Global Railway System Market is Expected to Reach $37.36 billion by 2026

Railway system is one of the crucial parts of the country’s transport, and making it sustainable, smart, and efficient has been the focus of the governments. It has been realized that modernization, digitization, and industrialization are important aspects for achieving the efficiency and reliability. Moreover, climate objectives are vital while designing an entire railway system. 

The efforts have been taken in the direction to achieve the targets. However, the Covid-19 pandemic brought a huge loss in terms of efficiency and finance. Some of the experts think that this pandemic presented an opportunity. The railway system became the most relevant mode of transportation during the pandemic for cross-border cargo movement. The growth of the railway system market would be achieved if necessary measures are taken. According to the report published by Allied Market Research, the global railway system market is expected to reach $37.36 billion by 2026. Different associations and governments have devised a vision for the railway system to make it reliable, sustainable, and smart despite the hit by Covid-19 pandemic. 

Sustainability at the heart:

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Sustainability becomes the focus of the long-term strategy for development of railway systems. To meet the climate objectives, the major part of funds allocated by the European Commission would be invested in the decarbonization of the transport. The European rail sector is focused on achieving the smart and sustainable mobility. It has been devising a strategy that complies with the EU Green Deal. Libor Lochman, the Executive Director at the Community of European Railway and Infrastructure Companies (CER), outlined that the railway sector must be encouraged to play a crucial role of becoming the backbone of digitalized and efficient multimodal system to achieve a smart and sustainable mobility.

How railway system copes up during the coronavirus pandemic:

The coronavirus pandemic hit the railway sector considerably. Huge losses in terms of revenue have been experienced by the sector. There has been effective usage of infrastructure. In some of the countries such as India, railway bogies have been converted into medical facilities and operation centers to treat patients with Covid-19. 

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However, cargo trains played a crucial part during the initial stages of the coronavirus pandemic as moving cargos across the borders was easier by train than any other modes transport. Moreover, cargos took place of the passenger trains in the railway system. The entire system was made reliable with implementation of ‘green lanes’ or seamless border crossing to ensure efficient flow of goods. The officials ensured that the policies and rules were in place that would ensure the seamless operation. The measures preventing train drivers and staff from crossing borders were eliminated and factories were remained open.

The European region has been affected considerably due to the pandemic. 

Josef Doppelbauer, the Executive Director at the EU Agency for Railways (ERA) opined that the pandemic offered an excellent opportunity for the sector to “establish reign as the most relevant transport mode in the European Union.” He added that industrialization and digitization at the large scale is essential for the entire network to enhance relevancy. 

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The steps involved in achieving the goal include upgrade of the European Railway Traffic Management System (ERTMS), data modularity, and integrated ticketing. Focusing on health, safety, frequency, and accessibility would attract travelers to railways amid the pandemic and post-lockdown.