LONDON, July 03, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Train Control And Management Systems Market Report 2023, the market will grow from $3.7 billion in 2022 to $3.9 billion in 2023, at a compound annual growth rate (CAGR) of more than 7%. Further, the train control and management systems market will reach $5 billion in 2027, with a CAGR of more than 6%. Asia-Pacific was the largest region in the train control and management systems market in 2022.
The growth of the train control and management system industry is primarily driven by the expanding railway sector worldwide. This sector encompasses rail transportation and related industries, including railroads, tracks, tunnels, bridges, elevated rail, and magnetic levitation. Train control and management systems play a vital role in assisting railways by facilitating real-time vehicle detection, inspection, and rail tracing.
Learn More In-Depth On The Train Control And Management Systems Market
Major train control and management systems companies are Alstom, Bombardier Inc., Siemens, Hitachi Ltd., Mitsubishi Electric Corporation, Strukton, Wabtec Corporation, Toshiba Corporation, Thales Group, CAF Group, Selectron Systems AG, ABB Ltd., Knorr-Bremse AG, Indra Sistemas, DXC Technology, Trimble Inc., and Frequentis.
A key trend in the train control and management system market is the adoption of technological advancements by companies to maintain their competitive edge. These organizations are integrating new technologies into their systems
For instance, in September 2022, Huawei Technologies Co., Ltd., introduced the Future Railway Mobile Communication System (FRMCS) solution. Leveraging the innovative 8T8R Smart MIMO technology, this solution supports services such as locomotive status monitoring, train operation monitoring, and visual dispatch of organization and management (O&M)…