Railway System Market Worth $37.36 Billion by 2027
Pune,Maharashtra, India,Nov 17 2020 (WiredRelease) Allied Analytics:Railway System Market by System Type (Auxiliary Power, HVAC, Propulsion, On board Vehicle Control, Train Information, and Train Safety), Rolling Stock Type (Locomotives, Metros, Monorails, Trams, Freight Wagons, Passenger Coaches, and Others) and End Use (Passenger Transit and Cargo Train): Global Opportunity Analysis and Industry Forecast, 20192026. According to the report, the Railway System Market garnered $24.72 billion in 2018 globally, and is projected to reach $37.36 billion by 2026, registering a CAGR of 5.4% from 2019 to 2026.
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Railway system is one of the crucial parts of the countrys transport, and making it sustainable, smart, and efficient has been the focus of the governments. It has been realized that modernization, digitization, and industrialization are important aspects for achieving the efficiency and reliability. Moreover, climate objectives are vital while designing an entire railway system. The efforts have been taken in the direction to achieve the targets. However, the Covid-19 pandemic brought a huge loss in terms of efficiency and finance. Some of the experts think that this pandemic presented an opportunity. The railway system became the most relevant mode of transportation during the pandemic for cross-border cargo movement. The growth of the railway system market would be achieved if necessary measures are taken.
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Sustainability at the heart:
Sustainability becomes the focus of the long-term strategy for development of railway systems. To meet the climate objectives, the major part of funds allocated by the European Commission would be invested in the decarbonization of the transport. The European rail sector is focused on achieving the smart and sustainable mobility. It has been devising a strategy that complies with the EU Green Deal. Libor Lochman, the Executive Director at the Community of European Railway and Infrastructure Companies (CER), outlined that the railway sector must be encouraged to play a crucial role of becoming the backbone of digitalized and efficient multimodal system to achieve a smart and sustainable mobility.
How railway system copes up during the coronavirus pandemic:
The coronavirus pandemic hit the railway sector considerably. Huge losses in terms of revenue have been experienced by the sector. There has been effective usage of infrastructure. In some of the countries such as India, railway bogies have been converted into medical facilities and operation centers to treat patients with Covid-19. However, cargo trains played a crucial part during the initial stages of the coronavirus pandemic as moving cargos across the borders was easier by train than any other modes transport. Moreover, cargos took place of the passenger trains in the railway system. The entire system was made reliable with implementation of green lanes or seamless border crossing to ensure efficient flow of goods. The officials ensured that the policies and rules were in place that would ensure the seamless operation. The measures preventing train drivers and staff from crossing borders were eliminated and factories were remained open.
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The European region has been affected considerably due to the pandemic. Josef Doppelbauer, the Executive Director at the EU Agency for Railways (ERA) opined that the pandemic offered an excellent opportunity for the sector to establish reign as the most relevant transport mode in the European Union. He added that industrialization and digitization at the large scale is essential for the entire network to enhance relevancy. The steps involved in achieving the goal include upgrade of the European Railway Traffic Management System (ERTMS), data modularity, and integrated ticketing. Focusing on health, safety, frequency, and accessibility would attract travelers to railways amid the pandemic and post-lockdown.
Major market players
ALSTOM
CRRC
Bombardier
Siemens
General Electric
Stadler Rail AG
Hitachi
Transmashholding
The Greenbrier Companies
Trinity Industries, Inc.
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