Intelligent Railway Transport System (IRTS) Market – SARS-CoV-2, Covid-19 Analysis, Share, Demand, Growth, Key Players and Industry Analysis By 2022
The COVID-19 pandemic disruption is estimated to transform the Intelligent Railway Transport System (IRTS) Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead.
Pune, India – June 22, 2020 /MarketersMedia/ —
Intelligent Railway Transport System (IRTS) Market
The global intelligent railway transport system market is expected to touch 90 billion by 2022. The market is expected to expand at 26.6 % CAGR during the assessment period (2017-2022) owing to the growing adoption of IoT in the railway system. Smart city initiatives like intelligent transport system are rapidly developing not only to promote better community service but also increase public safety. Intelligent Railway Transport System is an emerging concept in several countries and enables the organization to use several components of IT for managing the services provided by the railways.
Companies in the Intelligent Railway Transport System (IRTS) Market are facing issues in keeping their production facilities fully functional due to shortage of staff and resources amidst the COVID-19 (Coronavirus) outbreak. Get a hands-on over key drivers and threats to the Intelligent Railway Transport System (IRTS) Market to make your company future-ready post the pandemic. Avails out reports for exciting prices to learn new opportunities that companies can capitalize on during and after the Coronavirus crisis.
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Future Drivers and Constraints Impacting the Market
Benefits such as high service quality and high security for the passengers is mainly driving the intelligent railway transport system market globally. The emerging technologies along with high adoption of IoT is also stimulating the market growth over the period. Also, the increasing trend for internet services is likely to gain traction in the global market in the coming years. Moreover, high dependency on the railway system for transportation has led to the advent of IRTS which has proven to be effective both in terms of cost and quality. IRTS can also regulate the traffic near railway track signals which is another factor fostering the market growth during the assessment period.
According to the United Nations Department of Economics and Social Affairs, the urban areas are likely to account for 60 % of the total population which is predicted to create major challenges in traffic management and urban planning to keep pollution and congestion under control. Railway transport can thus be a major part of the solution. Moreover, with the growing number of passengers and rising competition among the operators are pushing operators to modernize the rolling stock which is resulting in the growth of the market globally.
On the flip side, lack of infrastructure for intelligent transportation system and high cost of installation is likely to inhibit the market growth over the assessment period. Several IT systems are old and complex, thus making it difficult to share data in a hassle-free manner. Recurrent network failure, as well as system outages, can have a domino effect which may impact customer satisfaction.
Intelligent Railway Transport System (IRTS) Global Market – Segmentation
Segmentation by Devices & Components: Rail Sensors, Video Surveillance Cameras, Smart Cards, Networking & Connectivity Devices (Router, Wi-Fi, Switches, etc.) and Others (Multimedia Displays)
Segmentation by Services: Professional Services, Cloud Services and Integration Services among others
Segmentation by Solutions: Passenger Information System (PIS), Railway Traffic Management System (RTMS), Advanced Security Management System, Smart Ticketing System (STS), Rail Operations Management System, Rail Communication & Networking Systems and Others (Rail Analytics System and Freight Information System)
Intelligent Railway Transport System (IRTS) Global Market – Regional Analysis
North America is dominating the market for Intelligent Railway Transport System (IRTS) due to heavy technological advancement and growing IT and semiconductor industry. The region is also home to some of the key players of Intelligent Railway Transport System (IRTS) system. High investment in the current railway industry by the government and by the key companies for new product development is also playing major role in the market growth. Europe stands as second largest market due to the presence of developed nations in the region and huge railway network. The government of several European countries is also working positively in order to upgrade the current rail network helping the market to grow. Asia-Pacific on the other hand has emerged as fastest growing market due to the growing economy of China and India. Also, rich presence of semiconductor and manufacturing companies in China, Japan, South Korea and Taiwan is also helping in the market growth.
Industry News
The first 33 new intelligent coils transport wagons have entered the service, strengthening the Mercitalia Rail fleet, FS Italiane Group. The wagons, of which the American company Greenbrier will produce a total of 240, are used for the transport of rolls of sheet metal produced by the most important Italian and European steel companies. The new wagons are equipped with a real-time, electronic monitoring system that will ensure the wagons’ optimal performance.
Competitive Analysis
The key players operating the market are Ansaldo Signalling and Transportation Systems (Itlay), Alstom S.A. (Saint-Ouen), Cisco Systems Inc. (U.S.), Hitachi Ltd. (Japan), International Business Machines Corporation (U.S.), Siemens AG (Munich), Alcatel-Lucent S.A. (France), Indra Sistemas S.A. (Spain), General Electric Company (U.S.), Bombardier Inc. (Canada), Huawei Technologies Co. Ltd. (China), ABB Group (Switzerland), and others.
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