CHICAGO, June 24, 2021 /PRNewswire/ -- According to the new market research report "Railway Telematics Market by Solution (Fleet Management, Automatic Stock Control, Shock Detection, Reefer Wagon Management, ETA), Railcar (Hoppers, Tank Cars, Well Cars, Boxcars, Reefer Cars), Component & Region - Global Forecast to 2026", published by MarketsandMarkets™, the Railway Telematics Market is estimated to be USD 5.1 billion in 2021 and is projected to grow at a CAGR of 7.5% during the forecast period, to reach USD 7.3 billion by 2026.
Browse in-depth TOC on "Railway Telematics Market"
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Various countries have realized that the development of railway infrastructure is one of the important factors driving economic development. Therefore, several countries and OEMs are investing significantly in railway infrastructure. For instance, Commande Centralisee de Reseau of France and Digitaler Bedienplats of Germany announced plans in 2020 to digitalize their interlocking systems by 2033 and 2035 respectively. Also, in May 2021, UAE's national railway network, Etihad Rail signed an agreement with Transportr, a digital freight service provider, to digitalize Ethihad's railway fleet as part of UAE's digitalization agenda. Countries are adopting various technologies in their transportation infrastructure and are focusing on R&D and innovations in rail infrastructure technology to address future mobility challenges.
The highest number of players in the Railway Telematics Market belong to European OEMs. OEMs such as Siemens AG, Alstom, Knorr-Bremse, and DB Cargo account for a major share of the Railway Telematics Market. Rail operators are now replacing legacy technologies with advanced train-control and signaling systems. The European Railway Traffic Management System (ERTMS) level 2 developed by the Trans-European Rail Network is used for providing signaling solutions and speed control systems for interoperability between the railways across Europe.
Railcar tracking & tracing is estimated to hold the largest market share by solution during the forecast period
The railcar tracking & tracing solution is projected to lead the market during the forecast period. The segment is driven by the demand for freight wagon operations and maintenance. Railcar operators need to monitor the progress of transport using intermodal systems, complying with safety and maintenance regulations, and ensuring that wagons are reliable and available and can meet the high personnel costs. If control and implementation are insufficient, productivity may decrease, further aggravating cost pressures. To increase the economic efficiency of individual processes, the railcar tracking & tracing solution is adopted in the industry.
TCU segment is estimated to be the largest segment by range during the forecast period
The telematics control unit provides solutions for two-way tracking and control of railcars. The TCU provides complete and integrated fleet monitoring solutions for transportation and logistics, enabling the real-time visibility and control of transport assets as they move across the supply chain. The introduction of advanced TCUs is offering improved operational efficiency, increased profitability, predictive maintenance, and safety. These advantages are leading to the growth of the TCU Railway Telematics Market which is dominating and growing at the higher CAGR.
The APAC is projected to be the fastest-growing in the Railway Telematics Market
The APAC is projected to be the fastest-growing Railway Telematics Market due to the increasing penetration of advanced technologies, increasing GDPs of countries, steady growth, and emerging economies. The APAC region covers some of the potential markets, namely, China, India, Japan, and Rest of Asia Pacific. China is expected to lead the market followed by India, Japan, and Rest of Asia Pacific in terms of share and growth rate among all countries during the forecast period.
The APAC region is expected to offer significant growth opportunities due to the untapped market strength. Increasing awareness about driver safety and accident prevention, presence of leading OEM players, growing freight transportation and logistics industries, advent of the 4G LTE technology, and the adoption of smart railcars in North America and Europe due to the availability of embedded OEM telematics solutions are leading to market growth. The logistics sectors in India and China are on the cusp of disruption. Robust economic growth and technology improvements have led to significant developments. Despite significant country-specific trends and nuances, the underlying themes of economic growth, digital disruption and changing customer preferences prevail. These powerful themes are expected to shape the future of the logistics industry over the next few years. Based on reliable on-line telematics data, dispatchers will be able to inform their customers about changes in transport schedules earlier than is possible presently, increasing reliability and satisfying stakeholders, thus driving growth.
The report analyzes all major players in the Railway Telematics Market including Hitachi Ltd. (Japan), Siemens (Germany), Bosch (Germany), Knorr-Bremse (Germany), and Alstom (France).
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