IoT in Railways Market Size Worth $50.58 Billion By 2030: IndustryARC
Research Reports
Oct 07, 2023
IoT in Railways Market size is estimated to reach $50.58 billion by 2030, growing at a CAGR of 9.1% during the forecast period 2023-2030. The demand for IoT in the railways market is witnessing significant growth due to the increasing usage of internet-connected technologies to enhance safety, efficiency, and passenger experience in the modern railway industry, finds IndustryARC in its recent report, titled “IoT in Railways Market Size, Share & Trends Analysis Report By Application Type (Train Tracking & Monitoring, Operations, Predictive Maintenance, Passenger Information System, Passenger Services and Mobility, Fair Collection System, Security), By Asset Type (Linear Asset, Rolling Stock – Diesel Locomotive, Electric locomotive, DMU, EMU, Light Rail, Subway, Passenger Coach, Freight Wagon), By Train Service (Freight, High Speed, Industrial, Light Rail, Metro, Main Line), By Customer Type (Original Equipment Manufacturers, Rail Operators, Rail Service Providers), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”
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IoT in Railways Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
CAGR |
9.1% |
|
Market Size in 2030 |
$50.58 billion |
|
Segments Covered |
Application Type, Asset Type, Train Service, Customer Type and Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. Alstom 2. Hitachi 3. Cisco 4. Wabtech 5. Siemens 6. IBM 7. Huawei 8. Honeywell 9. ABB 10. Toshiba |
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IoT in Railways Market Report – Key Takeaways:
IoT for Train Tracking and Monitoring Systems is Leading the Market
IoT (Internet of Things) has transformed various industries, including railways, by enabling efficient tracking, monitoring, and management of assets. It automates real-time monitoring of equipment by using smart sensors and machine vision cameras and controls to gather data from tracks, locomotives, trains, and equipment. With edge computing, data is analyzed close to where it is collected in near-real time, and alerts can be triggered if issues are detected. IoT-based train tracking and monitoring systems have gained prominence in real-time tracking and safety enhancement as it has been very useful for loco pilots in avoiding accidents and ensuring the safety of the passengers.
Europe region held the largest share
Europe is the dominating region as it held the largest market share in 2022 up to 36% in IoT in railway market. Digital transformation initiatives, cross-border connectivity, focus on smart infrastructure, interoperability standards, high-speed rail, passenger experience enhancement, freight management, environmental sustainability, research, and innovation funding, are the major factors that have driven the adoption of IoT in the European railways industry. The developed economy of Western Europe, such as the UK, France, and Germany have well-established and advanced rail networks, and these rail infrastructures are consistently upgraded and modernized with more investment and funding by the government.
IoT for High-Speed Trains is Expected to Witness the Highest growth
There’s been growing interest in using IoT technologies to enhance the efficiency, safety, and passenger experience in high-speed trains. The Internet of things (IoT), a new generation of application infrastructure and strategic developing technologies, will unavoidably be included in the rapid development of high-speed railways. Compared to conventional rail and road choices, high-speed railroads offer a speedier form of transportation. Because they shorten the distance between cities, they are attractive to both business and leisure travelers. Using IoT in high-speed railways can efficiently handle congestion and overcrowding, which create operational inefficiencies.
Increasing Need for Operational Efficiency in Railways
The increasing need for operational efficiency in railways is driven by various factors that influence the industry’s performance, effectiveness, and sustainability. Urbanization, congestion and capacity constraints, travel times, cost management, competitiveness, and environmental sustainability are driving the need for operation efficiency in railways. Using deep learning and AI through computer vision, sensors, and smart cameras can efficiently manage overcrowding, congestion, and downtime.
High initial cost of deployment in the installation of IoT in railways
The initial cost of implementing IoT solutions in railways is high. Expenses associated with financing a smart railway project may be a major factor limiting market growth. Sensor deployment and maintenance, data management and analytics, communication infrastructure, integration, cybersecurity concerns, and workforce training with rising upfront installation costs, are barriers to the widespread adoption of IoT in the railways. The limited railway budgets are a barrier to the deployment of advanced railway technologies. Initial significant investment to install ground-level devices, arrange transmission networks between end users, and manage the integration of new and existing systems within railway premises, as well as the predictive maintenance cost, is hampering the growth of this market.
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Key Opportunity Analysis:
Increasing Adoption of Cloud-based solutions
IoT devices are deployed across railway systems to collect vast amounts of data from various sources such as trains, tracks, signals, and sensors. Cloud-based solutions provide the necessary infrastructure to store and process this data efficiently. With cloud platforms, railway companies can analyze data in real time, enabling predictive maintenance, performance optimization, and better decision-making.
Globalization and the Need for Advanced Transportation Infrastructure
Globalization has a direct impact on all modes of railway transportation. There is a desire for greater speed, security, and dependability. As a result, the future railway transportation ecosystem must provide solutions to meet demand from source to destination while maintaining a high level of service, regardless of the distance traveled or the number of steps required to reach the destination. People’s needs change on a daily basis, necessitating the development of more convenient travel options.
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The Report also Covers the Following Areas:
IoT in Railways Market Size and Forecast
IoT in Railways Market Trends
IoT in Railways Market Analysis by Deployment Type
IoT in Railways Market 2023-2030: Key Highlights
CAGR of the market during the forecast period 2023-2030
Value Chain analysis of key stakeholders
Detailed analysis of market drivers and opportunities during the forecast period
IoT in Railways Market size estimation and forecast
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in IoT in Railways Market
Covid and Ukrainian Crisis Impact:
COVID-19 caused regular railway operations to be interrupted, leading railway traffic profits to plummet. The epidemic has compelled train operators, particularly metros, to adhere to safety standards such as keeping social distance and wearing masks. With nations opening up and demand both passenger and freight transportation beginning to revive, train operators must prepare for long-term profitability and success in the post-pandemic world. Technology-driven innovation is quickly becoming a must for corporate survival.
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List of Key Market Players in IoT in Railways Market:
The key companies profiled in the IoT in Railways Report are listed below:
Alstom
Hitachi
Cisco
Wabtech
Siemens
IBM
Huawei
Honeywell
ABB
Toshiba
Others
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Connected Rail Market – The Connected Rail market size is forecast to reach $115.2 billion by 2027, growing at a CAGR of 5.8% from 2022 to 2027. Increasing deployment of advanced technologies like IoT in the railway industry for serving applications in train tracks, automated fare collection systems, passenger information systems, and so on, rising passenger traffic, as well as increased emphasis on the installation of smart railway systems, have been driving the growth of connected rail industry.
Railway Management System Market – Railway Management System Market is forecast to reach $62.43 billion by 2025, growing at a CAGR 8.9% from 2020 to 2025. Over the past decade, the growing trend of urbanization and growth in the adoption of advanced technologies has led to the rapid evolution of railway systems.
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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