The key factors driving the market growth include the rapid growth in the urbanization & population in Asia Oceania and the significant rise in government spending on new high-speed rail projects, which would propel the North American market in the near future. The increasing rail transit network such as light rail transit and metros & high-speed rails is also expected to boost the demand for Train control systems as it is a standard system for rail safety and management.
Northrook, IL -- (SBWIRE) -- 01/31/2020 -- The Train Control and Management System Market (TCMS) is estimated to be USD 2.26 billion in 2016 and is projected to reach USD 3.58 billion by 2022, at a CAGR of 8.02%.
Public transportation offers a range of benefits over private conveyance such as fluctuating fuel prices, traffic congestion, and greenhouse gas emissions. This leads to the increasing demand for high-speed rail transit network which is estimated to boost the market for TCMS. The train control and management system market are driven by factors such as growing urbanization and population in developing countries such as India and China and increasing the availability of high-speed communication systems. Furthermore, TCMS increases the efficiency and reliability of trains and shortens their response time by automating the operations of the train & its subsystem and passenger safety. These factors are estimated to drive the global train control and management system market.
These include Bombardier Inc. (Canada), Siemens AG (Germany), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Hitachi Ltd. (Japan), Knorr-Bremse AG (Germany), ALSTOM SA (France), CAF GROUP (Spain), ABB (Switzerland), Thales Group (France), ASELSAN A.Þ (Turkey), DEUTA-WERKE GmbH (Germany), Rockwell Collins (USA), and MEN Mikro Elektronik GmbH (Germany), Eke Group (Finland), Strukton Rail (Netherland), CRSC (China), HUBER+SUHNER (Denmark), Wabtec Corporation (USA), Quester Tangent (Canada), Medha Servo Drives Private Limited (India), UniControls a.s. (US), Leroy Automation (France), Amaronia Rail Ltd. (Finland), and Tech Mahindra (India).
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Metros & high-speed trains to witness the fastest growth during the forecast period
The train control and management system market for metros & high-speed trains is projected to grow at the highest CAGR, in terms of value, during the forecast period. The increasing government initiatives to enhance high-speed rail network and fulfill the transportation gap in countries such as the UK, France, India, China, and South Korea are expected to drive the metros & high-speed trains segment in the train control and management system market.
The vehicle control unit is expected to be the largest market segment in the Train Control and Management System (TCMS) market
The vehicle control unit is the most expensive component of TCMS. Thus, the vehicle control unit is estimated to be the largest segment in the train control and management system market, by component. The growth of this segment can be attributed to the high installation rate of TCMS in developed regions and the increasing penetration in developing regions.
Communication-Based Train Control (CBTC) is expected to be the largest market segment in the train control solution market.
The Communication-Based Train Control (CBTC) segment is estimated to account for the largest share of the global train control and management system market during the forecast period, owing to the growing demand in European countries such as the UK, France, Germany, and Spain. CBTC eliminates additional maintenance costs as physical vehicle detection systems such as track circuits are not required. CBTC also increases the turnaround time of vehicles.
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Europe to be the largest market for Train control systems market
Europe is expected to be the largest market for the Train control systems market by 2022. The European Train control systems market is expected to be driven by the high adoption of advanced technologies and railways and government initiatives to boost advanced safety & passenger security standards. Europe has one of the most technologically advanced railway infrastructures in the world. However, many countries in the region are adopting automated metros and high-speed trains and upgrading their infrastructure accordingly. Train control systems have a high penetration rate in the European rail market. All private rail operators in the region are opting for trains equipped with these systems.
Key Questions addressed by the report:
- What are the upcoming technologies, and new product launches in the global train control and management system market?
- How will government regulations impact the train control and management system market globally?
- What would be the share of different types of trains in the global train control and management system market?