VALLEY COTTAGE, N.Y., Jan. 22, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Future Market Insights, titled “Smart Railways Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025,” the global smart railways marketwas valued at US$ 17.6 Bn in 2014 and is expected to register a CAGR of 22.3% from 2015 to 2025. Growth of the smart railways market is primarily driven by increasing government support in railways. Furthermore, growing urbanisation& population worldwide and increasing safety and security concerns among travellers are the key growth drivers for the smart railways market.
Smart railway includes smart railway systems that are instrumented and interconnected. It comprises devices & components, solutions and services that help the rail companies to collect new information needed to monitor all railway related operations more closely and accurately.
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The global smart railways market is segmented on the basis of offering type and region. On the basis of offering type, the market is segmented into devices & components, services and solutions. Each of this segment is further divided into different sub-segments. Among these segments, solutions is the most dominant segment in the market currently. The growth of this segment is driven by introduction of metro and high speed rail projects, smart cities, and smart transportation across the globe. For example, In November 2014, China government awarded a contract to the newly formed joint venture between Nanjing Puzhen Co. Ltd and Bombardier Inc. for developing and manufacturing monorail and Automated People Mover (APM) in China only. Detailed analysis of each segment and sub-segment is provided in the report to understand the market accurately.
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This report also covers trends driving each market segment and offers analysis and insights on the potential of the smart railways market across key regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa. Furthermore, the market is sub-segmented on the basis of the major countries in each region in order to provide a better regional analysis of the global smart railways market. Western Europe was the largest market for smart railways in 2014, wherein it was valued at US$ 5.1 Bn. The market in the region is expected to be driven by the rise in government rules and regulations mandating the installation of the European Railway Traffic Management System (ERTMS) and other security solutions in every metro and high speed rail.
The APEJ market was valued at US$ 3.4 Bn in 2014 and is expected to expand at a CAGR of 27.5% during the forecast period. The market in APEJ is expected to be driven by the increasing rail spending on the up gradation of the overall rail infrastructure in the region. Besides, market activities in China and ASEAN region are expected to be strong in order to be able to meet the growing needs of the high capacity infrastructure and increasing urbanisation in these regions, which is another factor driving growth of the smart railways market in APEJ.
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Key players identified in the global smart railways market include Huawei Technologies Co. Ltd., ABB Group, IndraSistemas, S.A., Bombardier Inc., Hitachi, Ltd., Cisco Systems, Inc., Alstom S.A., Siemens AG, IBM Corporation, General Electric Co., Alcatel-Lucent S.A. and Ansaldo STS. Key players in the market are following merger, acquisition, new product launch, expansion and partnership trends in order to remain competitive in the market. A competitive dashboard is included in the report to provide detailed information about the key market players.
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Source: Future Market Insights