MarketsandMarkets projects the Smart Railways Market to grow from USD 26.0 billion in 2021 to USD 41.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. Major factors driving the growth of the smart railways market include need for efficiency in rail operations, high demographic growth and hyper-urbanization enhancing the need for efficient railway systems, technological advancements targeted toward the enhancement of customer experience, increase in government initiatives and Public-Private Partnerships (PPP), and adoption of IoT as well as automation technologies to enhance optimization of smart railways.
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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. Rail companies fully rely on efficient and reliable asset operations and rail infrastructure to successfully meet these growing demands. The increase in deployment of smart railways solutions is driving the demand for both professional and managed services.
By solution, the rail communication and networking segment to account for the largest market share in 2021
The rail communication and networking segment account for the largest market share in 2021. The adoption of smart communication solutions across the varied applications of railway management will improve timely decision-making for issues such as asset deployment, utilization, and maintenance. This is a driving factor for the adoption of rail communication and networking system in the smart railways market.
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Key and emerging market players include Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra Sistemas (Spain), Siemens (Germany), Honeywell (US), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprise (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), Uptake (US), Eurotech (Italy), Tego (US), KONUX (Germany), Aitek S.p.A (Italy), Assetic (Australia), Machines With Vision (UK), and Delphisonic (US). These players have adopted various strategies, such as new product launches, expansions, mergers and acquisitions, partnerships, agreements, and collaborations to grow in the smart railways market.
Alstom (France) is a prominent player in the smart railways market. The company offers metros, tramways, tram-trains, suburban trains, regional trains, high-speed trains, and passengers and freight locomotives. It also provides signaling products, such as rail-control systems, security and controls, tracksides, and interlocking products. The company designs and installs solutions for track laying, electrification of and power supply to lines, and supplies electromechanical equipment. Alstom adopted inorganic growth opportunities, such as agreements and contract to maintain its leading position in the smart railways market. For instance, in April 2021, Alstom acquired Flertex, a group specialized in the design and manufacture of brake linings (pads and shoes) for braking systems. The acquisition expands and strengthens Alstom’s expertise in braking systems, a key element in the overall technical performance of trains.
Hitachi (Japan) is another key player in the smart railways market and offers smart railway solutions to Japanese and global railway operators. The company offers digital signaling technologies in its solutions including digital Automatic Train Protection (ATP), Automatic Train Operation (ATO), and Communication Based Train Control (CBTC), to help railway operators achieve enhanced ride comfort and shortened train headway. The company has adopted inorganic growth opportunities, such as agreements and acquisitions, to expand its railway business. For instance, in March 2021, Hitachi Rail signed an agreement with Italy’s train transport company, Trenitalia, to provide combined logistic support to the ETR 500-Frecciarossa high-speed fleet, comprising 59 trains. The integrated support is expected to raise the accessibility and productivity of high-speed operations in Italy.
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