Railway System Market Scope, Industry Trends And Share Forecast To 2033

Global railway system market size is expected to reach $41.16 Bn by 2028 at a rate of 5.0%, segmented as by transit type, conventional, rapid

Aug 21, 2024 - 09:08

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Overview and Scope
A railway system refers to the infrastructure, equipment, and operations involved in the transportation of passengers and goods via trains on a network of tracks or railways. Railways enable people to commute to work, education, and other locations by helping them connect to places.

Sizing and Forecast
The railway system market size has grown strongly in recent years. It will grow from $31.93 billion in 2023 to $33.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to government investment, economic advantages, globalization and collaboration, rising demand for energy-efficient transport.

The railway system market size is expected to see steady growth in the next few years. It will grow to $41.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to surging urbanization, government support for alternative fuel-powered operations, globalization and collaboration, focus on environmental sustainability, rising demand for energy-efficient transport. Major trends in the forecast period include adoption of advanced technology, focus on passenger transportation, government support and investment, environmental sustainability, globalization and collaboration.

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Segmentation & Regional Insights
The railway system market covered in this report is segmented –

1) By Transit Type: Conventional, Rapid
2) By System Type: Auxiliary Power System, Train Information System, Propulsion System, Train Safety System, HVAC System, On-Board Vehicle Control
3) By Application: Passenger Transportation, Freight Transportation

North America was the largest region in the railway system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the railway system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing infrastructure development is expected to propel the growth of the railway system market going forward. Infrastructure refers to the fundamental physical and organizational structures and facilities needed for the operation of a society, economy, or organization. Infrastructure development establishes and maintains the fundamental power sources, transportation, and communication networks that enable social advancement, economic expansion, and enhanced quality of life. The expansion of the railway system depends on infrastructure development to fulfil the growing demand for transportation, enhance operational effectiveness, promote economic growth, and address environmental concerns. For instance, in July 2023, according to the U.S. Census Bureau, a US-based government institution, the expected annual rate of construction spending in May 2023 was $1,925.6 billion, which was 0.9% higher than the April estimate of $1,909.0 billion. The May amount is 2.4% higher than the $1,880.9 billion May 2022 projection. Therefore, infrastructure development is expected to propel the growth of the railway system market.

Key Industry Players
Major companies operating in the railway system market are Hitachi Ltd., Siemens AG, General Electric Company , Mitsubishi Heavy Industries Ltd. , ABB Ltd., Toshiba Corporation, Alstom SA, Wabtec Corporation, Knorr-Bremse AG, Bombardier Inc., STADLER RAIL AG, Stadler Rail AG, Construcciones Y Auxiliar de Ferrocarriles, Hyundai Rotem Company , Thermo King, Trinity Industries Inc., Bharat Heavy Electricals Ltd., American Equipment Company , Fuji Electric Co. Ltd., Calamp Corporation , Skoda Transportation a.s, Medcom GmbH, TransMash Holding, CRR Corporation Limited , Ingeteam Power Technology S.A.

The railway system market report table of contents includes:

1. Executive Summary

2. Railway System Market Characteristics

3. Railway System Market Trends And Strategies

4. Railway System Market - Macro Economic Scenario

5. Global Railway System Market Size and Growth

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32. Global Railway System Market Competitive Benchmarking

33. Global Railway System Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Railway System Market

35. Railway System Market Future Outlook and Potential Analysis

36. Appendix