The railway system market is projected to grow from USD 25.1 billion in 2022 to USD 30.9 billion by 2027, at a CAGR of 4.2%. Increasing preference for rail public transport to reduce traffic congestion and growing demand for energy-efficient transport are driving the railway system market.
Some of the key players in the railway system market are CRRC (China), Alstom (France), ABB (Switzerland), Siemens (Germany), Knorr-Bremse (Germany), Thermo King (US), Hyundai Rotem (South Korea), Mitsubishi Heavy Industries (Japan), Toshiba (Japan), Hitachi (South Korea). New product developments, expansions, collaborations, and supply contracts are the key strategies adopted by these players to gain traction in the railway system market.
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CRRC (China) has the largest share in the railway system market. In May 2022, CRRC introduced new train for Fuzhou Metro Line 5, with a designed speed of 80 km/h, the train utilized by the Fuzhou Metro Line 5 is created and produced by CRRC Tangshan. The train has 43-inch LCD dynamic screens that show the location of the restroom, the accessible elevator, and the exit, in addition to the number of cars. Additionally, each carriage includes amenities like a wheelchair holder and a three-fork railing to improve the traveling experience for passengers in every way.
Alstom (France) adopted the strategy of supply contract to strengthen its market position. In June 2022, Alstom signed an agreement with GTS Rail, a Bari-based company that operates in intermodal rail freight transport, for the supply of 20 Traxx DC3 electric locomotives named E494 in Italy. The first locomotives will be delivered at the beginning of 2024.
In April 2022, Alstom signed a framework contract with the Department of Transport Victoria, Australia, for the provision of 100 Flexity low-floor Next Generation Trams (NGTs) for the largest urban tram network in the world. Valued at approximately USD 712 million, the contract includes the supply of rolling stock and 15-year maintenance, making this the biggest tram contract in Australia and in the Southern hemisphere.
Siemens (Germany) launching advanced products for Railway Industry, In May 2022, Siemens developed Mireo Plus H. Siemens Mobility works in tandem with its experienced partner Ballard Power to create the advanced fuel cell system for the Mireo Plus H. Additionally, the hydrogen tank has been improved. Its ability to absorb energy has been improved by 10%, enhancing its long-range capabilities. The hybrid control software uses predictive energy management to maximize operation.
In December 2020, Siemens developed automated train technology system. To increase efficiency and passenger safety, Siemens is offering driverless train solutions to Bengaluru Metro Rail Corporation Ltd (BMRCL).
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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