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Technavio, an international market research institute, recently released a report that the global railway cable market will grow
at a compound annual growth rate of about 6% during the forecast period from 2018 to 2022.
According to the report, the gradual adoption of IoT technology in railways is one of the major trends in the global railway system cable market during the
forecast period.
Internet of Things (IoT) technology will be widely used in modern railway systems to control and manage technology and communication systems
.
Currently, the use of IoT and big data systems to analyze and obtain railway operations is still very limited
.
As the capabilities of IIoT components and systems continue to grow, it is expected that the opportunities for IoT use in railways will increase
significantly.
According to Technavio analysts, one of the key factors contributing to the growth of the global railway system cable market is the growing popularity
of smart railways.
In emerging economies such as India and China, increased congestion in air and road transport has led to rail transport becoming a viable alternative
.
Rail is a safer, cleaner, more reliable and more competitive alternative
to road and air transport.
Despite challenges such as high initial investment and high maintenance costs, geographical, financial and environmental factors favor the growth of
rail infrastructure.
A senior power analyst at Technavio explains, "The services and solutions provided by smart rail infrastructure can serve as a catalyst
for the next phase of development in the rail transport industry.
Intelligent rail transport systems can transform rail networks from basic means of transport into complex systems that are indispensable
for providing comfort to passengers on trains.
”
From the perspective of the application market, power cables occupied the largest share of the railway system cable market in 2017, accounting for more than
55%.
This application segment is expected to dominate the global market
throughout the forecast period.
Regionally, Asia Pacific accounted for the largest market share in 2017, followed by Europe, Middle East and Africa (EMEA) and Americas
.
Asia Pacific is expected to continue to dominate the market during the
period 2018-2022.
Technavio, an international market research institute, recently released a report that the global railway cable market will grow
at a compound annual growth rate of about 6% during the forecast period from 2018 to 2022.
According to the report, the gradual adoption of IoT technology in railways is one of the major trends in the global railway system cable market during the
forecast period.
Internet of Things (IoT) technology will be widely used in modern railway systems to control and manage technology and communication systems
.
Currently, the use of IoT and big data systems to analyze and obtain railway operations is still very limited
.
As the capabilities of IIoT components and systems continue to grow, it is expected that the opportunities for IoT use in railways will increase
significantly.
According to Technavio analysts, one of the key factors contributing to the growth of the global railway system cable market is the growing popularity
of smart railways.
In emerging economies such as India and China, increased congestion in air and road transport has led to rail transport becoming a viable alternative
.
Rail is a safer, cleaner, more reliable and more competitive alternative
to road and air transport.
Despite challenges such as high initial investment and high maintenance costs, geographical, financial and environmental factors favor the growth of
rail infrastructure.
A senior power analyst at Technavio explains, "The services and solutions provided by smart rail infrastructure can serve as a catalyst
for the next phase of development in the rail transport industry.
Intelligent rail transport systems can transform rail networks from basic means of transport into complex systems that are indispensable
for providing comfort to passengers on trains.
”
From the perspective of the application market, power cables occupied the largest share of the railway system cable market in 2017, accounting for more than
55%.
This application segment is expected to dominate the global market
throughout the forecast period.
Regionally, Asia Pacific accounted for the largest market share in 2017, followed by Europe, Middle East and Africa (EMEA) and Americas
.
Asia Pacific is expected to continue to dominate the market during the
period 2018-2022.
