The global smart locomotive market is anticipated to gather pace in its growth with increase in the revamping of aged transmission and distribution infrastructure. Strong investment in smart energy and grid systems and increasing digitalization of power utilities could set the tone for valuable growth of the global smart locomotive market. Improvement in technology and rising focus on the production of alternative energy around the world could be other factors augmenting the demand in the global smart locative market. Smart locomotive finds application in automatic door open and close and emergency braking. Driver assistance system could be another important application of smart locomotive.
The global smart locomotive market could be classified according to component and application. Some of the vital components used in smart locomotive are sensors, optical cameras, radars, and LiDARs.
The report presented here is a brilliant compilation of detailed studies about different regions, segments, and critical dynamics of the global smart locomotive market. It takes into account various factors that could enhance the rise of the global smart locomotive market.
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Global Smart Locomotive Market: Trends and Opportunities
The need to improve the driving efficiency of train drivers and traveling conditions in the railway sector is expected to create ample of opportunities in the global smart locomotive market. Besides, smart locomotive provides complete information about the train, which makes it even easier to increase the driving efficiency. Smart locomotive is considered to be extremely helpful in reducing the number of train-related accidents. In India, scores of people lose their lives in train-related accidents. Moreover, the country faces serious train transportation problems. In this regard, it could be said that manufacturers may bank on rewarding prospects available in the India smart locomotive market.
There could also be strong growth opportunities available in Europe, considering the large number of people falling prey to train-related accidents. Almost 50,000 travelers were killed in such accidents in 2016. There was nearly a 6% rise in rail accidents in the same year compared to 2015 as a result of 1,723 people losing their lives in 28 EU countries.
Global Smart Locomotive Market: Regional Analysis
Asia Pacific is prophesied to account for a telling share of the global smart locomotive market. This could be due to the rise of certain factors such as the increasing number of electronic hubs in South Korea and China and availability of affordably-priced raw materials. Other factors including high presence of leading manufacturers in the region and increased production of locomotive parts are foretold to push the growth of the Asia Pacific smart locomotive market.
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Europe could be another region showing exponential growth in the global smart locomotive market. Growing inclination toward the use of public transit and high environmental awareness in the region are projected to accelerate the growth of the smart locomotive market in Europe. On the other hand, the rise of the IT sector, increased budget allocation for locomotives in Argentina and Chile, and use of advanced locomotives are envisaged to support the growth of the smart locomotive market in the region.
Global Smart Locomotive Market: Companies Mentioned
Some of the key players of the global smart locomotive market are Siemens AG, Alstom S.A., Hitachi Ltd., Thales Group, and Bombardier Transportation.