Railway Telematics Market to be Worth $18.37 Billion by 2030: Grand View Research, Inc.
Key Industry Insights & Findings from the report:The fleet management segment is expected to dominate the railway telematics market due to the increasing freight activities, globally. The segment growth can be attributed to the rising need to manage the performance and the condition of rail assets.The telematics control unit segment is expected to dominate the component segment and the trend is expected to continue during the forecast period. The growth can be attributed to the increased profitability, safety, and maintenance provided by the advanced telematics control unit in railcars.North America is estimated to account for the majority share of the market during the forecast period. Growing transportation requirements of freight and logistics industries and increasing awareness about safety and accident prevention are some of the major drivers of the market growth in this region.
Read 120-page market research report, "Railway Telematics Market Size, Share & Trends Analysis Report By Solution (Fleet Management, Automatic Stock Control, Remote Data Access), By Railcar, By Component, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Railway Telematics Market Growth & Trends
Several countries such as Germany, India, France, and Canada have recognized that the expansion of the railway infrastructure is a significant factor supporting economic development. As a result, OEMs and numerous countries are investing considerably in railway infrastructure. For instance, in September 2022, Siemens mobility announced a contract with NS Groep N.V., a transportation company, to upgrade 176 ViRM trains with the most up-to-date ETCS European Train Control System (ETCS) Level 2 technology.
With the ETCS Level 2 update, the fleet will be able to function more effectively to balance its useful life while also satisfying the most recent European criteria for rail safety compatibility. Equipment for the ETCS onboard unit, installation assistance, and seven years of system maintenance services will all be supplied by Siemens Mobility.
The majority of the prominent players in the railway telematics market belong to European region. OEMs including Alstom, DB Cargo, Knorr-Bremse, and Siemens AG hold a majority of the share in the railway telematics market. Several railway operators are replacing old technologies with progressive train signaling and control systems. For instance, in May 2022, Rail Pulse announced a partnership with Railinc, a rail data services provider company.
Under this partnership, Railinc and Rail Pulse will provide sensor and telematics technology to the North American freight rail sector. Under a 10-year agreement, Railinc will create, maintain, and run the technology platform for Rail Pulse to track the current location, and condition of railcars.
The outbreak of COVID-19 has negatively impacted the market. The lockdown restrictions imposed by the various governments have hampered freight and logistics activities, globally, during the first half of 2020. This has led to a significant decline in the adoption of telematics services. However, with the ease in the lockdown restrictions imposed by various governments, globally, and the revival of logistics and freight activities along with the business resumption, the market is expected to witness significant growth during the forecast period.
The prominent players that dominated the railway telematics market globally in 2020 include Hitachi Ltd., Siemens AG, Robert Bosch GmbH, Knorr-Bremse AG, and Alstom SA. These players majorly focus on strategic partnerships and mergers & acquisitions to enhance their business operations. For instance, in January 2022, Hitachi Rail Limited partnered with Intermodal Telematics BV (IMT), a software services provider for the intermodal transport industry, to improve its rail freight market offerings.
As part of this partnership, IMT's monitoring sensors that provide real-time monitoring will be integrated into Hitachi's present digital freight service. These sensors support the accurate verification of railcar locations, loading status, door and hatch open/close conditions, cargo temperature and pressure, along with the condition of bogies and wheelsets.
Railway Telematics Market Segmentation
Grand View Research has segmented the global railway telematics market based on solution, railcar, component, and region
Railway Telematics Market - Solution Outlook (Revenue, USD Million; 2018 - 2030)Fleet ManagementAutomatic Stock ControlRemote Data AccessRailcar Tracking And TracingOthers
Railway Telematics Market - Railcar Outlook (Revenue, USD Million; 2018 - 2030)HoppersTank CarsWell CarsBoxcarsRefrigerated BoxcarsOthers
Railway Telematics Market - Component Outlook (Revenue, USD Million; 2018 - 2030)Telematics Control UnitSensors
Railway Telematics Market - Regional Outlook (Revenue, USD Million; 2018 - 2030)North AmericaU.S.CanadaEuropeU.K.GermanyFranceAsia PacificChinaJapanIndiaLatin AmericaBrazilMexicoMiddle East & Africa
List of key players in the Railway Telematics MarketSiemens AGHitachi Ltd.Alstom SAKnorr-Bremse AGRobert Bosch GmbHA1 DigitalRail nova SASAVVY Telematics Systems AGWabtec CorporationAmsted IndustriesOrbcomm
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