Railway Telematics Market Growth & Trends
The global railway telematics market is expected to reach USD 18.37 billion by 2030, registering a CAGR of 6.7% from 2023 to 2030, according to Grand View Research, Inc. Increase in government initiatives for smart railways owing to rapid urbanization and evolution of smart cities, globally, is driving the market growth. Governments across the globe are laying emphasis on undertaking several smart city initiatives to speed up operational activities in public transport services and offer better infrastructure for transportation.
Several countries such as Germany, India, France, and Canada have recognized that the expansion of the railway infrastructure is a significant factor supporting economic development. As a result, OEMs and numerous countries are investing considerably in railway infrastructure. For instance, in September 2022, Siemens mobility announced a contract with NS Groep N.V., a transportation company, to upgrade 176 ViRM trains with the most up-to-date ETCS European Train Control System (ETCS) Level 2 technology.
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With the ETCS Level 2 update, the fleet will be able to function more effectively to balance its useful life while also satisfying the most recent European criteria for rail safety compatibility. Equipment for the ETCS onboard unit, installation assistance, and seven years of system maintenance services will all be supplied by Siemens Mobility.
The majority of the prominent players in the railway telematics market belong to European region. OEMs including Alstom, DB Cargo, Knorr-Bremse, and Siemens AG hold a majority of the share in the railway telematics market. Several railway operators are replacing old technologies with progressive train signaling and control systems. For instance, in May 2022, Rail Pulse announced a partnership with Railinc, a rail data services provider company.
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Railway Telematics Market Segmentation
Grand View Research has segmented the global railway telematics market based on solution, railcar, component, and region:
Railway Telematics Solution Outlook (Revenue, USD Million; 2018 - 2030)
Fleet ManagementAutomatic Stock ControlRemote Data AccessRailcar Tracking And TracingOthersRailway Telematics Railcar Outlook (Revenue, USD Million; 2018 - 2030)
HoppersTank CarsWell CarsBoxcarsRefrigerated BoxcarsOthersList of key players in the Railway Telematics Market
Siemens AGHitachi Ltd.Alstom SAKnorr-Bremse AGRobert Bosch GmbHA1 DigitalRail nova SASAVVY Telematics Systems AGWabtec CorporationAmsted IndustriesOrbcommBrowse Full Report:https://www.grandviewresearch.com/industry-analysis/railway-telematics-market-report
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