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Railway Telematics Market to be Worth $18.37 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, Jan. 18, 2023 /PRNewswire/ -- The global railway telematics market is expected to reach USD 18.37 billion by 2030, registering a CAGR of 6.7% from 2023 to 2030, according to Grand View Research, Inc. Increase in government initiatives for smart railways owing to rapid urbanization and evolution of smart cities, globally, is driving the market growth. Governments across the globe are laying emphasis on undertaking several smart city initiatives to speed up operational activities in public transport services and offer better infrastructure for transportation.  Key Industry Insights & Findings from the report:
Read 120-page market research report, "Railway Telematics Market Size, Share & Trends Analysis Report By Solution (Fleet Management, Automatic Stock Control, Remote Data Access), By Railcar, By Component, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research. Railway Telematics Market Growth & Trends Several countries such as Germany, India, France, and Canada have recognized that the expansion of the railway infrastructure is a significant factor supporting economic development. As a result, OEMs and numerous countries are investing considerably in railway infrastructure. For instance, in September 2022, Siemens mobility announced a contract with NS Groep N.V., a transportation company, to upgrade 176 ViRM trains with the most up-to-date ETCS European Train Control System (ETCS) Level 2 technology. With the ETCS Level 2 update, the fleet will be able to function more effectively to balance its useful life while also satisfying the most recent European criteria for rail safety compatibility. Equipment for the ETCS onboard unit, installation assistance, and seven years of system maintenance services will all be supplied by Siemens Mobility. The majority of the prominent players in the railway telematics market belong to European region. OEMs including Alstom, DB Cargo, Knorr-Bremse, and Siemens AG hold a majority of the share in the railway telematics market. Several railway operators are replacing old technologies with progressive train signaling and control systems. For instance, in May 2022, Rail Pulse announced a partnership with Railinc, a rail data services provider company. Under this partnership, Railinc and Rail Pulse will provide sensor and telematics technology to the Noth American freight rail sector. Under a 10-year agreement, Railinc will create, maintain, and run the technology platform for Rail Pulse to track the current location, and condition of railcars. The outbreak of COVID-19 has negatively impacted the market. The lockdown restrictions imposed by the various governments have hampered freight and logistics activities, globally, during the first half of 2020. This has led to a significant decline in the adoption of telematics services. However, with the ease in the lockdown restrictions imposed by various governments, globally, and the revival of logistics and freight activities along with the business resumption, the market is expected to witness significant growth during the forecast period. The prominent players that dominated the railway telematics market globally in 2020 include Hitachi Ltd., Siemens AG, Robert Bosch GmbH, Knorr-Bremse AG, and Alstom SA. These players majorly focus on strategic partnerships and mergers & acquisitions to enhance their business operations. For instance, in January 2022, Hitachi Rail Limited partnered with Intermodal Telematics BV (IMT), a software services provider for the intermodal transport industry, to improve its rail freight market offerings. As part of this partnership, IMT's monitoring sensors that provide real-time monitoring will be integrated into Hitachi's present digital freight service. These sensors support the accurate verification of railcar locations, loading status, door and hatch open/close conditions, cargo temperature and pressure, along with the condition of bogies and wheelsets. Railway Telematics Market Segmentation Grand View Research has segmented the global railway telematics market based on solution, railcar, component, and region Railway Telematics Market - Solution Outlook (Revenue, USD Million; 2018 - 2030)
Railway Telematics Market - Railcar Outlook (Revenue, USD Million; 2018 - 2030)
Railway Telematics Market - Component Outlook (Revenue, USD Million; 2018 - 2030)
Railway Telematics Market - Regional Outlook (Revenue, USD Million; 2018 - 2030)
List of key players in the Railway Telematics Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Automotive & Transportation Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
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