New York, Aug. 25, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Railway Telematics Market Analysis & Trends – Industry Forecast to 2028” – https://www.reportlinker.com/p06127615/?utm_source=GNW
0% from 2020 – 2028 timeframe.
Some of the prominent trends that the market is witnessing include rising technological shift towards railway telematics, increasing government initiatives for smart railways, and rapid growth in the freight railway market.
Global Railway Telematics Market: Market Dynamics
New technologies including asset management, and predictive analytics, integrated service management, shock detection, and automatic stock control are foreseen to help rail management companies manage optimal routes, schedules, capacities, and idle railcars in near real-time. The future of the freight rail industry is anticipated to believe smart digital transportation systems that leverage technologies over larger railcar networks.
On account of the growing presence of smart technologies in rail transportation, the associated solutions and services markets also are expected to grow at high rates, globally. The trending technologies such as refrigerated wagon management, estimated time of arrival of railcars are expected to enable efficient and better freight rail transportation.
On the other hand, the lack of production and component standardization is likely to obstruct the profit boundaries. In addition, growing need for railway telematics in the emerging regions will further boost for the Railway Telematics market.
Impact of COVID-19 on Railway Telematics
Resumption of railway production plants, railway maintenance centers, and associated R&D centers, is not anticipated in the immediate future owing to the severity of the pandemic, especially in the US and major European countries. The decline in demand is majorly due to the reductions in budget allocations for the railway sector by governments to reduce the spread of COVID-19 and therefore the decline in demand from America and Europe for the general public transport segment. Companies are undertaking various measures to affect the negative effects of the outbreak of COVID-19. The pandemic is resulting in uncertainties within the stock exchange, significantly slowing the availability chain, resulting in a fall in business confidence, and increasing panic among customer segments. The new strain of the virus has grown out of control in many countries, thanks to which, the second lockdown is predicted to impact the railway telematics market in 2021.
Railcar Tracking and Tracing Segment Dominate the Market in 2020
The railcar tracking and tracing segment made huge revenue in 2020 and growing its prominence during the forecast period. The railcar tracking & tracing solution is anticipated to lead the market during the forecast period. The segment is mainly driven by the increasing inclination for freight wagon maintenance and operations. Railcar operators need to monitor the progress of transport using intermodal systems, complying with safety and maintenance regulations, and making sure that wagons are reliable and available and are able to meet the high personnel costs. If control and implementation are insufficient, productivity gets decrease, thereby aggravating cost pressures. So, in order to increase the economic efficiency of individual processes, the railcar tracking & tracing solution is adopted in the industry.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to the untapped market strength. Rising importance of driver safety and accident prevention, growing freight transportation and logistics industries, presence of leading OEM players, advent of the 4G LTE technology, and the adoption of smart railcars owing to the presence of embedded OEM telematics solutions are leading to market growth. Robust process and technology improvements have led to significant developments. Despite significant country-specific trends and nuances, the underlying themes of process, digital disruption and changing customer preferences prevail. These powerful themes are anticipated to shape the longer term of the logistics industry over subsequent few years. Relying on reliable on-line telematics data, dispatchers are going to be ready to inform their customers about changes in transport schedules before is feasible presently, growing reliability and satisfying stakeholders, thus propelling the growth of the market in the region.
List of the Key Players Profiled in the Market Include:
• Hitachi Ltd
• Intermodal Telematics
• Intrex Telematics
• Robert Bosch
• Savvy Telematics
• Trinity Industries
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127615/?utm_source=GNW
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