Railways are often considered as one of the key components in the development of any nation. With a strong and reliable railway network, travel, trade, and tourism flourish and bring ample economic growth and stability. With the advancements in technology, it has become a huge priority for the governments across the globe to transform and upgrade their existing railway networks. This has been the primary driver for the development of the global digital railway market.
Global Digital Railway Market: Notable Developments
Majority of players in the digital railway market are consistently looking to develop more innovative products, solutions, and services. The vendors in different region are opting for other development strategies such as mergers, acquisitions, and partnerships. Such developments are expected to help the growth of the global digital railway market.
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Some of the recent notable developments in the global digital railway market are given below:
- In January 2019, Taiwan Hitachi Asia Pacific Co. Ltd., a subsidiary of Hitachi Ltd. announced that the company has been awarded with an order to supply around 600 of Electric Multiple Unit (EMU) train cars.
- In April 2019, Siemens Mobility announced that the company has installed an intelligent signaling systems in three of busiest railway stations.
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Global Digital Railway Market: Drivers and Restraints
The overall dynamics of the rail industry across the globe are undergoing revolution due to the introduction of new passenger and freight management systems. It has been one of the key driving factors for the uptake of the global digital railway market. With more and more countries opting for overhaul of their traditional railway infrastructure and adopting for highly advanced technological solutions, it is natural to expect the global digital railway market to achieve high growth during the given forecast period of 2019 to 2027.
Another important factor for the development of the global digital railway market has been the surreal advancements in the communication technologies. These new technologies have helped in upgrading the traditional signal systems, monitoring of highly traded paths, and eased up the overall railway communication. This has thus been a great driving factor for the growth of the global digital railway market.
Global Digital Railway Market: Geographical Outlook
Primarily, there are five main geographical segments of the global digital railway market. These five regions are Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these, the digital railway market has be predominantly led by the Europe region. The nations from Western Europe such as Germany, France, and the UK have a highly developed railway infrastructure. These countries are also among the leading users of advanced digital railway services and solution.