Increase in government spending on railway projects, surge in demand for safety and compliance in rail transit, increase in demand for passenger & freight capacity, and adoption of autonomous trains drive the growth of the global railway signaling system market.
PORTLAND, Ore., Nov. 22, 2022 /PRNewswire/ — Allied Market Research published a report titled, “Railway Signaling System Market by Offering (Solution, Services), by Technology (Positive Train Control System, Communication-based Train Control System, European Train Control System, Others), by End Use (Mainline, Urban, Freight): Global Opportunity Analysis and Industry Forecast, 2021 -2031“. According to the report, the global railway signaling system generated $12.8 billion in 2021, and is projected to reach $21.7 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
Download Free Sample – https://www.alliedmarketresearch.com/request-sample/9150
Drivers, Restraints and Opportunities
Increase in government spending on railway projects, surge in demand for safety and compliance in rail transit, increase in demand for passenger & freight capacity, adoption of autonomous trains, and technological advancements in signaling systems drive the growth of the global railway market signaling. However, lack of skilled staff in developing countries and lack of technology infrastructure in developing countries hinder the growth of the market On the other hand, development of train signaling systems that offer enhanced service to mass transit passengers in terms of safety, comfort, reliability and dependability create ample opportunities for the industry.
- The outbreak of COVID-19 had a negative impact on the growth of the global railway signaling system market, owing to the presence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of all sorts of public transportation facilities, including those of trains and buses, which negatively impacted the growth of the market. This resulted in the decreased demand for railway signaling system during the forecast period.
- These restrictions were imposed by the government so as to curb the spread of…