CHICAGO, April 8, 2019 /PRNewswire/ -- According to the new market research report "Railway System Market by System Type (Auxiliary Power, HVAC, Propulsion, On-board Vehicle Control, Train Information & Train Safety), Transit Type (Conventional & Rapid), Application (Passenger & Freight Transportation),& Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Railway System Market is estimated to be USD 26.0 billion in 2019 and projected to reach USD 35.3 billion by 2025, at a CAGR of 5.2%. The growing demand for public transport and increasing need for energy efficient transport are some of the key drivers for the growth of this market.
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Passenger transportation, by application, is estimated to hold the largest market share during the forecast period
The major passenger transportation markets include countries such as Japan, India, China, and the European countries. The increase in rapid transit systems equipped with advanced train information system, auxiliary power units, and onboard vehicle control is driving railway system market. Moreover, to provide safety systems, the rolling stock vendors are introducing cameras, video recorders, passenger information displays, and public address system. The increase in these functions will boost the passenger transportation segment of the railway system market.
Browse in-depth TOC on "Railway System Market"
38 – Tables
48 – Figures
139 – Pages
Train information system is estimated to be the fastest growing segment, by system type, during the forecast period
The train information system market is estimated to be the fastest growing segment. Train information system is a communication system that provides information to passengers and enables two-way communication between passengers and operators. These communication systems are used in connected rails and high-speed trains for their efficient functioning.
The growing demand for connected and high-speed trains is propelling the demand for train information systems. Moreover, the advent of autonomous trains will act as a catalyst in the growth of the train information system market in future.
Europe to be the largest railway system market
The European railway system market is estimated to be the largest in 2019. The EU represents the biggest absolute market for rail products and services, with the railway system segment representing the largest part of this market. The demand for rail vehicles in this region is triggered by the growing population of urban areas, where the existing transportation infrastructure is insufficient. The expansion of these networks is expected to drive the demand for new vehicles, which, in turn, will fuel the railway system market.
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The report analyzes all major players in the railway system market including CRRC (China), Siemens (Germany), Bombardier (Canada), Alstom (France), and ABB (Switzerland).
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