Communication-Based Train Control System Uptake to Remain Highest in Metro Trains, Accounting for More than Half of Global Sales through 2031
A comprehensive study published by Fact.MR on the communication-based train control systems market presents an overview of key drivers, restrains, and opportunities affecting the growth through 2031. It studies the historic market performance and forecast sales expected various segments in terms of train type and grade of automation for the next ten years.
NEW YORK CITY, Oct. 27, 2021 /PRNewswire/ -- As per Fact.MR, the global communication-based train control (CBTC) system market is poised to surpass US$ 3.2 Bn in 2020. Increasing use of railway transportation as a time-saving, low-cost, and safe transportation option is anticipated to drive the market.
Sales of CBTC are slated to increase at a robust 11.5% CAGR over the forecast period (2021-2031), totaling US$ 10.4 Bn by 2031-end.
A significant rise in rail accidents has been witnessed over the last few years. According to a report by the National Crime Records Bureau, every day around 70 fatalities were reported across India due to train-related accidents in 2019.
The adoption of advanced technologies such as CBTC systems have surged in order to improve the efficiency of railway transportation and make it safer. Driven by this, sales of CBTC systems are estimated to more than triple through 2031.
Governments of various countries are investing extensively in the expansion of railway infrastructure. For instance, according to the India Brand Equity Foundation, the Government of India allocated US$ 15.19 billion to the Ministry of Railway to develop advanced railway infrastructure. Government funding towards integration of latest technologies in railway infrastructure will aid the overall expansion of the market.
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In terms of train type, the metro trains segment is projected to exhibit the highest growth, expanding at an impressive CAGR of 11.2% through 2031.
"Government emphasis on integrating advanced sensor-based technologies such as CBTC systems to enhance operational efficiency, safeguard cargos from theft, and reduce the number of train accidents is expected to bode well for the market," says a Fact.MR analyst.
Key Takeaways from the Communication-based Train Control System Market Study
- The U.S. is projected to hold an absolute dollar opportunity of US$ 868.6 Bn, exhibiting growth at a CAGR of 12.7% through 2031.
- China and Japan are estimated to cumulatively account for more than 75% of the revenue share in the East Asia market by 2031.
- India is expected to witness the fastest growth in South Asia & Oceania, expanding at a CAGR of 12% during the coming decade
- Europe is forecast to emerge as the second-largest market for CBTC systems, accounting for nearly 1/3rd of the global sales over the forecast period.
- In terms of grade of automation, GoA2 is anticipated to hold a dominant share in the segment, accounting for more than 1/4th of the overall demand through 2031.
Key Drivers
- Expansion of railway infrastructure to support metro trains across emerging countries such as India, China, France, and others is driving the CBTC systems sales.
- Rapid industrialization and urbanization are propelling the demand for new subway engines and building new railway lines to enhance transportation infrastructure, which is propelling the demand for CBTC systems.
Key Restraints
- High initial cost and cost of maintenances of CBTC systems are hampering the growth of the market.
- Increasing shift towards high-speed trains to decrease the travel time across the U.S., Japan, the U.K., Germany, and others is expected to hinder the sales of CBTC systems across metro trains segment.
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Competitive Landscape
As per Fact.MR, the top five companies in the global communication-based train control system market are estimated to account for more than 50% of the overall share by 2031.
Leading companies are focusing on adopting inorganic strategies such as agreement, collaboration, merger, and acquisition to enhance their product portfolio and increase their market share. For instance,
- In August 2021, Siemens Mobility, a railway companies based in Germany, announced entering into an agreement to acquire a cloud-based inventory management providing company in Netherlands, Sqills. The acquisition will assist the company to provide software and digital offerings in the transportation segment across the globe.
- In January 2021, Alstom, a French multinational rolling stock manufacturer, announced complete acquisition of a rail transport company, Bombardier Transportation. The strategy will help Alstom to enhance its product portfolio and provide greener and smarter transportation.
Some of the leading players in the market profiled by Fact.MR are:
- Thales Group
- Siemens Mobility, Inc.
- ABB
- Lockheed Martin Corp.
- Alstom SA (Alstom)
- Hitachi
- Kyosan
- Tech Mahindra
- Toshiba
- Argenia Railway Technologies Inc.
- Critical Software
- Wabtec corporation
- WAGO Corporation
- WSP Global lnc
- Meteorcomm LLC
- Others
More Valuable Insights on Communication-based Train Control System Market
Fact.MR, in its new report, offers insights into the global communication-based train control system market, forecasts sales projection for the assessment period 2021-2031. The study reveals scope of in communication-based train control system market across the segments:
- By Train Type
- CBTC Systems for Metros
- CBTC Systems for High-speed Trains
- By Grade of Automation
- Communication-based Train Control Systems by GoA 1
- Communication-based Train Control Systems by GoA 2
- Communication-based Train Control Systems by GoA 3
- Communication-based Train Control Systems by GoA 4
- By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in the Communication-Based Train Control System Market Report
- The market survey also highlights projected sales growth of the communication-based train control system market between 2021 and 2031
- The report offers insight into communication-based train control system demand outlook for 2021-2031
- Communication-based train control system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Communication-based train control system market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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