Train Control and Management Systems Market: Introduction
According to the report, the global train control and management systems market is projected to surpass US$ 5.78 Bn by 2031, expanding at a CAGR of 2.05% during the forecast period. Major emphasis on railway security and safety is creating a demand for advanced solutions such as train control and management systems that help in real-time monitoring and management of train systems. This is executed effectively with the help of advanced radio equipment and high-performance monitoring solutions.
Providers of train control and management systems, such as Mitsubishi Electric Corporation, are working toward providing radio equipment for this purpose. Another player, Hitachi, launched the new signaling software that is designed to improve productivity and reduce errors.
Expansion of Train Control and Management Systems Market
According to the World Health Organization (WHO), road traffic injuries are the leading cause of fatality among people aged between 15 and 29 years, thus accounting for 1.25 million deaths every year due to road accidents. Additionally, 90% of the world's fatalities on roads occur in low- and middle-income countries; however, such countries have approximately 54% of the world's vehicles. Furthermore, road accidents cause considerable economic losses to individuals, their families, and to nations. Therefore, a rise in need for safe, secure, and efficient transportation system significantly propels the global market. Railway transportation is considered as the safest and highly cost-effective mode of transportation, which has further boosted the demand for railways. Latest trains are equipped with onboard cameras, sensors, and communication devices. Moreover, such trains in most locations run underground or at the ground level and are highly secured by fences or walls to prevent trespassing, which further propels the market.
In terms of train type, the train control and management systems market has been classified into metro and high speed train, electric multiple units, and diesel multiple units. The metros and high speed trains segment led the market and accounted for over 55% share of the market, in terms of revenue, in 2020. The segment is expected to maintain its dominant position in the market during the forecast period as well, owing to the increasing demand for rapid transit systems with enhanced comfort, speed, and safety features.
In terms of component, the vehicle control unit segment dominated the global train control and management systems market, in terms of value, in 2020. The vehicle control unit is a highly expensive part of the train control and management systems. Consequently, the vehicle control unit is expected to be a prominent segment of the market. This segment's expansion can be attributed to the high rate of installation of train control and management system in developed regions and the increasing penetration in developing regions.
The interoperability of the train control and management system facilitates communication between different trains from different regions. Each national rail network has established different technical specifications for rail infrastructure. Gauge widths, electrification standards, and safety and signaling systems differ according to the country. The varying technical specifications increase the cost of running trains from one country to another, which in turn is hindering the train control and management systems market across the globe.
Regional Analysis of Train Control and Management Systems Market
Based on region, the global train control and management systems market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Europe accounted for a major share of the global train control and management systems market. Rise in adoption of new technologies and high digital transformation investments are also expected to propel the market, owing to increasing GDP of countries in Europe. Most of the region's prominent economies include the U.K., Germany, France, Spain, and Italy, who are investing rapidly in technological transformation. The demand for an extensive network of transport modes is increasing due to rapid urbanization in major economies, thereby creating enormous demand for railway management systems in the region. Additionally, increasing government-private partnerships in developing economies is also expected to propel the train control and management systems market in Europe.
Key Players in Train Control and Management Systems Market
Prominent players operating in the global train control and management systems market include ABB, Alstom SA, Bombardier Inc., BEUTA-WERKE GmbH, EKE Group, General Electric, Hitachi Ltd., Mitsubishi Electric Corporation, MEN Mikro Elektronik Corporation, Siemens AG, Strukton Rail, Toshiba Corporation, and Thales Group.
Global Train Control and Management Systems Market: Segmentation
About Automotive and Transportation Industry at Transparency Market Research
Experts at TMR adopt an innovative outlook to analyze growth trends and opportunities in the automotive and transportation industry. A range of TMR’s market research reports discover how AI is powering a transformation in the automotive and transportation industry. Our business intelligence reports on the automotive and transportation industry provide meticulous analysis using cutting-edge research methodologies.
Our expertise lies in end-to-end consulting and advisory services. Reach out to know more.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research
90 Sate Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453