MarketsandMarkets anticipates the global Smart Railways Market will reach USD 43.0 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 8.3% from USD 28.9 billion in 2022. The demand for efficient rail operations, high demographic growth, hyper-urbanization, technological advancements aimed at enhanced customer experience, soar in government initiatives and Public-Private Partnerships (PPP), deployment of loT and automation technologies to improve efficiency of smart railways are some of the key factors driving the growth of the smart railways market.
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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.
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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), Delphisonic (US) Passio Technologies (US), Cloud Moyo (US), Chemito (India). To expand in the market for smart railroads, these firms have used a variety of strategies, including new product releases, business expansions, mergers and acquisitions, partnerships, agreements, and collaborations.
A key player in the market for smart railways is Alstom (France). The company provides passenger and freight locomotives, tramways, high-speed trains, suburban trains, regional trains, tram-trains, and tramways. Additionally, it offers signalling goods such interlocking devices, track sides, security and control systems, and rail-control systems. The business creates and implements solutions for track laying, line electrification and power supply, and electromechanical equipment supply. Alstom used inorganic growth prospects including deals and agreements to maintain its dominant position in the market for smart railways. An organisation that specialised in the design and production of brake linings (pads and shoes) for braking systems, such as Flertex, was purchased by Alstom in April 2021. Alstom’s expertise in braking systems, a crucial component of trains’ overall technical performance, is widened and strengthened by the acquisition.
Another significant competitor in the market for smart railways is Hitachi (Japan), which provides smart railway systems to both Japanese and international railroad operators. To assist railway operators in achieving improved passenger comfort and decreased train headway, the company includes digital signalling technologies in its solutions, such as digital Automatic Train Protection (ATP), Automatic Train Operation (ATO), and Communication Based Train Control (CBTC). To build its railway business, the firm has embraced inorganic growth options like contracts and mergers. For instance, in March 2021, Hitachi Rail and Italy’s Trenitalia inked a contract to work together to offer integrated logistic support for the 59-train ETR 500-Frecciarossa high-speed fleet. The integrated support is anticipated to improve high-speed operations in Italy’s operations.
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