The Railway Telematics Market was valued at USD 5.1 billion in 2021 and projected to reach USD 7.3 billion by 2026, growing at a CAGR of 7.5% from during forecast period.
The future of the freight rail industry is expected to rely on smart digital transportation systems that leverage technologies over larger railcar networks. New technologies such as integrated service management, asset management, and predictive analytics, shock detection, and automatic stock control are expected to help rail management companies manage optimal routes, schedules, capacities, and idle railcars in near real-time. Due to the increasing presence of smart technologies in rail transportation, the associated solutions and services markets are also expected to grow at high rates, globally. Emerging technologies such as refrigerated wagon management, estimated time of arrival of railcars are expected to enable efficient and better freight rail transportation. This is also expected to improve timely decision-making for issues such as asset deployment, utilization, and railcar maintenance.
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Driver: Government initiatives for smart railways
Increasing urbanization across the globe is resulting in the evolution of smart cities. Governments around the world are undertaking various smart city initiatives to provide better transportation infrastructure and speeding-up operational activities in public transportation services. For instance, in March 2020, the Government of India has proposed to develop 100 smart cities in the next few years. The Government of Singapore is implementing digital technology in transportation to accomplish its Smart Nation vision. Transportation is considered one of the most important pillars of a country’s economic development, and hence, these smart city initiatives are expected to drive market growth.
Opportunity: Increasing need for railway telematics
The need for telematics in freight and cargo transportation by rail has increased over the years. Population is increasing annually every year all over the world. Transportation infrastructure is a significant challenge for many countries across the world. Countries which are in the developmental stage lag in terms of efficient freight transportation services. The global rail industry is undergoing continuous changes in terms of technology for higher efficiency and safety.
Hopper railcars account for a major share of the market during the forecast period
Due to the new GSM and GPS modules, a significant cost reduction could be achieved. Interfaces for complementing sensors such as shock detection, digital/analog inputs/outputs, etc. are integrated. In addition, based on the analysis of user requirements, the development of a reliable load sensing technology for freight cars has been launched. This is a result of the fact that today most of the freight cars in operation in the railways do not use the full load capacity as cost-effective measurement of the load does not exist, especially during the filling-up process such as in the area of bulk freight. These advanced solutions are expected to support the growth of the railway telematics market.
Key Market Players
The key players considered in the analysis of the Railway Telematics market are Siemens (Germany), Hitachi Ltd. (Japan), Alstom (France), Knorr-Bremse (Germany), and Robert Bosch (US). These companies offer extensive products for the Railway Telematics industry and have strong distribution networks, and they invest heavily in R&D to develop new products.
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