May 20, 2020 1:00 AM ET
iCrowd Newswire – May 20, 2020
The Global Railway System Market is estimated to grow at a CAGR of 5.4% during the forecast period 2019-2026. The market research study presents that the railway system industry accounted $24.72 billion in the year 2018 and is estimated to reach $37.36 billion by the end of the year 2026.
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The railway system industry is driven by various growth factors such as increase in adoption of public transportation and increasing focus of governments on the development of railways. Moreover, rise in demand for safe, secure and efficient transport system and increasing focus of government towards minimizing traffic congestion plays a key role in the market growth. Whereas, high capital requirement for modernizing or developing the well-equipped railway system will hinder the market growth over the long-term. On the other hand, growth in industrial and mining activities create lucrative market opportunities for cargo trains and infrastructural development of railways in developing countries also offers a positive growth for the market players.
Segmentation Overview of the Global Railway System Market
The report on the global railway system market include the study across various market segments such as:
- End Use
- Rolling Stock Type
- System Type
The System Type Segment of the Global Railway System Market is Sub-Segmented into:
- Auxiliary Power
- On board Vehicle Control
- Train Information
- Train Safety
The Rolling Stock Type Segment of the Global Railway System Market is Sub-Segmented into:
- Freight Wagons
- Passenger Coaches
The End Use Segment of the Global Railway System Market is Sub-Segmented into:
- Passenger Train
- Cargo Train
Geographical Overview of the Global Railway System Market
The global railway system market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy, Spain, The Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the Europe Railway System Market is estimated to account for highest market share in the global marketplace in the year 2018, owing to rapid technological advancements in railway systems in the region and inclination of government and market players towards rail automation. Some major countries of the region are increasingly focusing on autonomous trains, for instance, in the UK, autonomous trains are operated in all levels that is from metros to trams with several automated metro lines running at different levels. Automation in railway serves a wide scale of passengers travelling across. Also, France analysed to have the most advanced autonomous rail network globally which majorly serves the passenger transit segment. Hence, the regional market growth is highly dependent upon the government regulations, approvals and budgeting in the particular market domain. However, the APAC railway system market is anticipated to register the fastest market growth over the forecast period.
Key Players Insights
Trinity Industries, Inc., Transmashholding, The Greenbrier Companies, Stadler Rail AG, Siemens, Hitachi, Ltd., General Electric, CRRC Corporation Limited, Bombardier Transportation and Alstom among others are some major key players included in the research study of the global railway system market. The market players are adopting various competitive strategies to withhold the large market share in the global railway system market.
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Keywords: Railway System Market, Railway System Market Size