The global railway signaling system market was valued at US$ 9.2 Bn in 2019 and is further anticipated to cross US$ 15 Bn by 2028 expanding at a CAGR of 11.2% during the forecast period 2019-2028. The rapidly rising population and necessity to commute easily are factors propelling the railway signaling system market. Additionally, rising investments in signaling technology coupled with mature markets upgrading their existing technologies are some other major factors proliferating the demand of the global railway signaling system market. For instance, major countries such as the U.K., Germany, France, and Italy among others have upgraded to the latest European train controlling system technology an upgrade to their traditional system. Apart from this, automation technologies including GPS, LIDAR technology, AI (alternative intelligence), and Big Data will work together to automate rail traffic and increase safety and reliability.
The railway signaling system industry is dominated by a few major established players in the market having a stronghold in different regions. For instance, Thales Group holds 27% of the global market with European Train Control Systems (ETCS), a signaling and command-control train system. It is a leader in both level 1 and level 2 ETCS and its solutions are in commercial operation in more than 20 countries across the globe. North America region is the largest market in terms of revenue. The U.S. holds the major share and contributes more than 80% of the regional revenue. Apart from this, North America is closely followed by Europe region, and both are expected to grow at a significant rate during the forecast period. However, the Asia Pacific region will register the fastest growth during the forecast period. Owing to rapid expansion of rail networks in the region and increasing investment by the government in development if infrastructure. For instance, Virgin Hyperloop One entered into an agreement with Government of Maharashtra (India) to initiate its first Hyperloop train project between Mumbai and Pune. Additionally, more than 20 metro train development projects have been initiated in major cities of India.
Based on technology perspective in railway signaling system industry, railway signaling system can be classified into automatic train protection system, automatic train operation system, European train control system, positive train control system, and communication-based train control system. Out of these, communication-based train controlling system dominates the market in terms of revenue. This can be attributed to rapid installation of CBTC systems across the globe. For instance, in March 2019, French company Alstom SA won the contract amounting to US$ 101.1 Mn to supply communication-based train control technology to India for its upcoming metro projects in Mumbai and Pune.
The market research report on the railway signaling system market offers a complete analysis on major railway signaling system providers, geographic presence, revenue analysis, and future developments. Competitive developments of the market players working within the railway signaling system market, as well as expansion, new product launches, mergers, and agreements among the organizations have been offered within this report. A SWOT analysis has been accomplished on every player profiled within the global railway signaling system market report.