European Connected Rails Market Likely to Witness 6% Growth by 2023
Growing
technological advancements, growing urbanization and growing investments in
rail projects, to drive the Europe Connected Rails Market through 2023
According to TechSci Research report, “Europe
Connected Rail Market, By Services (Passenger Mobility & Services,
Passenger Information System (PIS), etc.), By Rolling Stock Type (Electric
Multiple Unit (EMU), Diesel Locomotive, Passenger Wagons, etc.), By Safety
& Signalling System (Positive Train Control, Automated/Integrated Train
Control (ATC), etc.), By Company and By Geography, Forecast &
Opportunities, 2023’’, Europe Connected Rail market
is projected to reach USD 58.68 Billion in value terms in 2023 at a CAGR over
6% owing to growing urbanization, growing governments investments in rail
market and growing urbanization. In Europe, the manufacturers like Bombardier,
Bosch, Atos who are the major stock manufacturers in connected rail are present
due to which the region dominates the market globally also. Moreover,
increasing population in the region demand for more transportation facility
with improved and latest technology which further drives the Europe Connected
Rail Market.
Moreover,
the increasing travel and tourism in the region coupled with the widespread use
of public transport for commuting is expected to drive the growth of the Europe
Connected Rails market during forecast period. Additionally, the implementation
of security systems in trains as well as rising use of automated fare
collectors is projected to drive the growth of the market in the next five
years.
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Based on the safety and signaling segment, the
Communication/Computer-Based Train Control (CBTC) segment holds the largest
market share and is likely to maintain its lead in the next five years, as it
enables flexible operational timetables and allows the operators to respond to
the traffic demand efficiently and aid in solving traffic congestion. CBTC is
often combined with Automated Train Control (ATC), and majorly used for
automated signaling in metro rail in the region.
Trimble, Inc., Hitachi Limited, Siemens AG, IBM Corporation,
Cisco Systems Inc. etc, are major companies operating in Connected Rails market in Europe.
Russia is anticipated to lead the Connected Rails
Market in the European region, owing to growing population, improving standards
of living and a very large railway network. Moreover, the increasing travel and
tourism in the country coupled with widespread use of public transport are
likely to propel the growth of the market by 2023.
“The
Connected Rail Market in Europe is likely to witness robust growth in coming
years due to technological advancements like the introduction of IoT in rail
networks, Automated Fare Collection Systems as well as a well-developed Passenger
Information System. Moreover, the anticipatory arrival of Hyperloop Trains in
the European region will drive the Connected Rails
market through 2023.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based Global management consulting firm.
“Europe
Connected
Rail Market, By Services (Passenger Mobility & Services, Passenger
Information System (PIS), etc.), By Rolling Stock Type (Electric Multiple Unit
(EMU), Diesel Locomotive, Passenger Wagons, etc.), By Safety & Signalling
System (Positive Train Control, Automated/Integrated Train Control (ATC),
etc.), By Company and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth
potential of Europe Connected Rails market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Europe Connected
Rails Market.
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