According to a new report published by Allied Market Research, titled, โRailway System Market,” The railway system market was valued at $27.2 billion in 2021, and is estimated to reach $42.4 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/6352
In addition, many companies and governments of various Asian countries are considerably investing to replace and upgrade their existing rolling stock. Such factors primarily drive the growth of the railway systems market in Asia-Pacific. Moreover, strong presence of leading rolling stock manufactures coupled with increased production, domestic demand, and capacity expansions by these manufacturers further boost the market growth.
Japan has metros and trains running at all the levels of automation from metros to trams with most of the trains running in fully automated mode. About 180 rail companies are present in Japan, and most of them are privately held. In addition, Japan is one of the most railway-dependent countries in the world. Local governments are putting more capital for advancing the existing rail network. Hence, planned expansions of the Japanese railways network are fostering the growth of the railway system market in Japan. For instance, construction of the Linear Chuo-line, the first commercial rail-line using Magnetic Levitation (Maglev) technology between Tokyo Shinagawa station and Nagoya is already underway and is expected to be completed by around 2027.
On the basis of end use, the global railway system market has been segmented into passenger transit and cargo train. The cargo train segment accounted for a significant market share in 2021. Rise in international trade and recognition of the benefits of rail freight transport drives the growth of this segment. In addition, cross-border rail freight transport is gaining huge momentum across different parts of the world, which is expected to propel the demand for cargo trains.ย
๐๐ป๐๐ฒ๐ฟ๐ฒ๐๐๐ฒ๐ฑ ๐๐ผ ๐ฃ๐ฟ๐ผ๐ฐ๐๐ฟ๐ฒ ๐๐ต๐ฒ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐? ๐๐ป๐พ๐๐ถ๐ฟ๐ฒ ๐๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐๐๐ถ๐ป๐ด – https://www.alliedmarketresearch.com/purchase-enquiry/6352
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global railway system market, owing to the implementation of global lockdown which hampered the transportation industry.
- Curfew practices globally affected the domestic as well as international production of the railway system, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor and unavailability of raw materials.
- The railway system market has a high scope of growth opportunities in the future due to factors such as high investment in the development of railway infrastructure and an increase in the development of autonomous rails.
In addition, cargo train is one of the most environment-friendly and efficient ways to transport goods, which can carry tons of weight with less cost and in less time. Thus, a number of companies opt for train transportation to carry their goods and materials, which in turn fuels the market growth. For instance, in July 2021, Mining group Sapro finalized an agreement with the Thelo DB joint venture for the construction and operation of a 412 km heavy haul railway to connect its Mayoko iron ore mine with the deep-water port of Pointe-Noire on the Atlantic coast.
Growth in demand for safety and compliance in rail transit has led to greater adoption of anti-collision system, control systems and safety systems in recent years. For instance, in June 2022, the Federal Railroad Administration (FRA) announced over $368 million in Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program funds to 46 projects in 32 states and the District of Columbia. These investments are expected to play a crucial role in modernizing rail infrastructure and supply chains, assisting in reducing crowding and travel time at reasonable costs.
Key players operating in theย global railway system marketย includeย Alstom SA, CRRC Corporation Limited, Siemens AG, Hitachi Ltd., Stadler Rail AG, Transmashholding, Knorr-Bremse AG, ABB Ltd., Toshiba Corporation, and Wabtec Corporation.
๐ฃ๐ฟ๐ผ๐ฐ๐๐ฟ๐ฒ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฎ๐: https://www.alliedmarketresearch.com/railway-system-market/purchase-options