The global smart railways market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. Europe is expected to be the largest adopter of the Internet of Things (IoT) technology owing to the fast-economic growth. For the purpose of analysis, Europe has been categorized into three regions—the UK, Germany, France, and the rest of Europe. During the forecast period, the UK accounted for the largest market share of 39.9% in 2018, growing at a CAGR of 16.2%, followed by Germany at17.3%. The growth in this region is driven by the significant investments on smart railways projects by the government. Moreover, a three-year-long project was launched by Smart-Rail in 2015 for the improvement of client-oriented rail solutions on the European corridors. Smart-Rail received a funding of USD 6.6 Million from the European Union’s Horizon 2020 research and innovation program is expected to drive the market growth in this region.
On the other hand, Asia-Pacific is expected to foresee the fastest growth of smart railways owing increasing regional demographics and changing traveling demand. The governments of different countries including India and China have initiated smart railways projects with the help of advanced technologies and high-end infrastructure support which is driving the market growth in the region. Also, the countries including South Korea, Japan, China, and India are showing revolutionary growth in their respective regions, which is expected to boost the market growth.
The global smart railway market is expected to reach USD 32.48 billion at a CAGR of over 16.5% by the end of the forecast period 2017–2024.
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The global smart railways market has been segmented on the basis of the type, component, solution, services, and region. The type segment is further sub-segmented into the station and onboard type. The component is sub-segmented into multimedia infotainment displays, video surveillance cameras, and networking & connectivity devices. The solutions have been segmented into advanced security monitoring system, passenger information system, rail communication & networking system, freight information system, rail analytics system, smart ticketing system. The services are segmented into system integration & deployment, consulting services, and support & maintenance. The region includes North America, Europe, Asia-Pacific, and the rest of the world.
The smart railway market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Europe accounted for the largest market share of 54.5% in 2017, with a market value of USD 6,301.7 million; the market is expected to register a CAGR of 15.8% during the forecast period. North America was the second largest market in 2017, valued at USD 2,776.6 million; the market is projected to exhibit a CAGR of 16.7%. However, the market in Asia-Pacific is expected to register the highest CAGR of 19.7%.
The adoption of IoT technology, fast economic growth, and significant investments on smart railways projects by the government are expected to drive the growth of the smart railway market in the region. Moreover, smart rail received a funding of USD 6.6 million from the European Union’s Horizon 2020 research and innovation program.
Some of the prominent players of global smart railways market are Alstom SA (France), Cisco Systems, Inc. (US), General Electric Inc. (US), International Business Machines Corporation (US), Hitachi Limited (Japan), Huawei Technologies Co. Ltd (China), Siemens AG (Germany), Bombardier, Inc. (Canada), Indra Sistemas SA (Spain), Teleste (Finland) and Thales Group (France).
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List of Tables
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 GLOBAL SMART RAILWAY MARKET, BY TYPE, 2017–2024 (USD MILLION)
TABLE 3 GLOBAL SMART RAILWAY STATIONS MARKET, BY COMPONENT, 2017–2024 (USD MILLION)
TABLE 4 GLOBAL SMART RAILWAY STATIONS MARKET, BY SERVICE, 2017–2024 (USD MILLION)
TABLE 5 GLOBAL SMART RAILWAY STATIONS MARKET, BY SOLUTION, 2017–2024 (USD MILLION)
TABLE 6 GLOBAL SMART RAILWAY ON-BOARD TRAINS MARKET, BY COMPONENT, 2017–2024 (USD MILLION)
TABLE 7 GLOBAL SMART RAILWAY ON-BOARD TRAINS MARKET, BY SERVICE, 2017–2024 (USD MILLION)
TABLE 8 GLOBAL SMART RAILWAY ON-BOARD TRAINS MARKET, BY SOLUTION, 2017–2024 (USD MILLION)
TABLE 9 GLOBAL SMART RAILWAY MARKET, BY COMPONENT, 2017–2024 (USD MILLION)
TABLE 10 GLOBAL SMART RAILWAY MARKET, BY SERVICES, 2017–2024 (USD MILLION)
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