Globally, the bridge expansion joints market is expected to grow with a CAGR of more than 5.9% during the forecast period from 2019 to 2027, starting from US$856.5 Mn in 2018. Bridge expansion joints are also called as movement joint that allows the bridges to contract and expand with respect to the environmental conditions such as changing temperature. Globally, there is rapid development in the construction industry. This is primarily driving the demand for bridge expansion joints.
The electric buses market worldwide is expected to grow with a CAGR of 22.9% during the forecast period. Electric vehicles have emerged as a viable solution for curbing the enormous air pollution caused by conventional fossil fuel vehicles. Of these, electric buses are expected to emerge as the most promising segment due to ongoing government initiatives across the world. Electric buses offer clean, safe, reliable and comfortable mode of public transport, thereby reducing significant amount of CO2 emissions in the environment.
The global cable trays market expected to exhibit robust CAGR during the forecast period from 2021 to 2029, up from US$ 2,956.9 Mn in 2020. Cable trays are rigid cable management products used to transport and support the cables. These are designed to support several types of wiring including high voltage power lines, power distribution cables, optical cables, telecom lines and several others. Cable trays have emerged among the most promising cable management product for wiring system across industrial, commercial and infrastructural applications. This is primarily due to their higher advantages in terms of installation and flexibility of wiring systems. The market is majorly driven by the consistently growing construction industry worldwide.
The global air traffic control equipment market expected to expand at a CAGR of 5.8% during the forecast period from 2018 to 2026. Air traffic has grown over the last few years on the back of recovering economic conditions worldwide. Improving discretionary income has had positive impact on both corporate and leisure air travels in recent years.
The market for smart railways market is expected to grow at a CAGR of 15% during the forecast period of 2025 to 2033. The term "smart railway" refers to a technologically advanced method of managing railway operations in an effective manner. This is accomplished by the sharing of rail data across the various components of rail infrastructure, including passengers, control centers, the ticketing department, and freight.
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.
The graphical representation next best to real topography allowed digital elevation model (DEM) to register a market value of US$ 667.2 Mn in 2017. The market projected to grow and reach market value of US$ 2,106.7 Mn in 2026 with a compound annual growth rate (CAGR) of 12.2% throughout the forecast period from 2018 to 2026.
The global escalators & moving walkways market was valued at US$ 14.96 Bn in 2017 and expected to expand at a CAGR of 4.3% during the forecast period from 2018 to 2026. Rapid urbanization and resultant increase in the number of commercial establishments, airports, and public transportation infrastructure is identified as one of the prominent factors driving new installation of escalators & moving walkways worldwide.
The global public transport smart cards market is growing proficiently, projected to grow at a CAGR of 10.20% during the expected period from 2025 to 2033, starting from US$ 68.86 Bn in 2021.
As per the latest research citing of the World Health Organization 2015 report, the number of people suffering with eyesight problems are 153 million, globally. It is very important to understand that refractive errors cannot be prevented but their early diagnosis and use of orthokeratology lenses for a prolonged period can result in permanent correction. Ortho-K/orthokeratology costs very less and the corneal reshaping is reversible, and therefore has been considered as a viable option for patients whose eye shapes are still changing.
The global market for public transportation is expected to cross $300 billion by 2030 by registering a CAGR of 6% during the forecast of 2023 to 2031. The market is significantly driven by the global economy's robust expansion. Population migration towards urban areas and the rise of urban/metro cities have accelerated in recent decades. According to United Nations figures, around 55% of the world's population resided in urban areas in 2018, and projections indicate that the number would rise to 60% by 2030. This massive migration is predicted to stimulate market expansion. The expansion of the market can be attributed to global infrastructure development and technological progress. Many governments are implementing bus rapid transit, metro, monorail, and light rail transit to meet the demand for public transportation in megacities, hence increasing public ridership and driving market growth.
The increasing population and expanding suburbs are the primary forces driving the public transportation vehicle market. Moreover, public transportation provides individuals with cost-effective and secure mobility options in order to promote a healthy environment and robust metropolitan area. Therefore, boosting the use of public transportation decreases road congestion. In addition, growing fuel costs are driving the need for public transportation vehicles. However, the availability of ridesharing vehicles is impeding industry expansion. Increasing government expenditures on the development of public transportation infrastructure also contributes to market expansion.
Increased use of public transportation vehicles is advantageous for both the government and consumers. The government gains monetary benefits from a low-cost and safe means of transportation for consumers. In recent years, there has been a proliferation of investments in constructing the infrastructure necessary for the running of the public transportation sector. In 2020, the government of the United Kingdom announced a $5 billion investment in the development of local public transportation, which will include 4,000 new zero-emission buses. In addition, India allocated USD 9.62 billion for railways in its 2019 budget.
Being a leading provider of business intelligence and strategic consultancy solutions, Acute Market Reports serves the public transportation industry. Our clients are able to make timely, informed business decisions because of the insight provided by Acute Market Reports. Globally, our clients rely on the strategic research solutions we develop in tandem with a diverse set of industry players.
