Market Research Report
Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945193|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 112 Pages||
The global railway system market reached a value of around US$ 27 Billion in 2019. The railway system refers to an organized arrangement that is responsible for managing the transportation of passenger and freight trains such as rail, monorail, scenic railway, metro, subway, cable and elevated railway. Over the years, rail transport has emerged as one of the most reliable modes of transportation with regards to security and safety. The railway system integrates technology with operations to streamline functions and deliver enhanced consumer satisfaction. It aids in managing train arrivals, departures, revenue, ticketing and cargo handling functions. Besides this, advanced railway systems use digital communications for disaster management and on-train processing to keep track of the speed and location of other trains.
Increasing urbanization and widespread digitalization across the globe are among the key factors driving the growth of the market. Growing population and rising expenditure capacities have augmented the demand for personal mobility across the world. Consumers are increasingly adopting public transportations, such as high-speed trains and metros to commute and avoid congestion on the road. Furthermore, the demand for dynamic and swift transportation systems by the rolling stock industry is also providing a boost to the market. Developing nations are extensively dependent on efficient asset and fleet management systems for remote diagnostics, asset planning and tracking services over long distances. Additionally, the integration of automation and the internet of things (IoT) technologies in railway systems is positively impacting the market growth. Railway systems are being combined with big data analytics solutions to control and manage the communication systems, which assist the operators to identify malfunctioning components and prevent breakdowns. Moreover, the implementation of favorable government policies supporting the emerging trend of smart cities is also projected to drive the market in the upcoming years. Looking forward, IMARC Group expects the market to reach a value of around US$ 35 Billion by 2025, registering a CAGR of 4.5% during 2020-2025.