According
to a research report “Rail Asset Management Market by Offering
[Solutions (Condition Monitoring, Predictive Maintenance, Security, Asset
Planning & Scheduling) and Services], Application (Rolling Stock and
Infrastructure), Deployment Mode, and Region – Global Forecast to 2026“ published by MarketsandMarkets, the global Rail
Asset Management Market size is expected to grow from USD 10.1 billion in 2021
to USD 13.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.6%
during the forecast period. The rail industry plays a vital role in shaping the
economic and financial position of a country. It carries billions of passengers
and freights daily and generates huge revenues. Due to the ease and comfort in
transportation, the dependence on railways for both passengers and goods is
rising at a rapid pace. A majority of countries are investing heavily in rail
infrastructure to provide a seamless experience to their citizens through
railways. Railways also help governments minimize the cost of transfer of
passengers as well as goods, considering the huge carrying capacity it offers
in a single run. The growing dependence on railways is increasing the pressure
on the existing rail infrastructure. This leads to several uncalled and
unscheduled maintenance for both rolling stock and infrastructure, owing to
wear and tear of systems, breakdowns, damages, and repair needs.
Browse and in-depth TOC on “Rail Asset Management Market”
250 – Tables
51 – Figures
250 – Pages
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Factors contributing to the high growth rate in these regions
are the increasing need for efficient rail operations, rising PPP model and
government initiatives, growing population and hyper-urbanization, and
increasing congestion due to aging railway infrastructure. These factors are
also expected to shape the future of the global Rail Asset Management Market.
However, the market also faces several challenges, including the high initial
cost of deployment and integration complexities with the legacy infrastructure
The solutions segment to hold a larger market
size during the forecast period
Based on offering,
the solutions segment of the Rail Asset Management Market is
projected to hold a larger market sizeduring the
forecast period. The solutions segment in the Rail Asset Management
Market isfurther segmented into asset
performance management, analytics, asset planning and scheduling, security,
workforce management, network management, and others (incident management,
warranty management, and material management).The incorporation of various
asset management solutions for the railway industry enables rail organizations
to improve the complete asset lifecycle of both rolling stock and rail
infrastructure.
By application, the infrastructure segment to
record a higher growth rate during the forecast period
Railway infrastructure includes various systems, such as earthworks,
bridges, tunnels, steelwork, timber, and track systems that form the base upon
which the railway runs. The asset management system can enhance the efficiency
and safety of these systems. Asset management comprises all systems,
procedures, and tools that maximize asset availability for a minimum whole-life
cost and risk, some of the activities in infrastructure asset management
include route plans that involve activities, resources, and timescales for
interventions on the infrastructure, detailed plans to optimize the delivery of
renewals maintenance, and enhancement. Many rail operators are investing
significantly in the rail infrastructure..
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Asia Pacific to record the highest growth during the forecast period
The APAC Rail Asset Management Market is estimated to have strong growth in the future. The APAC region is witnessing high growth due to the increasing adoption of new technologies, the rising investments for digital transformation, and the growing GDP in APAC countries. A majority of potential economies in the region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in the rail technological transformation.
Market Players
Major vendors in the Rail Asset Management Market include Siemens(Germany), Alstom (France), Hitachi (Japan), Wabtec (US), IBM (US), SAP (Germany), Capgemini (France), Cisco (US), Huawei (China), Accenture (Ireland), Trimble (US), Bentley Systems (US), Atkins (UK), DXC (US), Trapeze Group (Canada), Tego(US), KONUX (Germany), L&T Technology Services (India), Cyient (India), Assetic (Australia), Machines With Vision (UK), Uptake (US), Delphisonic (US), ZEDAS (Germany), OXplus (Netherlands), and WSP (Canada).
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Content
Source: https://www.marketsandmarkets.com/PressReleases/rail-asset-management.asp
Report: https://www.marketsandmarkets.com/Market-Reports/rail-asset-management-market-222416351.html
