Global Railway System Market Size Study, By Type, Application, And Regional Forecasts 2027
Bharat Book Bureau Provides the Trending Market Research Report on “Railway System Market by System Type (Auxiliary Power, HVAC, Propulsion, On-board Vehicle Control, Train Information & Train Safety), Transit Type, Application (Passenger & Freight Transportation), & Region - Global Forecast to 2027” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The global Railway System Market is estimated to grow at a CAGR of 4.2%, from USD 25.1 billion in 2022 to USD 30.9 billion by 2027. High-speed trains are premium trains equipped with advanced features and connectivity solutions such as advanced electronic train control systems, video surveillance, passenger information display, and network video recorders. The adoption of these systems in high-speed trains will drive the market for railway systems. Thus, the increasing network of high-speed rail in emerging countries, as well as developed countries, provides an opportunity for the growth of the railway system market.
The world railway market has grown significantly in the last decade. Globally, the railway industry has witnessed incremental growth in the recent past. Several countries in Europe, Asia Pacific, and the Middle East have introduced high-speed rail projects to encourage rapid mass transit. The government authorities of countries such as France, Germany, China, India, and Saudi Arabia are pushing the growth of rail infrastructure to ease the increasing stress on current transportation. This development of the rail market and railway infrastructure will directly foster the growth of the railway system market
“Europe is expected to be the largest Railway system market for Passenger Train transportation during the forecast period.”
Most European rails are equipped with high-end technologies that include wireless radio connection, wireless data transmission, eco-friendly cars, and comfort features. However, the adoption of high-end technologies is lower in Eastern Europe compared to Western Europe countries such as the UK, Germany, France, and Spain. This offers railway system vendors an opportunity to increase their presence in Eastern Europe. The EU Railway’s target is to build 31,000 km of high-speed rail track by 2030. Furthermore, projects such as the European Rail Research Advisory Council (ERRAC), FP7 projects, Horizon 2020, and SHIFT2RAIL will boost the growth of the European railway system market.
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