PORTLAND, Oregon, Sept. 17, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Autonomous Train Technology Market by Grade of Automation (GOA 1, GOA 2, GOA 3, and GOA 4), Train Type (Passenger Train and Freight Train), Technology (CBTC, ETRMS, ATC, and PTC), and Component (Camera, Accelerometer, Odometer, Tachometer, Radio Set, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global autonomous train technology market generated $5.88 billion in 2018, and is expected to garner $15.56 billion by 2026, registering a CAGR of 12.9% from 2019 to 2026.
Prime determinants for growth of the market
Rise in the allocation of budgets for development of railways, surge in demand for secure, safer and efficient transport system, reduced pollution and accident cases, and rise in capacity and reliability drive the growth of the global autonomous train technology market. However, high possibilities of hacking and high costs incurred in automation restrain the market growth. On the other hand, rise in freight transport through train and enhanced railway infrastructure in developing countries create new opportunities in the market.
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GOA 2 segment to lead during the forecast period
Based on the grades of automation (GOAs), the GOA 2 segment accounted for the highest share in the global autonomous train technology market in 2018, contributing for nearly two-fifths of the total market share in terms of revenue, and is expected to continue to lead during the forecast period. This is attributed to demand for automation, implementation of new technology, and significant rise in railway budget and adopting automation in developing countries. On the other hand, the GOA 4 segment is expected to grow at the fastest rate with a CAGR of 16.4% from 2019 to 2026, owing to its capability to offer greater flexibility in operation, good safety record, and quality of safety.
CBTC segment to maintain its dominance by 2026
Based on technology, the CBTC segment accounted for more than half of the total share of the global autonomous train technology market in 2018, and is expected to maintain its dominance during the forecast period. This is due to its cost effectiveness, ease in implementation, maintenance & expansion, safety, and highly advanced nature. On the other hand, the ETRMS segment is expected to grow at the highest CAGR of 16.2% from 2019 to 2026, owing to its safety, punctuality, reliability, and traffic capacity.
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Asia-Pacific to grow fastest, North America to follow
Asia-Pacific is the fastest growing region, expected to grow at the growth rate with a CAGR of 16.0% from 2019 to 2026. This is due to continuous improvement of autonomous train infrastructure in countries such as India, China, and Japan. North America holds the second position in terms of the growth rate. Europe accounted for the dominant share, holding for nearly three-fifths of the total market share of the global autonomous train technology market in 2018, and will maintain its pole position throughout the forecast period.
Market players grabbing the largest pie
- Alstom S.A.
- Bombardier Transportation
- CRRC Transportation
- General Electric
- Hitachi Ltd.
- Kawasaki Heavy Industries
- Mitsubishi Heavy Industries
- Siemens AG
- Thales Group
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