New York, US, July 07, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Railway Platform Security Market information by Sensor, by Components, by Video Surveillance Systems and Region – Forecast to 2027” the market size to grow at a compound annual growth rate of 5.5%.
Market Scope:
The global railway platform security market is a rapidly growing space. Factors such as the rising need to minimize the risk of unauthorized access to platforms and increasing demand for additional support & advanced security management solutions drive the market growth. Railway platform security solutions are also extensively used in railway traffic management to avoid accidents and traffic jams. With government initiatives to promote traffic management systems and passenger safety, the market is projected to create vast growth opportunities.
Dominant Key Players on Railway Platform Security Market Covered Are:
- Indra Sistemas (Spain)
- Honeywell (US)
- Huawei (China)
- Atos (France)
- Bosch (Germany)
- FLIR Systems (US)
- Talent (UK)
- Axis Communications (Sweden)
- Zhejiang Dahua (US)
- STANLEY (US)
- Hikvision (China)
- Wabtec (US)
- Mitsubishi Electric (Japan)
- L&T Technology Services (India)
- Genetec (Canada)
- Nabtesco (Japan)
- Knorr-Bremse (Germany)
- Senstar (Canada)
- Anixter (US)
- Avnet (US)
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Market USP exclusively encompassed:
Railway Platform Security Market Drivers
Rising Deployments of Railway Platform Security Expected to be Seen
Railway platform security systems are increasingly being deployed to meet evolving safety and efficiency standards and address environmental standards. Vast advancements in sensing technology and passenger safety solutions have been influential for the current market growth. High-level coordination is being ensured with GRP for protection and other security measures for passenger's safety worldwide.
Rising penetration of advanced collision avoidance systems considered imperative in ensuring passenger and public safety boost the market size. Intelligent transportation systems (ITS) are integrated with information and communication technologies to provide highly efficient transportation services, such as traffic management and others.
These systems also help improve the operational efficiency, railway safety, and sustainability of transportation networks while reducing traffic congestion. Besides, the increased adoption of railway platform security and favorable government policies augment the market growth.
Requirement of Large Capital Investments Act as Major Headwind
The lack of awareness of the benefits and funds required for the deployments of railway platform security systems impedes market growth. Also, credible security concerns during delivering affordable and safe data storage are major challenges that railway platform security providers are facing currently.
Browse In-depth Market Research Report (100 Pages) on Railway Platform Security:
https://www.marketresearchfuture.com/reports/railway-platform-security-market-8742
Segmentation of Market covered in the research:
The market is segmented into technology, application, and region. The technology segment is sub-segmented into radar, camera, ultrasound, and LiDAR. The application segment is sub-segmented into blind spot detection (BSD), adaptive cruise control (ACC), forward collision warning system (FCWS), parking assistance, lane departure warning system (LDWS), and others. By region, the market is sub-segmented into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
North America dominates the global railway platform security market. The largest market share attributes to favorable government regulations for public safety and collision avoidance system. Besides, factors such as the presence of major industry players and well-established development centers drive the market growth. The increasing adoption of advanced technologies and rapid investments in technological transformation in this region fuel the railway platform security market growth.
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COVID-19 Impact on the Global Railway Platform Security Market
The COVID-19 outbreak severely hit the railway platform security industry, causing significant revenue losses. Installations and deployments were postponed, and technology providers faced many problems, such as obtaining raw materials & and components attracting workers from quarantines required to develop these systems and delivering end products. Due to unprecedented lockdown and economic slowdown, the overall traveling activities were reduced drastically.
Despite these challenges, the railway platform security market has captured many new traffic streams due to the dedicated government efforts to avail oxygen and medical supplies and new commodities like food items. Resultantly, the market is rapidly returning to normalcy, witnessing the steadily increasing demand. Installation of sanitization kiosks at railway platforms by relocating the existing assets as part of redevelopment works would push the market growth further.
As the number of coronavirus disease cases reached unprecedented levels, safety protocols and guidelines to control the spread are expected to support the market growth in the years to come. Remote monitoring requirements and to detect the compilation of Covid-19 safety rules at various railway stations swarming with people would continue to positively impact the market growth. Also, the market value is projected to pick up following the uplift of the lockdown in many countries.
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Competitive Analysis
The railway platform security market witnesses several strategic partnerships, alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and service & technology launches. Leading industry players make vast investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 24, 2021, Derby contractor announced the completion of major rail works across the UK. With construction completed in June 2021, the project included the redesign of its facilities across three phases to better suit the station's day-to-day operations. The refurbishment of public and staff facilities comprised an overhaul of the station's mechanical and electrical systems, relocation of IT infrastructure, including security cameras, PA and rail control systems.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.