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Railway Telematics Market1
Railway telematics is the combination of numerous components such as sensors, GPS & navigation system, LiDAR, RADAR and several components.
PORTLAND, OR, UNITED STATES, May 26, 2023 /einpresswire.com / -- According to a recent report published by Allied Market Research, titled,“railway telematics market by Solution, Mode of Operation and Train Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global railway telematics market was valued at $4.98 billion in 2020, and is projected to reach $12.43 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030..
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Railway telematics is the combination of numerous components such as sensors, GPS & navigation system, LiDAR, RADAR and several components which are helpful in safer and smoother propulsion of the train. With the advancement in technology followed by the development of railway infrastructure, the need for the installation of several devices aroused which has the potential to provide real-time information of the train in all conditions.
The outbreak of COVID-19 impacted the transportation industry negatively, and a steep decrease in need for using public transports also affected the global market for railway telematics, especially during the first phase of the lockdown.
However, as soon as the pandemic gets over, the market is expected to recoup soon, since the need to commute from one place to another through railways will always remain constant as this is considered as the cheapest mode of travelling across cities.
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Telematics in railways are installed to keep a record of the information related to the status of the vehicle, distance covered by the vehicle, keeping a track of surrounding information and other things. Telematics in trains are connected at the on-board diagnostics port (OBD II Port) of the engine, which is located beneath the operating panels of the engine as well as at different locations across the train compartments, thus making the installation of the device an easier process. Once the component is installed in trains, it starts to record the information on numerous aspects such as suspension, shock absorption, weight on the trains, live status and others.
In addition, numerous developments have been carried out by key manufacturers such as Alstom, Siemens AG, ORBCOMM, Railnova and others toward the introduction of advanced telematics devices, which has supplemented the growth of the global railway telematics market. In line with the same, the increased railway budget towards infrastructure development coupled with the need for modernization and introduction of autonomous trains is acting as a booster for the growth of the global market.
The global railway telematics market is segmented on the basis of solution, mode of operation, train type and region. Based on solutions, the global market is segmented into fleet management, collision detection & prevention, railway tracking & tracing and others. Based on mode of operation, the market is segmented into semi-autonomous and fully autonomous. Based on train type, the market has been segmented into passenger train and freight train. By region, the global railway telematics market report has been analyzed across North America, Europe, Asia-Pacific and LAMEA.
Key Findings Of The Study
By solution, the collision detection & prevention segment is expected to register a significant railway telematics industry growth during the forecast period.
Depending on mode of operation, the fully-autonomous segment is anticipated to exhibit significant growth in the near future.
On the basis of train type, the freight train segment is projected to lead the global railway telematics market owing to higher CAGR.
LAMEA is anticipated to register the highest CAGR.
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