Railway System Market to reach USD 64.13 Billion by 2029 at a CAGR of 4.92 percent – says Maximize Market Research
The increasing adoption of artificial intelligence to increase the efficiency of rail transport drives the railway system market growth. The Railway System Market is segmented into Type, Application, System type and Region.
Pune, April 11, 2023 (GLOBE NEWSWIRE) -- A global Automotive and Transportation business consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “*Railway System Market*”. The report is a combination of primary data and secondary data and domain expert has analyzed the Railway System Market from a global point and regional standpoint. According to the MMR analysis, the Global Railway System Market size was valued at USD 45.82 Billion in 2022 and the total Railway System revenue is expected to grow at a CAGR of 4.92 percent from 2023 to 2029, reaching USD 64.13 Billion.*Railway System Market Report Scope and Research Methodology*
*Market Size in 2022* USD 45.82 Billion
*Market Size in 2029* USD 64.13 Billion
*CAGR* 4.92 percent
*Forecast Period* 2023-2029
*Base Year* 2022
*Number of Pages* 281
*No. of Tables* 130
*No. of Charts and Figures* 125
*Segment Covered* Type, Application and System Type
*Regional Scope* North America, Europe, Asia Pacific, Middle East and Africa, South America
*Report Coverage* Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
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The Railway System Market report provides a thorough examination of the industry's emerging trends, growth drivers, market opportunities, and major restraints. It also provides extensive research on the Railway System Market's key segments and sub-segments. The research includes historical data to help readers understand previous trends and estimate prospects in the Railway System market. The report includes a complete geographical and competitive analysis of the Railway System Market to help readers understand the market structure and the industry's current rivalry. The competitive landscape comprises both market leaders and new entrants. Regional market analysis is provided at the global, regional, and national levels to better understand market penetration, prominent companies, and growth plans.
The bottom-up approach was used to estimate the global and regional Railway System Market size. The research methodology used by the Maximize Market Research team is data triangulation which involves data mining, analysis of the impact of data variables on the Railway System Market, and primary (industry expert) validation. The report includes extensive use of secondary sources directories and databases such as Bloomberg, Hoovers, Statista, and other government associations. The company websites and private websites have also been used to identify and collect information useful for the technical, market-oriented, and commercial study of the Railway System Market. SWOT analysis was done for each mentioned key player to provide a competitive scenario of the global market. PESTLE was utilized to understand the potential impact of the micro-economic and macro-economic factors affecting the Railway System Market.
*Railway System Market Dynamics*
The increase in the preference for public transport services among consumers across the world acts as one of the major factors driving the growth of the railway system market. The increased demand for techniques that aid in the maximization of intervals between certain maintenance events, such as replacing wheel-and-axle sets or turning wheels on trains, to lower maintenance costs, as well as the increased demand for energy-efficient transportation, drive the railway system market growth. The introduction of metro and high-speed rail projects, smart transportation and smart cities, and increased government backing for railroads all have a positive impact on the railway system market.
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*Railway System Market Regional Insights*
Asia-Pacific is expected to witness the highest growth rate due to the increasing adoption of advanced technologies and high investments in digital transformation. In addition, rising GDPs in countries such as Australia, Singapore, China, Korea, Hong Kong, and India support market growth. India, one of the world's fastest-growing economies, is aggressively investing in the growth of its railway services. The Indian railway network is expected to plan a budget of USD 22.4 billion provided by the country's railway ministry for the fiscal year 2020-21, supporting regional market growth.
*Railway System Market Segmentation*
*By Type*
· Locomotive
· Metros
· Monorails
· Trams
· Freight Wagons
· Passenger Coaches
· Others
The Metros segment followed by Monorails and Tram segments is expected to provide lucrative growth prospects for the railway system market players during the forecast period.
*By Application *
· Passenger Transportation
· Freight Transportation
The passenger Transporation segment dominated the global railway system market in terms of revenue share in 2022. High gasoline prices, traffic congestion, GHG emissions, etc. are some of the factors increasing the adoption of railways, thereby supporting the segment growth.
