Railway System Market to reach $37.36 billion by 2031
PORTLAND, ORAGON, UNITED STATES, October 6, 2022 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Railway System Market by System Type, Rolling Stock Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global railway system market size was valued at $24.72 billion in 2018, and is projected to reach $37.36 billion by 2026, registering a CAGR of 5.4% from 2019 to 2026.
By region, Europe dominates the market presently, followed by Asia-Pacific, North America, and LAMEA. Russia dominated the Europe railway system market share in 2018 and the UK is anticipated to exhibit a remarkable growth during the forecast period.
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The metals such as platinum, palladium, rhodium, and others used as automotive catalyst in catalyst converters are very rare and expensive. Because these metals are expensive, automakers want to use them as effectively as possible. Use of catalyst Nano particle increases the efficiency of catalyst and reduce the cost of catalyst converter, which make it the preferred choice for automotive catalyst converter. Hence, adoption of nanotechnology in catalytic converters drives the growth of the railway system market.
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Locomotive is the primary part of the train, which is called as the rail engine. Based on various modes of propulsion type, locomotives are available in the form of diesel propulsion engine, electric propulsion engine, electro-diesel propulsion engine, or it can be of fuel cell engine or others. Such locomotives are self-propelled. However, metros, monorails, and trams are not equipped with locomotives. Metro is a high-capacity public transportation, which is most common in urban areas. Metros are electronically operated and have exclusive tracks to which pedestrians or other vehicles have no access. Metros are mostly grade separated in tunnels or on elevated railways. Metro track consists of two rails or beams. In addition, A monorail is a type of railway in which the rail track consists of a single rail or a beam. To differentiate the monorail from other modes of transportation, monorail society has defined monorails as single rail serving as a track for passenger or freight vehicles.
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The key players analyzed in this report are ALSTOM, Bombardier, CRRC, General Electric, Siemens, Hitachi, Stadler Rail AG, The Greenbrier Companies, Transmashholding, Trinity Industries, Inc., and others.
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Key Findings of the Study
On the basis of system type, the train safety segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of rolling stock type, the freight wagons segment is the highest contributor to the global railway system market in terms of revenue.
Region wise, Asia-Pacific is the fastest growing region, followed by North America, LAMEA, and Europe.
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About Allied Market Research
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