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The global railway signaling systems market was valued at US$ 9.68 Bn in 2019 and is expected to grow at a CAGR of 9.5% over the forecast period from 2020 to 2028.
Increasing demand for advance controlling systems and rising high-speed railway projects will drive the demand for railway signaling systems.
The market for railway signaling systems expected to witness significant growth with the deployment of communication-based train control (CBTC) and other advanced signaling techniques. In addition, market growth is strongly influenced by standardization processes concerning train control which are implemented in order to improve both railway traffic safety and efficiency. Rising investment in urban transportation particularly in railway networks is increasing the demand for CBTC systems globally for efficient rail traffic management. The growing number of passengers and increasing competition among operators, as well as higher expectations of comfort, are pushing railway operators to replace or modernize their rolling stock. In light of the higher usage of existing infrastructure signaling equipment modernization is key to improving network safety and capacity.