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Railway Signaling System Market to Reach $21.7 billion, Globally, by 2031 at 5.5%: Allied Market Research
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Increase in government spending on railway projects, surge in demand for safety and compliance in rail transit, increase in demand for passenger & freight capacity, adoption of autonomous trains, and technological advancements in signaling systems drive the growth of the global railway signaling system market. However, lack of skilled staff in developing countries and lack of technology infrastructure in developing countries hinder the growth of the market On the other hand, development of train signaling systems that offer enhanced service to mass transit passengers in terms of safety, comfort, reliability and dependability create ample opportunities for the industry.
Based on offering, the solution segment held the dominating market share in 2021, holding around three-fourths of the global railway signaling system market. This is because rail signaling solutions are used to direct traffic and prevent collisions between trains. The services segment, on the other hand, is expected to cite the fastest CAGR of 6.8% during the forecast period. The growth of this segment is mainly due to the importance of installation services, maintenance services, data monitoring services, design, and other services in rail signaling systems.
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Based on technology, the European train control systems segment held the dominating market share in 2021, holding nearly two-fifths of the global railway signaling system market. European train control system accounted for a major share of the market. ETCS (European Train Control System) is the core signaling and train control component of ERTMS (European Rail Traffic Management System). It continuously calculates a safe maximum speed for each and every train, with cab signaling for drivers and on-board systems that take control, if permissible speed is exceeded. The communication-based train control system segment, on the other hand, is expected to cite the fastest CAGR of 6.4% during the forecast period. By using communication-based train control systems, exact location of trains is known more accurately as compared to traditional signaling systems. This factor drives the segment.
Based on end use, the mainline segment held the dominating market share in 2021, holding more than three-fifths of the global railway signaling system market. Surge in population, traffic congestion, increase in environmental concerns, and rise in government investments to improve rail infrastructure drive growth of the market. Moreover, increase in passenger preference for rail vehicles such as local trains, passenger rails, and others for travel, owing to economical, reliable, and faster transportation options further increase demand for mainline. The urban segment, on the other hand, is expected to cite the fastest CAGR of 6.9% during the forecast period. The growth of this segment is mainly because rails require highly sensitive sensors and advanced signaling systems to operate within cities.
Based on region, Europe held the dominating market share in 2021, holding more than two-fifths of the global railway signaling system market and is likely to maintain the dominance by 2031. The European Union (EU) has the largest electrified rail length in the world, and is considered one of the safest railway networks in the world, with around 218,000 km of active rail network. EU commission is committed to make its rail network more convenient for passengers by introducing various laws, along with collaborating with private industry players to advance current networks. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.1% during the forecast period. Countries such as China , India , Australia , and Japan are largely focused on developing metros and monorails for intra-city travel to reduce travelling time and regulate pollution in the region.
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