Global Autonomous Train Technology Market Expected to Gain Notable Growth in the Coming Years
Reportocean.com have announced the addition of a new report titled "Global Autonomous Train Technology Market and Forecast to 2026"
Delhi, India -- (SBWire) -- 11/25/2019 --Based on the latest insights in the report title "Autonomous Train Technology Market by Grade of Automation (GOA 1, GOA 2, GOA 3, and GOA 4), Train Type (Passenger Train and Freight Train), Technology (CBTC, ETRMS, ATC, and PTC), and Component (Camera, Accelerometer, Odometer, Tachometer, Radio Set, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026" by Report Ocean, the Market is estimated to reach USD 15.57 billion by 2026 growing at a CAGR of 12.9%.
Unlike conventional trains, driverless trains do not require a driver on board to operate and monitor the train functioning. In this autonomous trains, as the name suggests, the functions are automated with the help of highly powered sensors, improved GPS, and camera systems. Each component and its working is controlled effectively with the help of a highly efficient computer system that boasts machine learning capabilities. The report published on the global autonomous trains market revealed the growth to be at a notable pace. The valuation of the autonomous trains market was further stated to surpass its previous valuation.
The global autonomous train technology market growth is driven by key factors like rising demand for secure, safer, and effective transport means, increase in the budget allocation for railway development, and to curb down the pollution level and accidents.
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The global autonomous trains market has been segmented in terms of technology, grade of automation, component, and applications.
By grade of automation, the market includes GoA 1, GoA 2, GoA 3, and GoA 4. The last segment, namely GoA 4, is expected to garner the highest CAGR over the forecast period due to the number of ongoing and upcoming projects across the globe.
By application, the market divides into freight train and passenger train.
By technology, the market comprises ETRMS, CBTC, PTC, and ATC.
By component, the market segments into Odometer, Accelerometer, Camera, Radio set, Tachometer, and others. The camera segment of the market is primed to lead with the maximum share percentage over the forecast period. This is due to the proliferating need globally to monitor systems in order to heighten the safety of passengers. Safety inside the trains is also anticipated to propel the demand for the segment in the forthcoming years.
The global autonomous trains market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa.
The Asia Pacific regional market for autonomous trains is reported to be one of the largest and fastest-growing in the global geographical landscape. The growth of the regional market can be attributed to the number of ongoing and upcoming projects across emerging nations, growing government spending on the transportation industry, and rising infrastructural development. Herein, countries like India and China are leading the market with their contributions. This is due to the fast-paced installation of metro lines compared to several other countries. Additionally, the increasing shift towards automation and the rising demand for safe and efficient transportation is pushing the market growth in the Asia Pacific region.
The global autonomous trains market comprises a host of key players. This includes names like General Electric, Hitachi Ltd., Alstom S.A., Siemens AG., ABB, Bombardier Transportation, Kawasaki Heavy Industries, Mitsubishi Heavy Industries, CRRC Transportation, and Thales Group. The players are making continuous effort to gain competitive advantage with their growth strategies and investments on R&D activities.
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