The rail freight transportation market comprises of rail freight transportation services over entities providing the carriage of goods over a point of loading, or goods station, to point of unloading, again a station capable of handling loading and unloading of the goods carried. The goods which are transported depend heavily on bulky and considerable value to their bulk. For instance, material such as coal, building materials, iron, and steel transported by using rail freight.
Tracking and tracing systems of rail freight using GSM and GPS have further enabled the transportation organizations in overcoming the rail freight transportation problems associated to lose and theft. It has also brought full-fledged security and monitoring of freights with more efficiencies and effectiveness.
According to study, “Rail Freight Global Market Report 2019” the key companies operating in the global rail freight market are Union Pacific Railroad, Norfolk Southern Railway, Canadian National Railway, Swiss Federal Railways, CSX Transportation, United Parcel Service (UPS), BNSF Railway, DHL, Russian Railways (RZhD), DB Cargo, Japan Freight Railway Company (JR Freight), Canadian Pacific Railway, Indian Railways, Genesee & Wyoming Inc., Pacific National, SNCF, Kuehne + Nagel, A & B Rail, SCT Logistics, Hector Rail, Kerry Logistics, Qube Holdings Ltd., Colas Rail, Network Rail, DSV, P&O Ferrymasters, Ceva Logistics, Harsco Rail, Railtech Infraventure Pvt Ltd., Rail Maintenance Services, NARSTCO, Patriot Rail Company LLC, Amalgamated Construction (AMCO) Ltd, WSP, Keewatin Railway Company. Some of the key vendors have started focusing on improving the rail network with the latest technology-based service offerings, by linking with integrated ticketing, IoT-enabled services for efficient use of rail logistics, and environmental-friendly ways.
Based on the mode of transportation, the rail freight market is segmented into freight cars, intermodal, and tank wagons. Intermodal connect various transport modes to rail transport. They can transport complex commodities and bulk goods such as coal, minerals, and liquefied petroleum through cost-effective ways. The use of intermodal is high as it reduces the congestion on roadways owing to the less number of trucks used. Based on the destination, market is segmented into domestic and international. In addition, based on end-user, the market is segmented into mining, chemical, oil & gas, transport, and other industries. The oil & gas industry segment holds the largest share in the market owing to growth in the consumption and production of primary & secondary energy.
The rail freight market is driven by the rise in the adoption of advanced technologies, followed by growth in infrastructure development and an increase in international transportation. However, restrictions imposed on foreign entry and other barriers may impact the market. Moreover, the rise in industrial and cross-border trade activities are key opportunities for the market.
Based on geography, the Asian-Pacific region holds a major share in the rail freight market owing to the rise in industrial and cross-border trade activities in the region. Whereas, the North-American and European regions are estimated to exhibit substantial growth rate due to growth in domestic intermodal transportation over the forecast period. In upcoming years, it is predicted that the future of the market will be optimistic on account of the rise in the adoption of containerization during the forecast period.
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