DUBLIN–(BUSINESS WIRE)–The “Railway Telematics Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The railway telematics market size has grown strongly in recent years. It will grow from $4.4 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The railway telematics market size is expected to see strong growth in the next few years. It will grow to $6.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
The growth observed in the historical period can be attributed to factors such as the adoption of GPS technology, the remote monitoring of trains, heightened safety and security concerns, a focus on operational efficiency, and the integration of communication technologies.
The anticipated growth in the forecast period can be attributed to factors such as the implementation of IoT-based railway systems, the adoption of predictive maintenance solutions, the development of autonomous trains, the implementation of advanced sensors, and the application of big data analytics in railway operations. Major trends expected in the forecast period include the use of blockchain for railway transactions, the implementation of real-time passenger information systems, the integration of artificial intelligence in railways, the adoption of energy efficiency measures, and enhanced connectivity through 5G technology.
The railway telematics market is experiencing significant growth due to increased government initiatives for smart railways, with various countries globally investing in improved transportation infrastructure. An example is the ‘PM GatiShakti’ program by Indian Railways, which plans to establish around 500 multi-modal cargo terminals with a total investment of $6.68 billion over five years. Such initiatives aim to integrate and streamline the flow of people, products, and services across different modes of transportation, enhancing connectivity and reducing travel times. As a result, the demand for railway telematics is expected to rise, driving market growth.
The railway telematics market is also anticipated to be propelled by the growth in freight transportation. Freight transportation involves the movement of goods from one location to another, and railway telematics plays a crucial role in modernizing this process. It enables real-time monitoring of cargo, locomotives, and rail infrastructure, ensuring the safe and efficient movement of goods. The systems provide valuable data on cargo location, temperature, security, and condition, allowing logistics companies to optimize routes and manage cargo efficiently. With the U. S. freight activity projected to grow significantly by 2050, the demand for railway telematics is set to increase.
A key trend in the railway telematics market is the emergence of strategic partnerships and collaborations, fostering competitiveness in the rail sector. For instance, Hitachi Rail, based in Italy, formed a strategic partnership with Intermodal Telematics (IMT) in the Netherlands. This collaboration involves embedding IMT’s monitoring sensors into Hitachi Rail’s digital freight service, enabling the offering of a powerful telematics product that utilizes AI analytics to optimize the efficiency and safety of freight services. Real-time monitoring of various aspects, including vehicle location, cargo status, and equipment conditions, is made possible through this partnership.
Major players in the railway telematics market are launching new products to maintain their market position. In May 2022, Hitachi Rail introduced a new Positive Train Control (PTC) onboard system and digital railcar telematics. This digital rail product, with an Interoperable Train Control (ITC) option, is designed for commuter train operators and freight railroads. The system runs essential and non-essential programs on a contemporary multiprocessor architecture, contributing to enhanced safety, efficiency, and data-driven operations within the railway industry.
North America will be the largest region in the railway telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The countries covered in the railway telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Key Topics Covered:
1. Executive Summary
2. Railway Telematics Market Characteristics
3. Railway Telematics Market Trends And Strategies
4. Railway Telematics Market – Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Railway Telematics Market Size and Growth
5.1. Global Railway Telematics Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Railway Telematics Historic Market Size and Growth, 2018 – 2023, Value ($ Billion)
5.3. Global Railway Telematics Forecast Market Size and Growth, 2023 – 2028, 2033F, Value ($ Billion)
6. Railway Telematics Market Segmentation
6.1. Global Railway Telematics Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.2. Global Railway Telematics Market, Segmentation By Railcar, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.3. Global Railway Telematics Market, Segmentation By Component Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7. Railway Telematics Market Regional And Country Analysis
7.1. Global Railway Telematics Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Railway Telematics Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/hp5n9j
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