Dublin, July 30, 2021 (GLOBE NEWSWIRE) -- The "Global Railway Telematics Market by Solution (Fleet Management, Automatic Stock Control, Shock Detection, Reefer Wagon Management, ETA), Railcar (Hoppers, Tank Cars, Well Cars, Boxcars, Reefer Cars), Component & Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The railway telematics market is estimated to be USD 5.1 billion in 2021 and is projected to grow at a CAGR of 7.5% during the forecast period, to reach USD 7.3 billion by 2026.
Railway telematics is defined as the use of telecommunications and informatics across freight railways. The railway telematics market comprises solutions and services which enable communication and data transfer over long distances through wireless mediums.
These solutions and services leverage the embedded technology and mobile and telematics systems and offer control over railcars on the move. The various solutions offered by telematics companies include automatic stock control, estimated time of arrival, fleet management, railcar tracking & tracing, refrigerated wagon management, remote data access, shock detection, and others which are used across various railcars such as hoppers, tank cars, boxcars, well cars, refrigerated boxcars, and others.
North America accounted for the largest share of the market in 2021
The presence of OEMs such as Siemens (Germany), Bosch (Germany), Knorr-Bremse (Germany), Amsted Digital (US) and their investments in rail telematics is one of the major factors fueling the growth of this market in North America and Europe regions.
For instance, in 2020, major US rail companies such as GATX corporation, Norfolk Southern, Genesee & Wyoming, Watco, and Trinity Rail announced a joint venture Rail Pulse, which is expected to accelerate the adoption of GPS and other telematics technologies in the near future across the North American railcar fleet. This is expected to enable competitiveness in the rail sector between freight transportation companies due to improvements in the location monitoring and condition monitoring of railcars.
As technology evolves, the safety of railcars and other solutions are expected to be adopted by railcar fleet owners. Due to the new telematics technologies, railcar owners are expected to be able to capture data such as whether a railcar is partially or fully loaded, its onboard bearing temperature, whether doors or hatches are closed or open, wheel impact detection data, and other possible solutions to enable running railcar fleets efficiently, manage data generated through the use of technology and improvise on idle rail cars, maintenance, reduce turnaround time of railcars, control stock, and others. The rising adoption of telematics solutions by rail car leasing operators is expected to drive the rail telematics market in future.
The future of the freight rail industry is expected to rely on smart digital transportation systems that leverage technologies over larger railcar networks. New technologies such as integrated service management, asset management, and predictive analytics, shock detection, and automatic stock control are expected to help rail management companies manage optimal routes, schedules, capacities, and idle railcars in near real-time. Due to the increasing presence of smart technologies in rail transportation, the associated solutions and services markets are also expected to grow at high rates, globally.
Emerging technologies such as refrigerated wagon management, estimated time of arrival of railcars are expected to enable efficient and better freight rail transportation. This is also expected to improve timely decision-making for issues such as asset deployment, utilization, and railcar maintenance.
The railway telematics market is dominated by players such as Hitachi Ltd. (Japan), Siemens (Germany), Bosch (Germany), Knorr-Bremse (Germany), and Alstom (France).
Increasing Freight Rail Transportation Is Expected To Boost the Growth of the Railway Telematics Market
Asia Pacific Is Projected To Grow At Highest CAGR During the forecast Period
Railcar Tracking & Tracing Segment Projected To Lead the Market, 2021 Vs. 2026 (USD Million)
The Hoppers Segment Is Projected To Be the Largest In the Market From 2021 To 2026
The Tcu Segment Is Projected To Dominate the Market During the forecast Period
North America Is Expected To Be the Largest Market for Railway Telematics During the forecast Period
Government initiatives for smart railways
Digitalization of railways
Technological shift towards railway telematics
High development cost
Lack of infrastructure for railway telematics
Lack of component and production standardization
Increasing need for railway telematics
Growing freight railway market to impact telematics market
Data privacy and security concerns
Lack of infrastructure for railway telematics
Existing and Upcoming Railway Telematics Models
Railway Telematics Market Ecosystem
Value Chain Analysis
Railnova's Tie-Up With Pod Group Increased Fleet Connectivity
Hoyer Relies On Railway Telematics Solutions offered by Imt for the Transport of their Containers
Knorr-Bremse Systeme Fur Schienenfahrzeuge GmbH
Cando Rail and Terminals
17 VTG AG
Other Key Players
Tech Mahindra Ltd
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