Smart Locomotive Market Development History, Current Market Analysis and Estimated Forecast to 2026
The freight rail industry is a huge domain in United States of America. The industry generates more than US$60 bn of revenue every year. However, with passing time, the management of the services across tri-coastal continent, even for the oldest lines in the industry is getting tougher. Challenges such as fines for not adhering to certain regulations and paying for the damages in case of mishaps such as freight loss and fire, are adding to the issues in managing services of freight rail industry. In order to streamline their services, businesses are turning their focus on implementing smart locomotive solutions. This implies that there is a huge potential for the players of global smart locomotive market.
What Benefits Does Smart Locomotive Solutions Offer to the Businesses?
- Smart locomotive solutions run on IoT at their core. The technology allows the solutions to offer real-time insights to the freight rail businesses. These insights deal with the weight, regulatory compliances, and safety of the assets associated with the solutions.. These solutions from smart locomotive market allows the businesses to reduce the cost involve in maintenance of the freight cars.
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- With the help of smart sensors, and predictive maintenance, the smart locomotive market’s solutions can help the freight industry to reduce the cost involved in repairing the broken locomotive and freight cars.
- The sensors can locate the faulty part in the locomotive or freight car and inform the stakeholder about it in real-time.
- Whereas, predictive maintenance, can help the rail freight businesses to rectify the issue before it causes major damage to the business.
Owing to these benefits, the global smart locomotive market is experiencing a major growth these days.
Smart Locomotive Market – Overview
Smart locomotive can be referred to a train engine incorporated with various applications that control the operation of the train. Driver assistance system is one such application in the smart locomotive. Smart locomotives also help drivers to operate the locomotive efficiently and can provide information related to their respective train.
In 2016, more than 50,000 persons were killed in train-related accidents. According to European Union, In the 28 nations comprising the EU, 1,723 people lost their lives in rail accidents in 2016, which is a 6% increase from the previous year (2015). India faces serious issues related to train transportation. Each year, more than 15,000 people in India lose their lives due to locomotive-related fatalities. A system which can monitor the train is needed in order to avoid such incidents and improve driving conditions and travelling conditions for passengers. Smart locomotives are useful in achieving improved driving conditions and travelling conditions.
Cost, replacement, and maintenance are some issues, which restrain the smart locomotive market.
Smart Locomotive Market – Segmentation
The global smart locomotive market can be segmented based on application, component, and region.
Based on application, the smart locomotive market can be divided into emergency braking, automatic door open and close, and 8 other segments. Smart locomotives are incorporated with various applications such that at a time one or more than one application is incorporated within the locomotive.
In terms of component, the smart locomotive market segment is likely to expand at a significant growth rate owing to its utilization in various applications and effectiveness during operation. Cost is a major factor restraining the LiDAR segment. Other than LiDAR, radar, optical camera and sensors, and four other components used in the smart locomotive.
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Smart Locomotive Market – Drivers and Restraints
Asia Pacific is likely to hold a significant share of the global smart locomotive market owing to the high production of locomotive parts, presence of major manufacturers, availability of inexpensive raw material, and electronic hubs in countries such as China and South Korea in the region. Europe witnesses a higher awareness about the environment. Therefore, people from region are highly motivated toward using public transit. Rise in public transport is projected to boost the usage of locomotive in the region. The European Union’s human safety body has enacted severe regulations for manufacturers to incorporate driver safety systems including some driver assistance systems applications for locomotive. Such locomotives are considered as smart locomotives. Emerging and under-developed nations in Latin America are focusing more on implementing the locomotives with advanced technology in the region. The governments of Chile and Argentina are allocating more budget for locomotives. Rising IT sector in Latin American countries is giving boost to the economy.
Smart Locomotive Market – Key Players
Key players operating in the global smart locomotive market include Bombardier Transportation, Thales Group, Hitachi Ltd, Alstom S.A., SIEMENS AG, Ansaldo STS, CRRC Corporation Limited, Mitsubishi Electric, General Electric, Kawasaki Heavy industries, Ltd., Construcciones y Auxiliar de Ferrocarriles, S.A., Robert Bosch GmbH, ABB, Beijing Traffic Control Technology Co., Ltd, CalAmp, Wabtec Corporation, Woodward, Inc., SBB, and Knorr-Bremse AG.
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