Albany, NY -- (SBWIRE) -- 01/03/2018 -- As train control and management systems help in gaining a centralized control over various subsystems of a train, their deployment is likely to accelerate substantially with the development in the railways sector over the forthcoming years. However, various risks associated with train control systems, such as failure of positive train control systems resulting in train collisions and train derailments, may create obstacles in the growth trajectory of this market in the near future.
The global train control and management systems market is highly influenced by the growing demand for rapid rail transit systems across the world. The ever-rising population, worldwide, has increased the need for the up-gradation of the existing transportation infrastructure. Conforming to the need, the investments in the intercity high-speed rail lines have escalated phenomenally, resulting in the expansion of the light rail systems and subways in a number of regions, globally.
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The global market for train control and management systems was worth US$2.5 bn in 2015. Analysts estimate this market to rise at a CAGR of 8.20% from 2016 to 2024 and reach US$5.01 bn by the end of 2024.
Communication-based Train Control and Management Systems to Remain Enjoying Strong Demand
Positive train control systems, integrated train control systems, and communication-based train control systems have surfaced as the key train control and management systems used across the world. Among these, communication-based systems enjoy a greater demand than other systems and will remain doing so in the near future, thanks to the benefits offered by them, such as the reduced maintenance costs and enhanced interoperability.
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Europe to Maintain its Lead Through 2024
The worldwide market for train control and management systems is spread across Europe, Latin America, Asia Pacific, the Middle East and Africa, and North America, among which, Europe has emerged as the leading regional market, thanks to the presence of established train control and management systems manufacturers. Analysts expect this regional market to remain on top over the next few years, progressing at a CAGR of 7.70% between 2016 and 2024.