Promising policy shifts propel the railroad industry forward in the coming decade by fostering greater private sector involvement in railway network development, maintenance, and operations. Delve into this dynamic market and competitive landscape to uncover comprehensive global insights.
NEWARK, Del., Dec. 6, 2023 /PRNewswire/ -- The year-round sales of the global railroad market in 2023 were assessed to have a revenue of US$ 294,267.1 million. Based on the analysis of several industry dynamics, the global railroad equipment market is predicted to grow at a moderate CAGR of 5% during the forecast period. Further, the railroad industry share is estimated to reach nearly US$ 507,610.6 million by 2034, expanding from an estimated worth of US$ 311,628.9 million in 2024.
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Due to increased reliance on train services for the transfer of products, the railroad infrastructure has been rising steadily across the world. Expanding transcontinental railway infrastructure for effective and affordable cross-border goods transportation is anticipated to strengthen the railroad market further.
For instance, in March 2021, the Canadian Pacific Railway Company and the Kansas City Southern Railway sectors entered a partnership agreement. This historic agreement aims to create a single-line rail network connecting the United States, Canada, and Mexico.
"In recent years, established market players have entered into long-term partnerships with railway boards or public sectors for railway network management to consolidate their position." - says Ronak Shah (Associate Vice President at Future Market Insights).
Key Takeaways from the Global Railroad Market Study Report
- The sales of railroad equipment in the United States are projected to grow at 2.8% from 2024 to 2034.
- Australia dominates the industry share of the railroad market in the Pacific region and is predicted to continue to grow at 4.5% through 2034.
- China is the leading railroad industry in Asia, and it is expected to grow at 6.8% from 2024 to 2034.
- India is emerging as a lucrative market for the railway sector, with an anticipated CAGR of 7.3% for the projected period.
Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!
Competitive Landscape for Railroad Market Players
The overall market can be consolidated, as several established and emerging players can benefit from the rising demand for railroad supplies owing to their high investment and capitalization capabilities. However, decent competition among these leading players has yielded technological advancements like automation, sensor technology, and predictive maintenance in global railroad industries.
Recent Developments by the Railroad Market Players
In August 2023, the Transoft Solution Company added the new TrafxSAFE Rail to its portfolio to help train operators in transportation and traffic. It identifies, records, classifies, and assesses high-risk or non-compliant traffic behavior at level railway crossings by applying sophisticated AI and computer vision. Earlier, the company pioneered camera technology to detect safety hazards in traffic proactively and is now bringing similar proactive video-based safety analytics technology for railway level crossings.
In September 2021, Hitachi Rails Company developed the enhanced Model 95-E gate crossing mechanism, which does away with maintenance by use of a new electronic control module and dustless motor technology. The company also introduced a newly developed onboard train control platform that enhances train operations and safety by fusing many years of onboard knowledge with a revolutionary data analytics platform. The firm is investing more in improving solutions that show their dedication to becoming a full-service supplier in the United States and contributing to the next rail railroad revolution.
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About the Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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