Connected Rail Market to 2031 : Growth, Size, Share, Trends, and Key Players Analysis | Registering a CAGR of 5.4%

Connected Rail Market Size

PORTLAND, OREGAON, UNITED STATES, October 10, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Connected Rail Market," The connected rail market was valued at $86.8 billion in 2021, and is estimated to reach $143.8 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/12541

Presently, the global connected rail market is dominated by North America followed by Europe, Asia-Pacific, and LAMEA. In Asia-Pacific, the market is mainly driven by China owing to the optimistic market scenario for the railway sector in the region. In North America, the US is foreseen to witness considerable growth in the connected rail market during the forecast period.

The connected rail market is segmented on the basis of service, rolling stock, safety & signaling system, and region. By service, the market is divided into passenger information system, train tracking & monitoring, automated fare collection system, passenger mobility, and predictive maintenance. By rolling stock, it is classified into freight wagons, passenger wagons, diesel locomotive, electric locomotive, and light rail & trams. By safety & signaling system, it is classified into positive train control, communication-based train control, and automated train control. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Furthermore, the significant factors impacting the demand for connected rail are integration of the Internet of Things (IoT) in the railway industry, rise in demand for safety and compliance in rail transit, and increase in demand for passenger and freight capacity are expected to drive the market growth. However, lack of technological infrastructure & consistency in developing countries and infrastructure changes of the existing system are expected to hamper the market growth. Furthermore, technological advancements in autonomous rail & green transport and increase in reliance on computing systems are anticipated to offer remunerative opportunities for expansion of the market in the future.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/connected-rail-market/purchase-options

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge. Lockdown measures have helped to contain the spread of coronavirus, but exacted an immense economic toll. On the business side, the railway sector is one of the considerably hit sectors. The standstill situation of the rail industry was reflected in the connected rail market size. Short of raw materials and components, owing to limited logistics capabilities and limited labor force to carry on day-to-day operations were among preliminary business impacts. Furthermore, this pandemic has led to a slowdown in the economic growth of China, which negatively impacted the global economic growth as well. As a result of the COVID-19 pandemic, most connected rail solution manufacturing units were completely closed or were unable to reach full production potential, owing to lack of raw materials and staff. However, with initiation of coronavirus vaccination across the world and consequent resuming of all domestic and international ports, the global connected rail market is expected to revive soon.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :

By service, the passenger vehicle segment dominated the global connected rail market in 2021, in terms of revenue.

By rolling stock, the electric locomotive segment is expected to register significant growth, registering a CAGR of 7.0% during the forecast period.

By safety & signaling system, the communication-based train control segment is expected to register significant growth, registering a CAGR of 6.1% during the forecast period.

By region, Europe dominated the global connected rail market in 2021 in terms of market share.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/12541

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Bombardier Inc.
Alstom SA
Siemens AG
Hitachi Limited
Robert Bosch GmbH
Huawei
Cisco Systems Inc.
Wabtec Corporation
Nokia Corporation
IBM Corporation

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Railway Signaling System Market : https://www.alliedmarketresearch.com/railway-signaling-system-market-A08785

Trailer Axle Market : https://www.alliedmarketresearch.com/trailer-axle-market

David Correa
Allied Market Research
+1 800-792-5285
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