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Spain
5 buyers · 6 tenders · checked 2026-09-24
Record dominated by rolling stock; Renfe €4.15bn high-speed fleet and FGC €437m 36-train order; Adif closes €24.1bn 2022-26 programme; Madrid metro moving to CBTC.
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2Metro systems operating
5Buyers tracked
6Tenders tracked
- Live pipeline
- €4.85bn+ valued items tracked on TED in 2026 (Renfe €4.15bn the largest)
- Technology areas
- Rolling-stock hardware, Signalling & train control, Predictive maintenance, Digital operations, Cybersecurity, Track & civil, Electrification
Key figures
Adif / Adif AV investment progr…€24.1 billion
1 source · secondary
- ○ Railway PRO · Adif to invest EUR 24 billion until 2026 (published 2023 · checked 2026-09-05)
Buyers
| Buyer | Type | Tenders | Contracts awarded |
|---|---|---|---|
| Adif / Adif Alta Velocidad | Infrastructure manager | 2 | 4 |
| Metro de Madrid, S.A. | Metro corporation | 1 | 1 |
| Euskal Trenbide Sarea | Regional rail SPV | 1 | 0 |
| Ferrocarrils de la Generalitat de Catalunya | Regional rail SPV | 1 | 0 |
| Renfe Viajeros | National operator | 1 | 0 |
Tenders
| Tender | Buyer | Status | Value band | Next key date |
|---|---|---|---|---|
| Renfe Viajeros supply high-speed trains commercial | Renfe | Bids closed | over $1bn | Bids closed June 2026 · award expected |
| FGC 36 trains Barcelona Vallès line | FGC | Bids closed | $500m–1bn | Bids closed September 2026 · award expected |
| Adif design execution railway signalling works | Adif | Bids closed | $25–100m | Bids closed July 2026 · award expected |
| Adif repair maintenance railway equipment Siemens | Adif | Awarded | $25–100m | Published June 2026 |
| Euskal Trenbide Sarea tramway extension Basque | ETS | Awarded | $25–100m | Published June 2026 |
| Metro de Madrid signalling CBTC system upgrade | Metro de Madrid | Awarded | $25–100m | Published May 2026 |
Cities
| City | Network status | Networks |
|---|---|---|
| Madrid | operational — Metro de Madrid (CBTC upgrade), Cercanías; high-speed hub | Metro de Madrid; Cercanías Madrid |
| Barcelona | operational — TMB metro, FGC lines (36-train order in tender), Rodalies renewal | Barcelona Metro (TMB); FGC Barcelona–Vallès |
Players with a footprint here
| Player | Kind | Footprint |
|---|---|---|
| Hitachi Rail | Signalling & systems | Regional HQ |
| Stadler | Rolling-stock OEM | Plant |
| CAF | Rolling-stock OEM | Headquarters |
| ArcelorMittal | Track technology supplier | Plant |
| SNCF | Operator group | Office |
| OHLA | Civil contractor | Headquarters |
| COMSA | Track & electrification contractor | Headquarters |
| FCC | Civil contractor | Headquarters |
| Ferrovial | Civil contractor | Headquarters |
| Talgo | Rolling-stock OEM | Headquarters |
| Acciona | Civil contractor | Headquarters |
| ACS | Civil contractor | Headquarters |
| FS Group | Operator group | Joint venture |
| Indra | Signalling & systems | Headquarters |
| Ineco | Engineering consultant | Headquarters |
| Sacyr | Civil contractor | Headquarters |
| Alpha Trains | Rolling-stock lessor | Headquarters |
| Ayesa | Engineering consultant | Headquarters |
| Dragados | Civil contractor | Headquarters |
| EIB | Funder / investor | Headquarters |
Events here
| Event | Kind | City | Dates | Organiser |
|---|---|---|---|---|
| Rail Live 2027 | Trade fair | Madrid | 24–26 November 2027 | Terrapinn, in partnership with MAFEX |
Withheld in the free surface
- Capex in this region (3)
- Market narrative
Full detail withheld: 2 fields. In the European Union edition · See a fully open example
- Split
Full detail withheld: 1 field. In the European Union edition · See a fully open example
Sources
- ○ Railway PRO · Adif to invest EUR 24 billion until 2026 (published 2023 · checked 2026-09-05)
- ● Tenders Electronic Daily (TED) · Metro de Madrid, S.A. — Spain – Railway signalling works – OBRAS DE ACTUALIZACIÓN SISTEMA SEÑALIZACIÓN Y — notice 311018-2026 (published 2026-05-06 · checked 2026-09-05)
- ● Tenders Electronic Daily (TED) · Dirección General de Renfe Viajeros Sociedad Mercantil Estatal, S.A. — Spain – Rolling stock – Suministro de trenes de Alta Velocidad para servicios co — notice 377486-2026 (published 2026-06-02 · checked 2026-09-05)
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Compiled by Watchtower to editorial standards the Managing Partner sets and enforces. Public record only — every datum carries its source.