According to the report published by Allied Market Research, the global aircraft lighting market generated $1.4 billion in 2019 and is estimated to reach $2.0 billion by 2027, registering a CAGR of 4.7% from 2019 to 2027. The report offers an extensive analysis of the changing market dynamics, major segments, market player positioning, industry roadmap, pricing analysis, and competitive scenario.
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The key players analyzed in this report are ALSTOM, Bombardier, CRRC, General Electric, Siemens, Hitachi, Stadler Rail AG, The Greenbrier Companies, Transmashholding, Trinity Industries, Inc., and others.
Locomotive is the primary part of the train, which is called as the rail engine. Based on various modes of propulsion type, locomotives are available in the form of diesel propulsion engine, electric propulsion engine, electro-diesel propulsion engine, or it can be of fuel cell engine or others. Such locomotives are self-propelled. However, metros, monorails, and trams are not equipped with locomotives. Metro is a high-capacity public transportation, which is most common in urban areas. Metros are electronically operated and have exclusive tracks to which pedestrians or other vehicles have no access. Metros are mostly grade separated in tunnels or on elevated railways. Metro track consists of two rails or beams. In addition, A monorail is a type of railway in which the rail track consists of a single rail or a beam. To differentiate the monorail from other modes of transportation, monorail society has defined monorails as single rail serving as a track for passenger or freight vehicles.
Leading providers of products and services related to rails are signing contract for the development and installation of new advanced technologies in metro network in this region. For instance, on January 9, 2020, Hitachi Rail STS USA won the contract of $798 million to roll out the communication-based train control in the San Francisco Bay Area’s BART metro network. In addition, rise in population and increased budget for the development of the railway sector is anticipated to propel the growth of the railway system market.
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Key Findings of the Study
- On the basis of system type, the train safety segment is anticipated to exhibit a remarkable growth during the forecast period.
- On the basis of rolling stock type, the freight wagons segment is the highest contributor to the global railway system market in terms of revenue.
- Region wise, Asia-Pacific is the fastest growing region, followed by North America, LAMEA, and Europe.
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