Railway System Market to Garner $37.36 Bn, Globally, by 2026 at 5.4% CAGR, Says Allied Market Research
Rise in budget for railways development, increase in demand for safe, secure, and efficient transport system, and surge in use of public transport service as a solution to minimize traffic congestion drive the growth of the global railway system market
PORTLAND, Oregon, April 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Railway System Market by System Type (Auxiliary Power, HVAC, Propulsion, On board Vehicle Control, Train Information, and Train Safety), Rolling Stock Type (Locomotives, Metros, Monorails, Trams, Freight Wagons, Passenger Coaches, and Others) and End Use (Passenger Transit and Cargo Train): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the Railway System Market garnered $24.72 billion in 2018 globally, and is projected to reach $37.36 billion by 2026, registering a CAGR of 5.4% from 2019 to 2026.
Driving factors for the market
Rise in budget for railways development, increase in demand for safe, secure, and efficient transport system, and surge in use of public transport service as a solution to minimize traffic congestion have boosted the growth of the global railway system market. However, the high capital requirement hampers the market growth. On the contrary, infrastructural improvement of railways in developing countries and rise in mining and industrial activities are expected to create lucrative opportunities in the near future.
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Propulsion segment dominated the market
By system type, the propulsion segment held the largest share in 2018, accounting for nearly one-fourth of the global railway system market, as it is one of the essential parts of railway system that is used to produce force to drive the locomotive in railways. However, the train safety segment is expected to register the fastest CAGR of 6.7% during the forecast period.
Cargo train segment to manifest the highest CAGR through 2026
By end use, the cargo train segment held the largest share in 2018, contributing to nearly three-fifths of the global railway system market. An efficient way for the transportation of goods offered by cargo trains and increased budget for railways development have boosted the growth. However, the passenger transit segment is anticipated to portray the highest CAGR of 4.9% during the forecast period, due to as it offers safety, reduced air pollution, and reduces traffic congestion.
Asia-Pacific, followed by North America, to register the fastest growth by 2026
The global railway system market across Asia-Pacific, followed by North America, is expected to manifest the fastest CAGR of 6.9% through 2026, due to rise in populations and increased budgets for the development of railway sector in the region. However, the market across Europe accounted for the largest share in 2018, contributing to more than one-third of the market, owing to increase in use of public transport and demand for safe, secure and efficient transportation.
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Major market players
- ALSTOM
- CRRC
- Bombardier
- Siemens
- General Electric
- Stadler Rail AG
- Hitachi
- Transmashholding
- The Greenbrier Companies
- Trinity Industries, Inc.
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