Enjoy complimentary customisation on priority with our Enterprise License!
The Railways - Energy Management Market size is forecast to increase by USD 1,546.59 billion, at a CAGR of 9.28% between 2022 and 2027. The market report includes historic market data from 2017-2021. The market is witnessing a growing demand for market trends and analysis such as the advancements in technology in the railway sector, the emergence of cloud-based energy management systems, and the rise in the adoption of smart grids.
For More Highlights About this Report, Download Free Sample in a Minute
For More Highlights About this Report, Download Free Sample in a Minute
Advancements in technology in the railway sector are a primary trend in the market. Internet of Things (IoT) smart meters, sensors, and devices have revolutionized the way energy is monitored, controlled, and managed in this field. Smart meters have been widely deployed in railway energy management systems. These devices provide real-time monitoring of energy consumption, providing accurate and detailed energy consumption data. By integrating sensors with energy management systems, railway operators can better understand energy consumption patterns and make informed decisions to optimize energy consumption.
Furthermore, IoT has had a significant impact on energy management in the railway sector. IoT devices, such as connected sensors and actuators, enable seamless communication between different components of a railway energy management system. Therefore, these factors are expected to grow the demand for energy management in the railway industry, which will drive the market growth analysis of global energy management in the railway market during the forecast period.
The rolling stock and system segment is estimated to witness significant growth during the forecast period. The segment of rolling stock and systems has a key role to play in the energy management market in railways. This segment is focused on improving energy efficiency and reducing emissions, to provide optimum performance of trains and related systems. Railway operators can significantly enhance their energy management practices if they adopt the latest technologies and put in place a strategy of innovation.
Get a glance at the market contribution of various segments Download PDF Sample
Furthermore, one of the key factors in the rolling stock and systems segment is the use of regenerative braking technology. Another important factor in the rolling stock and systems segment is the use of energy-efficient drive systems. In addition, the introduction of smart grid technology, which enables efficient power distribution and management, can further improve the energy efficiency of the entire railway. As a result, such factors drive the growth of the rolling stock and systems segment in the global energy management market in railways during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the energy management in railways market during the forecast period. European countries have invested heavily in their railways, with well-developed networks linking major cities and remote areas. This extensive network offers many opportunities for effective implementation of energy management technologies and solutions. Moreover, Europe has always been at the forefront of applying innovative technologies to energy management in the railway sector. The deployment of numerical control systems, smart grids, and energy-saving devices has significantly contributed to reducing energy consumption and improving operational efficiency.
Furthermore, Europe has also seen the development and adoption of alternative energy sources in its rail sector. For example, in January 2023, Siemens AG (Siemens) won a contract to allow the use of solar energy for UK railways. Thus, such government initiatives are expected to drive the growth of energy management in railways markets in Europe during the forecast period.
Due to the outbreak of COVID-19 in 2020, the railway industry faced a severe setback. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. In addition, according to a January 2023 update from High-Speed?Two Ltd (HS2), HS2 is a new high-speed rail line under construction in the UK, running from London to the North West, connecting the cities of Scotland, Manchester, Birmingham, and London with HS2 trains. Thus, such developments are expected to boost the growth of the regional energy management market in railways during the forecast period
Increasing demand for energy efficiency and sustainability is the key factor driving the growth of the market. Several factors are driving the railway industry to move towards a more sustainable and environmentally friendly approach. One of the key factors driving the growth of the global railway energy management market is the introduction of regenerative braking systems in trains. Regenerative braking allows trains to convert the kinetic energy produced during braking into electrical energy. Another key factor driving market growth is the integration of intelligent energy management systems into rail infrastructure.
Furthermore, attention is also focused on improving the energy efficiency of the railway infrastructure. This includes efforts such as upgrading lighting systems to use light-emitting diode (LED) technology, installing energy-efficient heating, ventilation, and air conditioning (HVAC) systems, and optimizing the use of natural light and ventilation. These measures not only reduce energy consumption but also improve passenger comfort and safety. Hence, such factors are expected to drive the growth of the global energy management market in railway during the forecast period.
Energy data security-related concern is a challenge that affects the growth of the market. One of the biggest concerns about energy data security in the railway sector is the potential for cyberattacks against energy consumption management and control systems. These attacks can lead to unauthorized access to critical energy data, which can lead to disruptions in energy management and potentially affect the safety of rail operations.
In addition, the integration of renewable energy sources into the railway system poses additional challenges in terms of energy data security. Additionally, this connectivity increases the likelihood of cyberattacks that can compromise energy production and distribution data, lead to suboptimal energy management, and possibly cause disruptions. section for railway operations which limits energy management in railways market growth and trends. Therefore, these factors are expected to hinder the growth of the market during the market forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market research and growth strategies.
Global Energy Management Market in Railways Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers energy management solutions in railway such as Enviline energy recuperation system and Enviline energy storage system.
The research market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The energy management market in railways report forecasts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Energy Management Market In Railways Scope |
|
Report Coverage |
Details |
Page number |
99 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Market forecasting period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.28% |
Market growth 2023-2027 |
USD 1,546.59 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.78 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 37% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., ALSTOM SA, Caterpillar Inc., CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A., CRRC Corp. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., Ingeteam Corp. S.A., International Business Machines Corp., Knorr Bremse AG, Mitsubishi Heavy Industries Ltd., REMC Ltd., Schneider Electric SE, Siemens AG, Thales Group, The MathWorks Inc., Toshiba Corp., Wabtec Corp., and WAGO GmbH and Co. KG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.