Rising demand for intelligent transport systems and extensive adoption of mobility and interoperability are expected to drive the global train communication gateways systems market growth.
NEW CASTLE, Del., March 14, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Train Communication Gateways Systems Market by Product Type (Wire Train Bus Gateways, Multifunction Vehicle Bus (MVB) Gateway and Others), and Application (Conventional Railways and Rapid Transit Railway): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the train communication gateways systems industry generated $124.3 million in 2022, and is anticipated to generate $1.3 billion by 2032, witnessing a CAGR of 26.1% from 2023 to 2032.
Prime Determinants of Growth
Moreover, rising demand for intelligent transport systems and extensive adoption of mobility and interoperability are the factors expected to propel the growth of the global market. However, high cost associated with rail infrastructure is anticipated to hamper the growth of the global market. On the contrary, increase in communication mediums in the rail service is further likely to create lucrative opportunities for the growth of the global market.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$124.3 Million |
|
Market Size in 2032 |
$1.3 Billion |
|
CAGR |
26.1 % |
|
Segments covered |
Product Type, Application and Region. |
|
Drivers |
Rising demand for intelligent transport systems Extensive adoption of mobility and interoperability |
|
Opportunities |
Increase in communication mediums in the rail service |
|
Restraints |
High cost associated with rail infrastructure |
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The multifunction vehicle bus (MVB) gateway segment to maintain its leadership status during the forecast period
By product type, the multifunction vehicle bus (MVB) gateway segment held the highest market share in 2022, accounting for more than two-thirds of the train communication gateways systems market revenue and is estimated to maintain its leadership status during the forecast period. As it helps to integrate the diverse systems, creating a unified and coordinated operation of the entire train, which is further expected to propel the overall market growth. However, the others segment is expected to attain the largest CAGR of 28.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is due to the increase in the integration of ethernet and mobile communication gateway solutions.
The conventional railways segment to maintain its lead position during the forecast period
By application, the conventional railways segment accounted for the largest share in 2022, contributing for more than three-fifths of the train communication gateways systems market revenue, as railways are highly efficient for mass transportation of passengers and freight over long distances. However, the rapid transit railways segment is expected to attain the largest CAGR of 27.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period as rapid transit systems are generally more cost-effective than building and maintaining road infrastructure to accommodate the same volume of passengers. Thereby, driving the growth of this segment in the global train communication gateways systems market.
North America region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the train communication gateways systems market revenue. Increase in the usage of train communication gateways systems in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR of 31.1% from 2023 to 2032. Countries such as India and China are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which further is expected to contribute to the growth of the market in this region.
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Leading Market Players: –
Advantech Co., Ltd.
Duagon
EKE-Electronics
Quester Tangent
AMiT
SYS TEC electronic
Ingeteam
HaslerRail
General Electric
Siemens AG
The report provides a detailed analysis of these key players in the train communication gateways systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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