Overview and Scope
Railway telematics is referred to as the use of informatics and telecommunications in railways and consists of services or solutions using embedded technology and mobile and telematics systems to enable controls on railcars on the move.
Sizing and Forecast
The railway telematics market size has grown strongly in recent years. It will grow from $4.4 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to gps technology adoption, remote monitoring of trains, safety and security concerns, operational efficiency, integration of communication technologies.
The railway telematics market size is expected to see strong growth in the next few years. It will grow to $6.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to iot-based railway systems, predictive maintenance solutions, autonomous trains development, implementation of advanced sensors, big data analytics in railway operations. Major trends in the forecast period include blockchain for railway transactions, real-time passenger information systems, integration of artificial intelligence in railways, energy efficiency measures, enhanced connectivity through 5g technology.
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Segmentation & Regional Insights
The railway telematics market covered in this report is segmented –
1) By Solution: Fleet Management, Automatic Stock Control, Remote Data Access, Railcar Tracking And Tracing
2) By Railcar: Hoppers, Tank Cars, Well Cars, Boxcars, Refrigerated Boxcars
3) By Component Type: Telematics Control Unit, Sensors
North America will be the largest region in the railway telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the railway telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in government initiatives for smart railways is significantly driving the growth of the railway telematics market. Governments across the world are undertaking various smart railway initiatives to provide better transportation infrastructure. For instance, in October 2021, Indian Railways announced a plan to establish approximately 500 multi-modal cargo terminals under the PM GatiShakti program, for a total cost of $6.68 billion over five years. The flow of people, products, and services between modes of transportation will be integrated and frictionless thanks to multi-modal connectivity. It will shorten people's travel times and enable last-mile infrastructure connectivity. Hence, the government's initiatives for smart railways will increase the demand for railway telematics and thereby drive the railway telematics market growth.
Key Industry Players
Major companies operating in the railway telematics market report are Siemens AG, Hitachi Ltd., Alstom SA, Knorr-Bremse AG, Robert Bosch GmbH, Intermodal Telematics BV, INTREX Telematics Systems AD (Pty)Ltd., Orbital Communications Corporation, Savvy Telematics Systems AG, Trinity Industries Inc., Cisco Systems Inc., Teledyne FLIR LLC, Sumitomo Electric Industries Ltd, LG CNS Co. Ltd., Kapsch TrafficCom AG, Thales Group, Bombardier Inc., General Electric Company, International Business Machines Corporation (IBM), Amsted Industries Inc., Wabtec Corporation, Trimble Inc., CalAmp Corp., Honeywell International Inc., Huawei Technologies Co. Ltd., Nokia Corporation, Sierra Wireless, Tech Mahindra Limited, Toshiba Corporation, ZTR Control Systems, Advantech Co. Ltd., Belden Inc., EKE-Electronics Ltd., ENSCO Inc., Frauscher Sensor Technology Pvt. Ltd.
The railway telematics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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