PUNE, India, June 6, 2017 /PRNewswire/ --
The report "Connected Rail Market by Service (Passenger Mobility, PIS, Train Tracking & Monitoring, Automated Fare Collection System, Predictive maintenance), Rail signaling system (PTC, CBTC & ATC), Rolling Stock, and Region - Global forecast to 2022", published by MarketsandMarkets™, the global Connected Rail Market is estimated to be USD 77.27 Billion in 2017 and is projected to grow at a CAGR of 6.42% from 2017 to 2022, to reach USD 105.44 Billion by 2022. The major factors behind the growth of Connected Rail Markets is the continuous need for safety and security in railways, commutator convenience, growing economy, and increasing population.
Browse 62 market data tables and 41 figures spread through 107 pages and in-depth TOC on "Connected Rail Market - Global forecast to 2022"
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CBTC system to hold the largest share in the connected rail market, by safety and signaling system type
The CBTC technology is estimated to account for the largest share in the global connected rail market. This technology enables complete flexibility in terms of operational schedules or timetables and offers rail operators to respond to the specific traffic demand more swiftly and efficiently and to solve traffic congestion problems. Moreover, modern CBTC are coupled with Automated Train Control (ATC), which are majorly used for automated signaling in metro rail across the globe.
Predictive maintenance: Reduce downtime and increase in safety are driving the market for predictive maintenance
Predictive maintenance is expected to constitute the largest share, in term of value, in the global connected rail market. About, 30 percent of initial delays are due to the malfunctioned rolling stock and infrastructure parts, whereas 75% of locomotives are unexpectedly taken for service repairs at least for four-week period. These issues can be addressed through the predictive maintenance. This technology majorly attributed to the growing need of less maintenance, less downtime, more revenue in the railway industry. It has triggered the demand for connected rail market, from consumer side. The demand is expected to increase in developing and developed countries such as the U.S., Germany, France, China, Japan, and India where major rail and technology manufacturers are located.
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Europe: Leading the connected rail market
Europe is estimated to account for the largest share, in terms of value, of the Connected Rail Market in 2017. The region comprises developed economies in the world, including Germany, U.K., France, Spain and Italy. Rail transport in Europe is the largest absolute industry for rail products and services, with the high tech rolling stock segment which represents the largest part of this market. About 84% of the European market for rail parts and services are met by the European rail supply industry.
The major players in the Connected Rail Market are Bombardier Inc. (Canada), Alstom SA (France), Siemens AG (Germany), Hitachi Limited (Japan), Robert Bosch GmbH (Germany), Huawei (China), Cisco Systems Inc. (U.S.), Wabtec Corporation (U.S.), and Nokia Corp. (Finland) etc.
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