Global Train Control and Management Systems Market Report, published by Variant Market Research, forecast that the global market is expected to reach $4 billion by 2024 from $2 billion in 2016; growing at a CAGR of 7.6% from 2016 to 2024. By geography, North America and Asia-Pacific are expected to grow at a CAGR of 9.1% and 8.3 %, respectively, during the forecast period.
Rapid urbanization, rise in demand for energy efficient rail systems, and increased demand for safe and comfortable transit solutions are the major factors driving the global train control and management systems market. However, fluctuating fuel prices and risks associated with train control systems would restrain the market growth in the coming years. Rising worldwide demand for high speed metros would provide several growth opportunities in the market during the forecast period.
The global train control and management system has been segmented on the basis of train type, component, and train control solution. By train type, the market is segmented into metros & high speed trains, electric multiple units, and diesel multiple units. By component, the market is further divided into computer control units, modular input/output devices, mobile communication gateway, and human machine interfaces. By train control solution the market is segmented into positive train control, integrated train control, and communication based train control. By train type, metros & high speed trains accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period, owing to increasing urban population and road traffic congestion which have increased the demand for rapid rail transit systems globally. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Europe accounted for the largest market share of 35.1% in 2016, owing to increasing development of trains equipped with TCMS systems. Asia-Pacific accounted for the second largest market share of 26.5%, due to increased demand for high speed trains in countries such as Japan and India. North America is expected to attain the fastest CAGR of 9.1% during the forecast period 2016-2024. The growth would be primarily driven by increasing investments in rapid rail transit projects in countries such as the U.S.
Major companies operating in this market are Bombardier Inc., Toshiba Corporation, Mitsubishi Electric Corporation, Alstom SA, Siemens AG, Hitachi Ltd., EKE-Electronics, Strukton Rail, and Thales Group, among others.