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*By System Type*
· Auxiliary Power System
· HVAC
· Propulsion System
· Onboard Vehicle Control
· Train Information System
· Train Safety System
*Railway System Market Key Competitors include:*
· CRRC (China)
· Alstom (France)
· Siemens (Germany)
· Hyundai Rotem (South Korea)
· Thermo King (US)
· Knorr Bremse (Germany)
· Hitachi (Japan)
· Toshiba (Japan)
· STADLER RAIL AG (Switzerland)
· TRANSMASHHOLDING (Russia)
· Wabtec Corporation (US)
· ABB Ltd. (Switzerland)
· American Equipment Company (US)
· Bombardier Inc. (US)
· Calamp Corporation (US)
· Construcciones Y Auxiliar de Ferrocarriles, (Spain)
· Fuji Electric (US)
· General Electric Company (US)
· Hyundai Rotem Company (South Korea)
· Ingeteam Power Technology (Spain)
· Medcom (US)
· Mitsubishi Heavy Industries Ltd. (Japan)
· Škoda Transportation (Europe)
· Strukton Groep N.V (The Netherlands)
· Others
*Key Offerings:*· Past Market Size and Market Competitiveness (2018 to 2022)
· Past Pricing and price curve by region (2018 to 2022)
· Market Size, Share, Size & Forecast by different segment | 2023−2029
· Market Dynamics – Growth Drivers, Restraints, Opportunities, Challenges, and Key Trends by Region
· Market Segmentation – A detailed analysis by Type, Application, System Type, and Region
· Competitive Landscape –A detailed scenario of the competitive environment in the global market
· Competitive landscape – Market Leaders, Market Followers, Regional player
· Competitive benchmarking of key players by region based on product Portfolio, End-Users, Revenues, Manufacturing Locations, etc.
· Market Consolidations – Mergers, Acquisitions, Joint Ventures, Partnerships.
· Company Profiles – Business Overview, Financial Overview, Business Strategy, SWOT Analysis, Recent Development.
· PESTLE Analysis
· PORTER’s analysis
· Value chain and supply chain analysis
· Legal Aspects of Business by Region
· Key Takeaways
· Industry Recommendations
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*Key questions answered in the Railway System Market are:*
· What is the growth potential of the Railway System Market?
· What was the Railway System Market Size in 2022?
· What are the global drives in the Railway System Market?
· What are the recent industry trends that can be implemented to generate additional revenue streams for the Railway System Market?
· How the intervention from regulatory authority is shaping the Railway System Market?
· What growth strategies are the players considering to increase their global presence in the Railway System Market?
· Who are the leading companies in Railway System Market?
· What are the major challenges posed to the Railway System Market?
· Which segment held the largest market share in the Railway System Market?
*Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:*
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*Railway Sleepers Market**:* The Market is expected to reach USD 103.67 Bn by 2029 from USD 52.80 Bn in 2021 at a CAGR of 8.8 percent during a forecast period. The rapid growth of metro lines in all countries, as well as the growing network of subways in European countries, are expected to boost the railway sleepers market.
*Transportation Battery Market**:* The Market was valued at USD 89.98 Bn. in 2022 and is estimated to grow at a CAGR of 9.2 percent over the forecast period and reach USD 166.61 Bn by 2029. The rapidly increasing urbanization of developing countries and the advancement of economies will drive the market.
*Transportation Seals Market**:* The Transportation Seals Market size was valued at USD 12.6 Bn. in 2021 and the total transportation Seals is expected to grow by 7.9 percent from 2022 to 2029, reaching USD 23.15 Bn. The growth of the market is driven by the rate of adoption of electric cars in emerging countries, rising electric vehicle infrastructure trends in developing countries, and fluctuations in raw material costs.
*Electric Drive Mining Truck Market**:* Electric Drive Mining Truck Market size was valued at USD 392.2 Mn. in 2021 and the total revenue is expected to grow by 26.5 percent from 2022 to 2029, reaching USD 2571.77 Mn. An increase in the number of building projects globally will boost demand for Electric Drive Mining Truck Market
*About Maximize Market Research:*Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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