According to a research report “Railway asset management market by presenting
[Solutions (Condition Monitoring, Predictive Maintenance, Security, Asset
Planning & Scheduling) and Services]application (common equipment 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 $10.1 billion in 2021 to $13.2 billion by 2026, at a compound annual growth rate (CAGR) of 5.6% over the forecast period. The railway industry plays a vital role in shaping the economic and financial situation of the country. It carries billions of passengers and freight every day and generates huge revenue. Due to the ease and convenience of transportation, dependence on railways for both passengers and cargo is increasing at a rapid pace. The majority of countries are investing heavily in railway infrastructure to provide a seamless experience for their citizens through railways. Railroads also help governments reduce the cost of transporting passengers as well as goods, considering the huge carrying capacity it offers in a single ride. The increasing reliance on rail is putting more pressure on the existing rail infrastructure. This leads to many unwarranted and unscheduled maintenance of both rolling stock and infrastructure, due to systems wear, malfunctions, damages and repair needs.
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Factors contributing to the high growth rate in these regions are the increasing need for efficient rail operations, the increasing public-private partnership model and government initiatives, increasing population and excessive urbanization, and increasing congestion due to outdated rail infrastructure. These factors are also expected to shape the future of the global rail asset management market. However, the market also faces many challenges, including the high initial cost of deployment and the complexities of integrating with legacy infrastructure.
Solution segment to maintain a larger market size during the forecast period
Based on supply, the solutions segment of the rail asset management market is expected to hold a larger market size during the forecast period. The solutions segment of the railway asset management market is broadly segmented into asset performance management, analytics, asset planning and scheduling, security, workforce management, network management, and others (incident management, warranty management, and materials management). Management solutions for the rail industry enable rail organizations to optimize the entire asset lifecycle of both rail cars and rail infrastructure.
Depending on the application, the infrastructure sector will register a higher growth rate during the forecast period
The railway infrastructure includes various systems, such as earthworks, bridges, tunnels, steelworks, timber, and track systems that form the base on which the railways operate. An asset management system can enhance the efficiency and safety of these systems. Asset management includes all systems, procedures, and tools that maximize the availability of assets for minimum whole life cost and risk, and some activities in infrastructure asset management include pathway plans that include activities, resources, and schedules for interventions on infrastructure, detailing plans to improve delivery of renovations, maintenance and improvement. Many rail operators are investing heavily in rail infrastructure..
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Asia Pacific To record the highest growth during the forecast period
The APAC Rail Asset Management market is expected to witness robust growth in the future. The APAC region is experiencing high growth due to increasing dependence on new technologies, increasing investments in digital transformation, and growing GDP in Asia Pacific countries. The majority of potential economies in the region include Australia, Singapore, China, Korea, Hong Kong and India, which are said to be investing rapidly in rail technology transformation.
top sellers in Railway asset management market Includes 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), WSP ( Canada).
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