The overall value of the global railway control stands market has been estimated at around US$ 1537.3 Million in 2023. It is expected to grow at a reasonable rate of 3.6% over the next ten years. Based on the railway control stands market report, the net worth of the total sales of railway control stands achieved in 2033 will be approximately US$ 2189.6 Million.
The global railway control stands market is driven by increased budget allocations for railway development and a surge in demand for a safe, efficient, and secure transport network. The industry is also anticipated to develop in the upcoming years as a result of the growing use of public transportation services to ease traffic congestion.
However, high capital requirements will hinder the market’s development. The rapid improvement of railway infrastructure in developing countries is expected to provide significant growth opportunities for market participants.
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Governments all around the world are growing more and more interested in incorporating new technology into the infrastructure of the railways. To improve operational efficiency, these efforts are being undertaken. Moreover, governments are developing modern trains and train monitoring systems with the help of technology.
Market growth, however, is expected to be constrained by the installation and maintenance costs associated with railway control stands. As railway control and management solutions become more complex, adoption is expected to be slowed.
Key Takeaways from the Railway Control Stands Market Study
- By 2033, the global railway control stands market is expected to reach US$ 2189.6 Mn.
- During the period 2018-2022, the market experienced a CAGR of 1.9%.
- As for rail type, freight wagons have the highest market share, taking 6% of the market.
- According to regional forecasts, railway control stands are likely to capture 4% of the U.S. market.
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Competitive Landscape for the Railway Control Stands Market
In developing nations, infrastructure improvements are occurring, and mining and industrial activities are growing, creating significant growth opportunities for emerging players in the global market. A few companies account for most of the market share such as CRCC, CRSC, and CREC. Some other prominent players are as follows
ABB, General Electric, Hitachi Ltd., Mitsubishi Electric Corporation, Alstom SA, Bombardier Inc., MEN Mikro Elektronik GmbH, Siemens AG, DEUTA-WERKE GmbH, EKE Group, Strukton Rail, Toshiba Corporation and Thales Group.
Recent Developments in the Railway Control Stands Industry
- In February 2022, the CRRC developed a 3000 hp permanent magnet hybrid shunting locomotive that reached 2,000 kilometers without incident. Consumers appreciated the locomotive’s low energy consumption and environmental protection as compared to conventional shunting diesel locomotives.
- With the launch of PTC (Positive Train Control), railcar telematics, and dispatching systems in May 2022, Hitachi Rail has introduced several innovations in automation and digitalization.
- Siemens developed the first electrically controlled friction brake for rail vehicles in January 2022 called the air-free brake system, also known as an electronic friction brake system. There is no need for compressed air in the braking system. This redesigned brake offers many technological advantages, as well as a decrease in vehicle weight and an increase in vehicle speed.
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Railway Control Stands by Category
By Rail Type, the Railway Control Stands Market is Segmented as:
- Passenger Coaches
- Trams
- Locomotives
- Metros
- Freight Wagon
By System Type, the Railway Control Stands Market is Segmented as:
- Auxiliary Power
- HVAC
- Propulsion
- On-board Vehicle Control
- Train Information
- Train Safety
By Region, Railway Control Stands are Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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