Smart Railways Market vendors by Size, Share & growth strategies - 2024 | MarketsandMarkets

According to a research report "Smart Railways Market by Solution (Rail Asset Management & Maintenance, Operation & Control, PIS, Communication & Networking, Security & Safety, and Rail Analytics) and Service (Professional and Managed), and Region - Global Forecast to 2024", published by MarketsandMarkets, the smart railways market to grow from USD 20.5 billion in 2019 to USD 39.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. Major factors expected to drive the growth of the smart railways market include technological advancements targeted toward the enhancement of customer experience, government initiatives for smart cities and Public-private partnership (PPP) working model, and adoption of Internet of Things (IoT) and automation technologies to enhance optimization.

Browse 102 market data Tables and 42 Figures spread through 165 Pages and in-depth TOC on "Smart Railways Market- Global Forecast to 2024"

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Europe to hold the largest market size during the forecast period

European countries have made major investments to modernize and upgrade the existing rail infrastructure. The UK, Germany and France are major contributors to the growth of the smart railways market in Europe. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic across Europe. The dynamics of the rail industry in Europe are changing rapidly with new freight and passenger management systems. To boost the efficiency of the existing infrastructure, several European countries are expected to adopt new smart railways solutions.

Market Players

Major vendors in the Smart Railways Market include Alstom (France), Cisco Systems (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra (Spain), Siemens (Germany), Honeywell (US), Bombardier (Canada), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprises (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), and Aitek (Italy).

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Alstom (France) is a prominent player in the smart railways market. The company offers metros, tramways, tram-trains, suburban trains, regional trains, high-speed trains, and passengers and freight locomotives. It also provides signaling products, such as rail-control systems, security and controls, tracksides, and interlocking products. The company designs and installs solutions for track laying, electrification of and power supply to lines, and supplies electromechanical equipment. Alstom adopted inorganic growth opportunities, such as agreements and contract to maintain its leading position in the smart railways market. For instance, in November 2019, the company signed a ten-year maintenance contract with SBB, for European Train Control System (ETCS) equipment. In year of 2019, the company was awarded with various global contracts, including Metro de Santiago (Chile), Deutsche Bahn AG (Germany), Nanjing Metro (China), Maha Metro Rail Corporation Ltd (MMRCL) (India), and Renfe (Spain). These contracts are expected to help the company enhance its global business and maintain its position as a leader in smart railways market.

Hitachi (Japan) is another key player in the smart railways market and offers smart railway solutions to the Japanese and global railway operators. The company offers digital signaling technologies in its solutions including digital Automatic Train Protection (ATP), Automatic Train Operation (ATO), and Communication Based Train Control (CBTC), to help railway operators achieve enhanced ride comfort and shortened train headway. The company has adopted inorganic growth opportunities, such as agreements and acquisitions, to expand its railway business. For instance, in May 2019, Hitachi Rail STS S.p.A, a Hitachi subsidiary operating in the railway systems business, signed agreement with Trentino Trasporti S.p.A (Italy), to carry out Proof of Concept (PoC) of a new Digital Ticketing Solution for public transportation. This was operated by Trentino Trasporti, including Trento-Malé-Mezzana Railway and buses in the vicinity of Trento, Italy. In January 2019, Hitachi Rail STS S.p.A acquired Ansaldo STS, an Italian leader in railway signaling systems, to strengthen its position in the signaling and turnkey business. As per terms of the acquisition, Ansaldo STS would be operating as a subsidiary of Hitachi under the name “Hitachi Rail STS”.

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