thrust to the market growth in the coming years.
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Insights on Market Segmentation:
Breakup by Transit Type:
- Diesel Locomotive
- Electric Locomotive
- Electro-Diesel Locomotive
- Diesel Multiple Unit (DMU)
- Electric Multiple Unit (EMU)
- Light Rail/Tram
Breakup by System Type:
- Auxiliary Power System
- Train Information System
- Propulsion System
- Train Safety System
- HVAC System
- On-Board Vehicle Control
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/railway-system-market
Breakup by Application:
- Freight Transportation
- Passenger Transportation
- Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being ABB Ltd., Alstom, American Equipment Company, Bombardier Inc., Calamp Corporation, Construcciones y Auxiliar de Ferrocarriles, CRRC Corporation Limited, Fuji Electric, General Electric Company, Hitachi Ltd., Hyundai Rotem Company, Ingeteam Power Technology, Medcom, Mitsubishi Heavy Industries Ltd., Siemens Aktiengesellschaft, Škoda Transportation, Strukton Groep N.V., etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.