New York, March 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rail Asset Management Global Market Report 2022" - https://www.reportlinker.com/p06246515/?utm_source=GNW
The global rail asset management market is expected to grow from $9.85 billion in 2021 to $10.61 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $13.78 billion in 2026 at a CAGR of 6.8%.
The rail asset management market consists of sales of rail asset management services by entities (organizations, sole traders, and partnerships) that plan, advise on and manage various kinds of rail assets.Rail assets management includes several solutions that enable improvement in the management of rail assets.
It comprises several activities such as design, construction, operations, maintenance & support, traffic planning, infrastructure management, communication network, station control, rail-facility information management, among others. These solutions and services enable timely monitoring and efficient scheduling of assets with reduced downtime.
The main types in rail asset management solutions are asset performance management, analytics, asset planning and scheduling, security, workforce management, and others.Asset performance management solutions encompass the capabilities of data capture, integration, visualization and analytics tied together for the explicit purpose of improving the reliability and availability of physical assets.
These solutions are offered through professional services and managed services and deployed through cloud and on-premise locations. Rail asset management solutions can be applied in areas such as rolling stock and infrastructure.
Europe was the largest region in the rail asset management market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rising investments of various governments in rail infrastructure and digitalization projects worldwide are anticipated to contribute to the demand for the rail asset management market over the forecast period.The expansion of rail services necessitates the optimization of existing passenger and freight schedules to achieve higher output.
For instance, according to the International Railway Journal (IRJ), in 2021, the Norwegian government has set up NKR 32.1 billion ($3.51 billion) for railway infrastructure investments, operations, and maintenance, an increase of 20% over 2020. Moreover, according to the Federation of Indian Industry (FII), Indian Railways is planning to invest $4 billion in world-class private passenger trains. Additionally, as per the Indian Railways report in 2021, railway projects can attract over $ 7.5 billion in investment over the next five years. Huge investments in the rail industry will generate higher demand for the management of rail asset services, thereby propelling the demand for the rail asset management market.
The companies operating in the rail asset management market are increasingly undergoing strategic partnerships and collaboration to improve their financial position, strengthen their product portfolio, and expand the global presence of the company.For instance, in April 2020, Cyient Limited, an India-based company focused on engineering, data analytics, network & operations, and manufacturing collaborated with Hitachi Rail to enhance the installation of signaling technology and improve Hitachi Rail’s project execution capabilities.
Cyient will create and run a central distribution facility for Hitachi Rail in India, as well as a regional center in the USA, as part of the agreement.Additionally, in March 2019, Kapsch CarrierCom expands its portfolio for railway providers by building a strong partnership with 3Binfra, an Austrian rail asset management system specialist.
Kapsch has been named as distributor and integrator of 3Binfra’s INFRALIFE system as a result of this collaboration. INFRALIFE is a railway asset management system that includes master data management, condition monitoring, and maintenance operations.
In August 2020, Hitachi Rail Ltd., an Italy-based company that offers fully integrated, rail solutions across rolling stock, signaling, operation, service & maintenance, digital technology, and turnkey acquired Perpetuum for an undisclosed amount. With the acquisition of Perpetuum, Hitachi Rail Ltd. plans to accelerate the UK digitalization strategy through advancing and digitalizing its global train maintenance program. Perpetuum is a UK-based company that uses digital technology to optimize railway operations, improving safety, efficiency, and service quality.
The countries covered in the rail asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06246515/?utm_source=GNW
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