Market Trends of Canada Rail Freight Transport Industry
This section covers the major market trends shaping the Canada Rail Freight Transport Market according to our research experts:
Government initiatives, investments and Technological innovation in rail freight industry has driven the market
Every industry needs innovation. The resurgence of the rail sector is all about incorporating everything high-tech and intelligent, whether it be holographic projection, augmented reality, improved fuel management systems, 3D laser scanners for freight visibility solutions, or machine learning.
The Automated Vehicles Comprehensive Plan, for instance, was created by the U.S. Department of Transportation to increase rail safety, encourage cooperation and transparency, transform the regulatory landscape, and get the transportation system ready for a variety of disruptions.Investment in new technologies is essential to monitor thousands of miles of lines and prevent human involvement as railways expand. The use of data and artificial intelligence to generate insights that can improve services and save costs will receive a lot of attention.
Also, through initiatives such as the National Trade Corridors Fund and the Rail Safety Improvement Program, the Government of Canada is investing in well-functioning trade corridors to help Canadians compete in key global markets, trade more efficiently with international partners, and keep Canadian supply chains competitive which inturn is contributing the revenue growth in rail freight transport sector
Increase in Rail freight revenue use of Artificial Intelligence and Big Data in Rail Planning
Large-scale data gathering and analysis, along with AI-based tools and machine learning, are being utilised to demonstrate new insights that may improve decision-making and produce strategic business outcomes.
Predictive analytics, asset management, passenger information systems, and data management platforms are all made possible by the use of big data in the rail industry. To further enhance the security, safety, and dependability of the infrastructure, smart railway sensors assess a wide range of data points. The availability of rail backup is increased by the ability of train operators to schedule repairs in advance of any breakdowns. IoT sensors are being developed by startups and scale-up businesses to gather information about rail infrastructure's nearly every component, including railcars, rails, and signalling units.
New technological trends like improved digitization have led to the optimization of transport expenditure and efficient planning of infrastructure in rail transport leading to growth in rail freight transport market
