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Railroad Industry to Reach $507.6 Billion by 2034, Driven by Growing Reliance on Train Services | Future Market Insights, Inc.
Due to increased reliance on train services for the transfer of products, the railroad infrastructure has been rising steadily across the world. Expanding transcontinental railway infrastructure for effective and affordable cross-border goods transportation is anticipated to strengthen the railroad market further.
For instance, in March 2021 , the Canadian Pacific Railway Company and the Kansas City Southern Railway sectors entered a partnership agreement. This historic agreement aims to create a single-line rail network connecting the United States , Canada , and Mexico .
– says Ronak Shah (Associate Vice President at Future Market Insights)
The overall market can be consolidated, as several established and emerging players can benefit from the rising demand for railroad supplies owing to their high investment and capitalization capabilities. However, decent competition among these leading players has yielded technological advancements like automation, sensor technology, and predictive maintenance in global railroad industries.
In August 2023 , the Transoft Solution Company added the new TrafxSAFE Rail to its portfolio to help train operators in transportation and traffic. It identifies, records, classifies, and assesses high-risk or non-compliant traffic behavior at level railway crossings by applying sophisticated AI and computer vision. Earlier, the company pioneered camera technology to detect safety hazards in traffic proactively and is now bringing similar proactive video-based safety analytics technology for railway level crossings.
In September 2021 , Hitachi Rails Company developed the enhanced Model 95-E gate crossing mechanism, which does away with maintenance by use of a new electronic control module and dustless motor technology. The company also introduced a newly developed onboard train control platform that enhances train operations and safety by fusing many years of onboard knowledge with a revolutionary data analytics platform. The firm is investing more in improving solutions that show their dedication to becoming a full-service supplier in the United States and contributing to the next rail railroad revolution.
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States , and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Nandini Singh Sawlani
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