According to a recent report published by Prudent Markets, titled, “Railway SystemMarket bySystem Type, Rolling Stock Type, andEnd Use: Global Opportunity Analysis and Industry Forecast, 2019–2026,”the global railway systemmarket sizewas valued at $24.72billion in 2018, and is projected to reach $37.36billion by 2026, registering a CAGR of 5.4% from 2019 to 2026.

By region, Europedominates the market presently, followed byAsia-Pacific,North America, andLAMEA.Russiadominated the Europerailway systemmarket share in 2018 andthe UK is anticipated to exhibit a remarkable growth during the forecast period.

The metals such as platinum, palladium, rhodium, and others used as automotive catalyst in catalyst converters are very rare and expensive. Because these metals are expensive, automakers want to use them as effectively as possible. Use of catalyst Nano particle increases the efficiency of catalyst and reduce the cost of catalyst converter, which make it the preferred choice for automotive catalyst converter. Hence, adoption of nanotechnology in catalytic converters drives the growth of the railway system market.

Auxiliary power system can be defined as the system that is typically designed to reduce emission of diesel-electric locomotives and provide significant fuel saving by automatically shutting down the main locomotive engine on idling in sync with continuous monitoring of critical parameters. Also, HVAC stands for heating, ventilation, and air conditioning and is used to control the temperature and environment inside the trains. This system uses the fresh air from outside to provide high quality air inside the closed space by removing the moisture, odors, smoke, heat, airborne bacteria, dust, carbon dioxide and oxygen replacement.Leading HVAC system providers for railways are supplying HVAC system for the railways, which in turn is anticipated to propel the growth of the railway systemmarket. For instance, on September 12, 2019, Knorr-Bremse, a German manufacturer of braking and HVAC systems has signed a contract with Alstom to supply heating, ventilation and air-conditioning (HVAC) and braking system for the SNCF’s next generation high-speed trains.

Locomotive is the primary part of the train, which is called as the rail engine. Based on various modes of propulsion type, locomotives are available in the form of diesel propulsion engine, electric propulsion engine, electro-diesel propulsion engine, or it can be of fuel cell engine or others. Such locomotives are self-propelled. However, metros, monorails, and trams are not equipped with locomotives.Metro is a high-capacity public transportation, which is most common in urban areas. Metros are electronically operated and have exclusive tracks to which pedestrians or other vehicles have no access. Metros are mostly grade separated in tunnels or on elevated railways. Metro track consists of two rails or beams. In addition, A monorail is a type of railway in which the rail track consists of a single rail or a beam. To differentiate the monorail from other modes of transportation, monorail society has defined monorails as single rail serving as a track for passenger or freight vehicles.

Leading providers of products and services related to rails are signing contract for the development and installation of new advanced technologies in metro network in this region. For instance, on January 9, 2020, Hitachi Rail STS USA won the contract of $798 million to roll out the communication-based train control in the San Francisco Bay Area’s BART metro network. In addition, rise in population and increased budget for the development of the railway sector is anticipated to propel the growth of the railway system market.

Factors such as increased budget for railways development and rise in demand for safe, secure, and efficient transport system drive the growth of the railway system market. In addition, increasing use of public transport service as a solution to minimize traffic congestion is anticipated to propel the growth of the market. However, high capital requirement is hindering the market growth. Further, infrastructural improvement of railways in developing countries and rise in mining & industrial activities offers remarkable growth opportunities for the players operating in the railway system market.

According to Lalit Katare& Anvay Sonpimple, Lead Analysts, Automotive and Transportation at AlliedMarket Research, “Bysystem type, the propulsionsegmentdominatedthe global railway systemmarket in 2018, in terms of revenue. In addition, based on rolling stock type, the metrossegment isanticipated to exhibit remarkable growth rateduring the forecast period.Presently, Europeis the highest revenue contributor, followed by Asia-Pacific,North America, and LAMEA.”

KEY FINDINGS OF THE STUDY

• On the basis ofsystem type, the train safetysegmentis anticipated to exhibit a remarkable growth during the forecast period.

• On the basis ofrolling stock type, the freight wagonssegment is the highest contributor to the global railway systemmarket in terms of revenue.

• Region wise,Asia-Pacific is the fastest growing region, followed by North America, LAMEA, and Europe.

The key players analyzed in this report are ALSTOM, Bombardier, CRRC, General Electric, Siemens, Hitachi, Stadler Rail AG, The Greenbrier Companies, Transmashholding, Trinity Industries, Inc., and others.

 

Research Link: https://www.prudentmarkets.com/report/railway-system-market/537/