Railway System Market Growth Outlook with Industry Review and Forecasts 2019-2025
The Railway System Market is estimated to be USD 26.0 billion in 2019 and projected to reach USD 35.3 billion by 2025, at a CAGR of 5.2%. Increase in user preference for public transportation is projected to drive the market.
The rapid transit segment is expected to be the largest contributor to the railway system market, by transit type, during the forecast period.
The current limitations of transport infrastructure in developed as well as developing economies have fueled the development for new and existing rail lines. Increasing traffic and growing population in urban areas have boosted the demand for eco-friendly transit options from commuters and governments. In metropolises, expansion of existing urban transit networks has generated demand for new vehicles which is fueling the demand for rapid transit. The vehicle fleet is larger in developed countries of Western Europe, while demand is expected to be higher in emerging economies such as China, Brazil, and India, where new infrastructure projects are being launched. These rapid transit vehicles are modern vehicles equipped with advanced safety and information systems. Moreover, the majority of these transit vehicles have HVAC systems as well.
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The train safety system is expected to be the second fastest growing market, by system type, during the forecast period.
The train safety system is expected to be the second fastest growing segment of the railway system market during the forecast period. To achieve high levels of safety and security in rail, governments from different regions have introduced laws on improving the safety factors of railways which is driving the train safety system market.
Freight transportation is expected to be the fastest growing segment in the railway system market, by application, during the forecast period.
The freight transportation segment is expected to be the fastest growing market during the forecast period. The main factors driving the market include globalization and rapid changes in the rolling stock manufacturing industry. Moreover, increasing cargo turnover between China and Europe is fueling the market.
The key players in the market are CRRC (China), Bombardier (Canada), Alstom (France), ABB (Switzerland), Siemens (Germany), General Electric (US), Hyundai Rotem (South Korea), Mitsubishi Heavy Industries (Japan), and Toshiba (Japan).
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Key Questions Addressed in the Report:
- Where will all the development in the field of railway systems take the railway industry in the mid- to long-term?
- How will the increasing adoption of high-speed trains and government safety norms impact the railway system market?
- What are the new application areas of railway systems?
- Which are the key players in the market and how intense is the competition?
- How will the advent of autonomous and connected trains impact the market?