(MENAFN- GlobeNewsWire - Nasdaq) Regulatory frameworks and public acceptance will drive demand for autonomous train components.
Wilmington, Delaware, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The autonomous train components market accounted for US$ 4.9 billion in 2022. A CAGR of 15.8% is predicted for 2023 to 2031, leading to a market size of US$ 18.4 billion by the end of 2031 . The decision-making capabilities of autonomous train components will advance as AI and machine learning technologies develop. These developments will improve trains' capacity to adjust to changing circumstances, real-time route optimization, and overall operational effectiveness.
Connectivity between autonomous train components will be faster and more dependable with the introduction of 5G technology. This will make it easier to share data in real-time, enabling smooth communication between trains and central control systems. 5G's low latency and high-speed capabilities will facilitate improved safety and efficiency in rail operations.
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An increased emphasis on cybersecurity results from increased connection. Robust cybersecurity measures will be given priority in future developments of autonomous train components in order to guard against potential cyber threats. Safeguarding vital systems and maintaining the integrity of communication networks will be essential to the widespread implementation of autonomous technology in the rail industry.
The widespread use of autonomous train components will depend critically on public acceptability and the creation of extensive regulatory frameworks as the technology advances. Establishing clear criteria for the safe deployment of autonomous technologies and fostering confidence among passengers and stakeholders are critical to the industry's future success.
Key Findings of the Market Report
In 2022, the LiDAR module segment accounted for the largest share in the autonomous train components market. As Asia Pacific's population and number of railways grow, autonomous train components are expected to become more popular. Investment in rail networks by the government and the development of monorails will drive demand for the market. Subway/Metro is expected to drive demand for the autonomous train components market.
Global Autonomous Train Components Market: Growth Drivers
The growing need for increased efficiency and safety in rail transit. Automated control systems, sophisticated signaling systems, and collision avoidance technologies are examples of autonomous train components used to minimize human error and lower the chance of accidents. The use of autonomous train components is anticipated to accelerate as safety concerns become the transportation industry's top priority. Cost-effectiveness and operational optimization are becoming increasingly important in the railway ecosystem. By maximizing train schedules, boosting overall system performance, and maximizing fuel efficiency, autonomous train components help to streamline operations. Artificial intelligence and data analytics-driven real-time decision-making by automated systems can result in cheaper operating costs, improved resource utilization, and decreased energy usage. This cost-effectiveness is a strong selling point for railway operators hoping to upgrade their infrastructure and become more competitive in the market. The global movement towards ecologically friendly and sustainable transportation solutions drives the need for autonomous train components. Autonomous trains present a possible option as governments and industries worldwide concentrate on lowering carbon emissions and minimizing the environmental effects of transportation. These elements support eco-friendly and sustainable railway operations by facilitating smoother acceleration and deceleration, effective route planning, and energy-efficient operations. Adopting autonomous train technologies places the rail sector at the forefront of the shift to more environmentally friendly modes of transport and is consistent with larger sustainability objectives.
Global Autonomous Train Components Market: Regional Landscape
Asia Pacific is expected to lead the autonomous train component market. A growing population and rapid urbanization are putting more strain on the transport infrastructure in many Asia-Pacific countries. The need for effective and dependable public transportation networks, including railroads, is growing as cities grow and the population rises. The problems of effectively operating extensive transportation networks can be solved by using autonomous train components. Governments in the Asia-Pacific area are spending more money on modernizing existing rail networks and building high-speed rail projects. These aspirational plans for infrastructure development align with the integration of autonomous train components, which allow nations to implement state-of-the-art technology to maximize operating performance, increase transportation capacity, and improve safety. The region's rail industry's desire for technical innovation creates an atmosphere conducive to the deployment of autonomous train components.
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Global Autonomous Train Components Market: Key Players
Players invest in research and development to comply with international standards and gain a greater market share. As part of their growth strategies, they merge, acquire, collaborate, and partner to strengthen their positions in the autonomous train component market.
Key Players offering Autonomous Train Components
Thales Group Alstom S.A. Hitachi Ltd. Bombardier Transportation Ansaldo STS Siemens AG Mitsubishi Electric CRRC Corporation Limited
In September 2022, Thales launched the laboratory Lucy at Innotrans , which is dedicated to autonomous rail technologies. In October 2022, Siemens began digitalizing and automating regional trains . With the help of AI, Siemens and 16 partners have developed driverless regional trains that will operate until 2024.
Global Autonomous Train Components Market: Segmentation
RADAR Module Optical Sensor & Camera Odometer Antenna LiDAR Module Infrared Camera Others
By Train Type
Long Distance Train Suburban Tram Monorail Subway/Metro
North America Europe Asia Pacific Middle East & Africa South America
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