IoT Connected Rail Market Key Highlights:
- Market Size (2024): USD 93.02 Billion
- Projected Market Size (2034): USD 140.36 Billion
- CAGR (2023-2034): 4.2%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT Connected Rail Market Definition
The IoT connected rail market includes a shift in the rail transportation industry by implementing Internet of Things technologies that enhance the efficiency, safety, and customer experience by allowing real-time monitoring and facilitating better decision-making and streamlining operations. With the integration of IoT devices, rail operators can easily monitor and track real-time data by maintaining cost and reducing time, as well as by providing alerts for failures or damage.
The Indian federal government announced that for the Union Budget 2024-25, the Indian Railways have been allocated a higher capital outlay of INR 2.62 lakh crore. The average freight train speed has increased to 44.36 kilometers per hour from 2021 to 2022 compared to 42.97 kilometers per hour during 2020-2021. The National Rail plan also aims to increase the share of freight traffic from current 27% to 45% by 2030.
The increasing advancements in technologies, rising urbanization, and increasing passenger demand drive the market for enhanced services through connected devices. The integration of IoT-connected rail helps with improved safety, reduced maintenance cost, and optimized assets and management. Moreover, the rising need for sustainability and a shift towards energy-efficient transport systems with IoT technologies help with optimizing energy usage by driving the market for IoT-connected rail. In October 2024, the U.S. Department of Transportation’s Federal Railroad Administration announced more than $2.4 billion in bipartisan infrastructure law funding 122 rail improvement projects in 41 states that will make the real safer, more reliable, and more resilient with lower shipping cost and less pollution.
IoT Connected Rail Market Segmentation:
By Type
- Passenger Mobility and Services
- Passenger Information System
- Train Tracking and Monitoring Solutions
- Automated Fare Collection System
- Freight Management System
- Other
By Application
- Diesel Locomotive
- Electric Locomotive
- Other
IoT Connected Rail Market Companies:
- Siemens
- Hitachi Rail
- Wabtec Corporation
- Trimble
- Bosch
- HUAWEI
- Cisco
- Nokia
- Atos
- IBM
- Tech Mahindra
- SIERRA WIRELESS
- Toshiba
- Scomi Group
- ABB
- Strukton Rail
- Legios
- Thales Group
- Deutsche Bahn
- Calamp Corp
- Woojin Industrial Systems
- DEUTA-WERKE
- UGL Limited
- TÜV Rheinland
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