Autonomous train component market to surpass $0.35 billion by 2025
The autonomous train component market is expected to expand at a compound annual growth rate of more than 8% from 2017 to 2025, exceeding $0.35 billion by the end of that period. This finding was produced in a new market report, "Autonomous Trains Components Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025, published by Transparency Market Research.
In railway transport systems, autonomous trains offer a less-polluting and more economical mode of transportation. Therefore, governments of various nations are focusing on the development of autonomous trains. Adoption of automation in trains is likely to boost the autonomous train components market during the forecast period due to rising government support. Key drivers of the market are increasing demand for safety, reduction in pollution, and greater government support.
Currently, in emerging autonomous trains, operations are monitored and controlled automatically. Even critical decisions such as when to run and stop the train are decided by the automated control system without human intervention. Autonomous trains are also equipped with an automatic train protection (ATP) system that can automatically stop at signals and provides speed control, resulting in increased safety and reliability. Autonomous trains are equipped with advanced electronic appliances and onboard computer systems to provide accurate information about position, speed, and time. Data are collected from sensors that are monitored in control rooms, which in turn enables the autonomous system to make informed decisions.
Rising urbanization in developing countries is boosting the demand for faster and economical trains. This, in turn, is fueling the adoption and incorporation of autonomous trains. Considering these factors, governments across the globe are focusing on adoption of automation in trains. This can be witnessed by the increasing number of rail transit systems. Autonomous trains are expected to see significant growth because of their wide variety of applications, which includes metros, subways, and monorails.
The LiDAR module, a key component of the autonomous train, performs the function of recognizing obstacles or objects. Emphasis of governments on safer and more economical modes of transportation, to cater to the demand for efficient transportation, is boosting the autonomous train components market with more reliable and superior components.
The GoA1+ GoA2 segment accounted for a major share of the autonomous train components market, in terms of automated tracks, globally. The segment is anticipated to expand at a CAGR of 12.2% by 2025. The segment is expected to account for 11598 km of automated tracks by 2025. The primary reason for the expansion of this segment is the low cost required for automation to this grade of automation. The GoA3 segment is considered to be a driverless segment. This segment accounted for 2868 km and is anticipated to expand at a CAGR of 13.2% during the forecast period. This segment is anticipated to reach 7758.1 km by 2025. The highest grade of automation, GoA4 is an unattended type of train. These trains are highly sophisticated, wherein every operation of the train is performed based on the information available from sensors in real time. The GoA4 segment accounted for 877 km in 2016. The segment is anticipated to expand at a CAGR of 13.5% during the forecast period.
In terms of train type, the autonomous train components market can be segmented into long-distance trains, suburban, tram, monorail, and subway/metro. The subway/metro segment accounted for a major share of the autonomous train components market, with a figure of 3676.6 km. This segment witnessed a considerable demand for automation and, in turn, is likely to expand at a CAGR of 11.8% during the forecast period. The subway/metro segment is followed by the suburban segment, which accounted for 2274.6 km in 2016. This segment is estimated to expand at a CAGR of 12.6% during the forecast period.
In terms of region, the autonomous train components market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Asia Pacific region made up a prominent share of the global autonomous train components market because of the high level of government support and the higher rate of adoption of autonomous trains in that region. In 2016, Asia Pacific accounted for a total autonomous track length of 2783.3 km, followed by the Europe, which accounted for 2417.5 km. The market in the Middle East and Africa is projected to expand at a CAGR of 14.9% during the forecast period.
Key players operating in the global autonomous train components market include Thales Group, Alstom S.A., Hitachi Ltd., Bombardier Transportation, Ansaldo STS, Siemens AG, Mitsubishi Electric, and CRRC Corporation Limited.