The Business Research Company’s Railway Telematics Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, November 9, 2023 /EINPresswire.com/ — The global railway telematics market is divided into various segments, encompassing solutions, railcar types, and component types, reflecting the multifaceted nature of the industry. Projections indicate a progression from $4.15 billion in 2022 to $4.48 billion in 2023, demonstrating a solid compound annual growth rate (CAGR) of 8.1%. Despite the recent upheavals caused by the Russia-Ukraine conflict, the market is poised to expand to $6.1 billion by 2027, with an anticipated CAGR of 8.0%.
Driving Smart Railway Initiatives: Accelerating Railway Telematics Demand
A surge in government initiatives for the development of smart railways is playing a pivotal role in propelling the growth of the railway telematics market. Governments worldwide are undertaking various smart railway projects to enhance transportation infrastructure. Notably, the government of China unveiled plans in July 2020 to develop smart railways utilizing 5G technology and the BeiDou Navigation Satellite System (BDS), aiming to establish a national railway network exceeding 200,000 kilometers. Additionally, the Indian government announced the development of 102 semi-high-speed Vande Bharat Expresses in November 2021 and revealed plans in October 2021 to establish approximately 500 multi-modal cargo terminals under the “PM GatiShakti” program, with an investment of $6.68 billion over five years. These initiatives are expected to escalate the demand for railway telematics, thereby bolstering the growth of the railway telematics market.
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Key Players: Pioneering Railway Innovations
Prominent players shaping the railway telematics market include Siemens AG, Hitachi Ltd., Alstom SA, Knorr-Bremse AG, Robert Bosch GmbH, Intermodal Telematics BV, Intrex Telematics, Orbital Communications Corporation, Savvy Telematics, Trinity Industries Inc., Cisco Systems, Inc., Teledyne FLIR LLC, Sumitomo Electric Industries, Ltd., LG CNS, Kapsch TrafficCom AG, Thales Group, Bombardier Inc., General Electric Company, and IBM Corporation.
Innovative Partnerships: Redefining Railway Competitiveness
Strategic partnerships and collaborations have emerged as a prominent trend in the railway telematics market, fostering competitiveness within the freight transportation sector. For instance, in 2020, leading rail companies in the USA, including GATX Corporation, Genesee & Wyoming, Watco, Norfolk Southern, and Trinity Rail, announced the formation of a joint venture, Rail Pulse, aimed at integrating GPS and telematics technologies into the American railcar fleet. Similarly, in March 2020, Netherlands-based Intermodal Telematics BV (IMT) and Germany-based transportation company VTG AG embarked on a long-term partnership to enhance the digitization of VTG’s rail wagon fleet, involving the installation of CLT20-Ex GPS units in 15,000 rail cars. Moreover, in January 2022, Italy-based Hitachi Rail forged a strategic partnership with Netherlands-based Intermodal Telematics (IMT) to incorporate the company’s monitoring sensors into Hitachi Rail’s digital freight service.
Segments: Catering to Diverse Railway Needs
The global railway telematics market is segmented as follows:
1. Solution: Fleet Management, Automatic Stock Control, Remote Data Access, Railcar Tracking And Tracing
2. Railcar: Hoppers, Tank Cars, Well Cars, Boxcars, Refrigerated Boxcars
3. Component Type: Telematics Control Unit, Sensors
Region: Mapping the Global Railway Landscape
North America is projected to lead the railway telematics market in 2022, while Asia-Pacific is expected to exhibit the fastest growth during the forecast period. The comprehensive market analysis report covers key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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Railway Telematics Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Railway Telematics Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on railway telematics market size, railway telematics market drivers and trends, railway telematics market major players, railway telematics market competitors’ revenues, market positioning, and railway telematics market growth across geographies. The railway telematics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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