Extensive Infrastructural Growth, New Metro Projects to Inveigle More Demand for Train Control and Management Systems
As urbanization reaches new heights, the cities worldwide are growing not only in terms of size, but also in terms of density. As a result, train throughput has gained significant importance for commuters and rail networks, especially during peak hours. In order to meet the rising demands of the ever-growing population, the rail industry has been leaving behind conventional systems to embrace more automated, digitized, and leading-edge technologies.
According to the findings of Transparency Market Research (TMR), the global train control and management systems market was pegged at US$2.5bn in 2015. The market will expand at a conducive CAGR of 8.20% between 2016 and 2024, attaining a revenue worth US$5.01 bn by the end of 2024.
Q. What are the major catalysts and deterrents of the global market for train control and management systems?
Growing demand for more comfortable, safer, faster, and more efficient transit solutions has been driving the growth of the market. Developed nations such as Germany, the U.S., the U.K., Denmark, Spain, Italy, and Australia have been making heavy investments in the modernization and upgrading of railway infrastructure. As a result of the trade and social agreements between the countries of the European Union, passenger traffic and cross-border trade have been growing. On the contrary, the risks associated with these systems such as train derailments and collisions might limit the growth of the market.
Q. What are the factors driving the growth of communication-based train control and management systems?
Integrated train control systems, communication-based train control systems, and positive train control systems are the key solution types in the TCMS market. Communication-based train control (CBTC) offers high efficiency, improved interoperability, increased passenger capacity, operational safety along with reduction of costs. These systems save more energy than traditional, manually driven systems. Therefore, these systems have received the ratification of a number of environmentalists. As a result, a number of train operators are increasingly opting for these systems. A trend of replacing existing train control and signal systems with CBTC has been observed over several regions of the world, boosting the growth of the market.
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Q. Which regions are likely to offer maximum opportunities for expansion of the global train control and management system market?
With a view to enable optimum utilization of railway infrastructure and provide improved reliability, several European nations have been adopting train control and management systems. Developing countries such as Japan, Taiwan, India, Thailand, Malaysia, Singapore, and China have been striving to establish advanced, well-connected railway systems in order to bring down the levels of traffic congestions on roadways and highways. The emergence of several metro cities in countries such as India, along with significant technological innovations, will ensure robust growth of the market for train control and management systems.