According to a research report "Railway System Market by System Type (Auxiliary Power, HVAC, Propulsion, On-board Vehicle Control, Train Information & Train Safety), Transit Type, Application (Passenger & Freight Transportation), & Region - Global Forecast to 2027" published by MarketsandMarkets, the global railway system market size is projected to grow from USD 25.1 billion in 2022 to reach USD 30.9 billion by 2027, at a CAGR of 4.2%.
Browse 144 market data Tables and 54 Figures spread through 199 Pages and in-depth TOC on "Railway System Market by System Type (Auxiliary Power, HVAC, Propulsion, On-board Vehicle Control, Train Information & Train Safety), Transit Type, Application (Passenger & Freight Transportation), & Region - Global Forecast to 2027"
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As rail transit offers the benefit of cost-effectiveness and efficient transportation of passengers as well as freight, the demand for rolling stock is increasing globally. The production of the advanced railway system is set to rise in countries such as India, Brazil, Russia, and China, because of high demand from rolling stock manufacturers for integrating advanced railway systems, government support, and cost advantages. For instance, the Indian government is expecting to boost the manufacturing in the country through their ‘Make in India’ initiative. Also, the government is promoting rapid transit in the country by increasing investments in their development would drive the railway system market. The European railways has advanced and well developed infrastructure for passenger transit due to which railway market is likely to experience steady growth which will drive railway system market in the region, whereas the North American market is more inclined toward freight transportation. Factors such as initial investment and high overhaul and maintenance costs could hamper the growth of the railway system market.
Germany is expected to dominate the European railway system market during the forecast period
Germany has witnessed increased demand for energy-efficient transport and mass rapid transit to reduce traffic congestion. The country’s new rail investments of USD 104 billion in 2020 by the federal government and Deutsche Bahn between 2020-2029 are expected to drive the overall rolling stock and related railway systems market. Similarly, in 2021, Deutsche Bahn and the federal government further invested around USD 14.7 billion in modernizing, maintaining, and expanding the railway network in the country. With this investment, the country’s rolling stock will be updated with new digital signaling technologies and advanced safety systems, which will further drive the German railway system market.
Europe is estimated to be the largest market for train safety systems during the forecasted period
Europe is estimated to be the largest market for train safety systems during the forecasted period. European railways are regarded as among the safest in the world and hence form an important market for train safety systems. The European Rail Traffic Management Systems (ERTMS) signaling and control component, known as the European Train Control System (ETCS), is highly developed.
Standard trackside equipment and unified controlling equipment located inside the train cab are used to deploy ETCS. In its most modern form, all lineside data is wirelessly transmitted to the driver within the cab, eliminating the need for the driver to monitor lineside signals. This will lay the groundwork for automated train operation (ATO). The growth of the train safety system segment is attributed to stringent government norms and standards for passenger safety in trains.
The Chinese railway system market is expected to be the largest market in Asia Pacific Region
China’s growing economy is driving the expansion of railways and improving transport capacity; therefore, it has the fastest growing railway industry in the world. Governments are also increasingly investing in railway infrastructure development. These high investments from governments led to the development of high-speed trains with advanced technologies and systems. China has developed a new high-speed train system for cross-border operations that will facilitate connectivity with other nations. The train is equipped with world-class connectivity and safety features.
The report analyzes all major players in the railway system market including CRRC (China), Siemens (Germany), Hitachi (Japan), Alstom (France), and ABB (Switzerland).
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