connected-rail-market-to-reach-$1438-billion,-globally,-by-2031-at-5.4%-cagr:-allied-market-research

Connected Rail Market to Reach $143.8 Billion, Globally, by 2031 at 5.4% CAGR: Allied Market Research

 

Allied Market Research recently published a report, titled, Connected Rail Market By Service (Passenger Information System, Train Tracking and Monitoring, Automated Fare Collection System, Passenger Mobility, Predictive Maintenance), By Rolling Stock (Freight Wagons, Passenger Wagons, Diesel Locomotive, Electric Locomotive, Light Rail and Trams), By Safety and Signaling System (Positive Train Control, Communication Based Train Control, Automated Train Control): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global connected rail industry was accounted for $86.8 billion in 2021, and is expected to reach $143.8 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

Drivers, restraints, and opportunities

Rise in integration of the internet of things (IoT) in the railway industry, surge in demand for safety and compliance in rail transit, freight, and passenger capacity have boosted the growth of the global connected rail market. However, dearth of technological infrastructure and consistency in developing countries and infrastructure changes in current systems hinder the market growth. On the contrary, technological innovations in autonomous rail & green transportation and surge in reliance on computing systems would open new opportunities in the future.

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Covid-19 scenario:

  • The Covid-19 pandemic brough unprecedented humanitarian, economic, and healthcare challenges. The strict lockdown regulations and ban on travel & tourism hit the railway sector the hardest.
  • However, with the relaxation of lockdown measures and reopening of market across the world, the demand for connected rail is expected to rise in the future.

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The passenger information system segment held the lion’s share

By service, the passenger information system segment held the largest share in 2021, accounting for around two-fifths of the global connected rail market, due to the higher demand for automated control of critical messaging for railway applications. However, the predictive maintenance segment is expected to register the highest CAGR of 6.6% during the forecast period, owing to growing demand for condition-based maintenance in real time.

The electric locomotive segment to manifest the highest CAGR through 2031

By rolling stock, the electric locomotive segment would showcase the highest CAGR of 7.2% from 2022 to 2031, owing to increase in awareness regarding environmental pollution, high efficiency, quiet operation compared to diesel variants. However, the freight wagons segment held the largest share in 2021, contributing to more than two-fifths of the global connected rail market, due to rise in investments in railway infrastructure for rail freight services.

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Europe to dominate the market

By region, the market across Europe held the largest share in 2021, accounting for nearly one-third of the global connected rail market, due to advancements in the railway infrastructure and penetration of digital solutions in the European railway sector. However, the market across LAMEA is expected to register the highest CAGR of 7.2% during the forecast period, due to the optimistic scenario of railway sector in the region.

Major market players

  • Bombardier Inc.
  • Alstom SA
  • Siemens AG
  • Hitachi Limited
  • Robert Bosch GmbH
  • Huawei
  • Cisco Systems Inc.
  • Wabtec Corporation
  • Nokia Corporation
  • IBM Corporation

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