prnewswireNovember 04, 2021
Tag: Rail , asset management market , COVID-19
The "Rail Asset Management Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global rail asset management market is expected to grow from $9.07 billion in 2020 to $9.85 billion in 2021 at a compound annual growth rate (CAGR) of 8.6%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.88 billion in 2025 at a CAGR of 6.9%.
Major players in the rail asset management market are Siemens, Hitachi, Wabtec, DXC Technology, L&T Technology Services, SAP, Capgemini, Cisco, Accenture, Atkins, Trimble Inc., WSP, Tego, KONUX, Oxplus, Bentley Systems, Trapeze Group, Uptake, Huawei, Cyient, Assetic, Machines With Vision, and ZEDAS, SNC-Lavalin, and Bombardier.
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 2020. 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.
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.
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.
5.1. Global Rail Asset Management Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Rail Asset Management Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6.1. Global Rail Asset Management Market, Segmentation by Solution, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Asset Performance Management
Analytics
Asset Planning & Scheduling
Security
Workforce Management
Others
6.2. Global Rail Asset Management Market, Segmentation by Services, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Professional Services
Managed Services
6.3. Global Rail Asset Management Market, Segmentation by Deployment Mode, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Cloud
On-premises
6.4. Global Rail Asset Management Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Rolling Stock
Infrastructure
7.1. Global Rail Asset Management Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Rail Asset Management Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
Siemens
Hitachi
Wabtec
DXC Technology
L&T Technology Services
SAP
Capgemini
Cisco
Accenture
Atkins
Trimble Inc.
WSP
Tego
KONUX
Oxplus
Bentley Systems
Trapeze Group
Uptake
Huawei
Cyient
Assetic
Machines With Vision
ZEDAS
SNC-Lavalin
Bombardier
SOURCE Research and Markets
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