According to a recent report published by Allied Market Research, titled, “Railway System Market by System Type, Rolling Stock Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global railway system market size was valued at $24.72 billion in 2018, and is projected to reach $37.36 billion by 2026, registering a CAGR of 5.4% from 2019 to 2026.
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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.
Factors such as increased budget for railways development and rise in demand for safe, secure, and efficient transport system drive the growth of the railway system market. In addition, increasing use of public transport service as a solution to minimize traffic congestion is anticipated to propel the growth of the market. However, high capital requirement is hindering the market growth. Further, infrastructural improvement of railways in developing countries and rise in mining & industrial activities offers remarkable growth opportunities for the players operating in 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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