Smart Railway Market Size & Share to See Modest Growth Through 2026
Smart railway systems are solutions and services that help the rail companies to collect information related to railway operations more closely and accurately. These systems help the rail operators to take timely action, which further helps in avoiding unwanted collision between the trains.
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Growing integration of IoT (Internet of Things) technology in railway is one of the major factors driving growth of the market
Rising adoption of IoT (Internet of Things) in railway infrastructure is one of the major factors driving growth of the market. Rising number of railroad accidents is another factor driving growth of the market. For instance, according to the analysis of Transport Safety Board of Canada, in Canada, the number of rail accidents occurred in 2013 was 1,036, which increased to 1,201 in 2014. These IoT devices communicate through the clouds to transmit data among themselves, send and receive instructions from the control centers, provide data, which in turn help rail operators to identify trains that are operating normally and the ones that need to be improved, information on what units need to be maintained, which train requires maintenance, and many more, which further increases the safety and security of the passengers while travelling. Moreover, adoption of IoT (Internet of Things) help in gaining a better knowledge of their passenger’s requirements such as the current status of a train, seat availability, freight management, and many more, which further helps in improving overall services of the railway. Hence, these factors are propelling growth of the smart railway market.
Global Smart Railway Market: Restraints
High initial cost of deploying the system in the rail transport is a major factor restraining growth of the market, as the installation of these systems require huge amount of investment from the government. Thus, lack of government support towards improving the railway infrastructure will negatively hamper growth of the market. Moreover, an outdated infrastructure of the existing rail transport will further hinder growth of the market.
Global Smart Railway Market: Regional Insights
Europe accounted for the largest market share in 2017 and is expected to retain its dominance over the forecast period, owing to stringent government rules and regulations for increasing safety of passengers in the region. For instance, in April 2009, the European Commission adopted the European Railway Traffic Management System (ERTMS), which includes GSM-R, a radio system for enabling communication between the driver and the traffic management center and European Train Control System (ETCS), an automatic control system that helps to control speed limits of a train by communicating with the driver. For instance, according to the press release of Global Railway Review published on January 5, 2017, the European government made a deployment plan that by 2023 around 50 percent of the Core Network Corridors will be ERTMS equipped allowing trains to run seamlessly across borders, in order to increase safety of the railway system. Therefore, increasing government initiatives towards the installation of advanced technology will help in improving railway safety and will positively fuel growth of the smart railway market in this region.
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Global Smart Railway Market: Competitive Landscape
Major players operating in the global smart railway market include Alcatel-Lucent International, ABB Ltd, Ansaldo STS, Alstom SA, Cisco Systems, Inc., Bombardier Transportation, GE Transportation, CGI Group Inc., Huawei Technologies Co. Ltd., Indra Sistemas, S.A., Hitachi Ltd., Computer Sciences Corp., ZTE Corporation, IBM Corporation, and Siemens AG.
The players in the market are adopting partnership strategies, in order to expand their business. This will encourage advancements in technology and improve their services, thereby strengthening their foothold in the market. For instance, in September 2017, Cisco System, Inc. partnered with ScotRail, Network Rail Telecom, CGI, and Wittos, in order to enable super-fast Wi-Fi on trains (Project SWIFT). This service helps in improving passenger experience and helps the train operators to provide better, more reliable, and profitable services. This is therefore expected to encourage people to prefer this mode of transportation, in turn increasing revenue to the companies.