The connected rail market has grown steadily, advancing from $88.82 billion in 2023 to $94.25 billion in 2024, at a CAGR of 6.1%. Growth drivers include smart railway systems, IoT adoption, and operational efficiency improvements. The market is projected to reach $120.05 billion by 2028, supported by smart transportation initiatives and automation in the automotive sector. Future trends include rail electrification, product innovations, and strategic mergers and acquisitions.
Major Driver In The Connected Rail Market
Government initiatives to improve rail connectivity are expected to drive the growth of the connected rail market. These initiatives aim to enhance transportation efficiency and modernize infrastructure. For example, the Office of Rail and Road reported in November 2023 that the UK government invested $10.42 billion (£9.7 billion) in rail infrastructure and rolling stock, with a focus on the High Speed 2 (HS2) project. As a result, government efforts to increase rail connectivity are fueling the connected rail market.
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Connected Rail Market Competitive Landscape
Russian Railways, Huawei Technologies Co. Ltd., Hitachi Ltd., General Electric Company, Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Deutsche Bahn AG, ABB Ltd., Toshiba Corporation, Nokia Corporation, Union Pacific Railroad, BNSF Railway, Thales Group, CSX Corporation, Network Rail, Canadian National Railway Company, Norfolk Southern Corporation, Central Japan Railway Company, Alstom SA, Wabtec Corporation, Bombardier Inc., Trimble Inc., Ansaldo STS, Australian Rail Track Corporation
Key Connected Rail Market Trend
Companies in the connected rail market are focusing on developing fully autonomous railway systems to enhance efficiency and safety. Fully autonomous systems use AI, sensors, and communication networks for navigation and control. In June 2023, Hitachi Ltd., a Japan-based company, launched the first phase of the Honolulu Skyline, the US’s first fully autonomous urban railway system. This 10.75-mile elevated rail line includes advanced safety features, such as over 1,500 cameras, to support emergency response and reduce traffic congestion.
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Connected Rail Market Segmentation
The connected rail market covered in this report is segmented –
1) By Service: Passenger Mobility, Passenger Information System (PIS), Train Tracking And Monitoring, Automated Fare Collection System, Predictive Maintenance
2) By Rail Signalling System: Positive Train Control (PTC), Communication Based Train Control (CBTC), Automated Train Control (ATC)
3) By Rolling Stock Type: Electric Multiple Unit (EMU), Diesel Locomotive, Electric Locomotive, Passenger Wagons, Light Rail Or Tram Car, Other Rolling Stock Types
By Geography:The regions covered in the connected rail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the connected rail market in 2023.
The Connected Rail Global Market Report 2024 furnishes information about the global connected rail market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
