Global Railway Asset Management Market Report 2022

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New York, March 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Rail Asset Management Global Market Report 2022” – https://www.reportlinker.com/p06246515/?utm_source=GNW

The global railway 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 production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $13.78 billion in 2026 with a CAGR of 6.8%.

The railroad asset management market consists of the sale of railroad asset management services by entities (organizations, sole proprietorships, and partnerships) that plan, advise, and manage different types of railroad assets. Rail Asset Management includes several solutions to improve the management of rail assets.

It includes several activities such as design, construction, operation, maintenance and assistance, traffic planning, infrastructure management, communication network, station control, facility information management railways, among others. These solutions and services enable rapid monitoring and effective asset planning with reduced downtime.

The main types of railway asset management solutions are asset performance management, analysis, asset planning and scheduling, safety, workforce management, etc. Asset performance management solutions encompass the capabilities of capturing, integrating, visualizing and analyzing data tied together with the explicit goal 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-premises locations. Rail asset management solutions can be applied in areas such as rolling stock and infrastructure.

Europe was the largest region in the railway asset management market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Rising investments by various governments in railway infrastructure and digitalization projects across the globe are expected to contribute to the demand for the railway asset management market over the forecast period. The expansion of rail services requires the optimization of existing passenger and freight schedules to achieve higher production.

For example, according to the International Railway Journal (IRJ), in 2021 the Norwegian government set aside NKR 32.1 billion ($3.51 billion) for railway infrastructure investment, operation and maintenance. , an increase of 20% compared to 2020. Moreover, according to the Federation of Indian Industry (FII), Indian Railways plans to invest $4 billion in world-class private passenger trains. Moreover, according to the Indian Railways 2021 report, railway projects can attract more than $7.5 billion in investments over the next five years. Huge investments in the railway industry will generate increased demand for railway asset management services, thus propelling the demand for the railway asset management market.

Companies operating in the railway asset management market are increasingly entering into strategic and collaborative partnerships to improve their financial position, strengthen their product portfolio and expand the company’s global presence. For example, in April 2020, Cyient Limited, an India-based company specializing in engineering, data analytics, network and operations, and manufacturing collaborated with Hitachi Rail to improve the installation of rail technology. signaling and improve Hitachi Rail’s project execution capabilities.

Cyient will establish and operate a central distribution facility for Hitachi Rail in India, as well as a regional center in the United States, as part of the agreement. In addition, in March 2019, Kapsch CarrierCom is expanding its portfolio for rail providers by establishing a strong partnership with 3Binfra, Austrian specialist in rail asset management systems.

Kapsch was appointed 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 providing fully integrated rail solutions for rolling stock, signalling, operations, service and maintenance, digital and turnkey technology, acquired Perpetuum for an undisclosed amount. With the acquisition of Perpetuum, Hitachi Rail Ltd. plans to accelerate the UK’s digitization strategy by advancing and digitizing its global train maintenance programme. Perpetuum is a UK-based company that uses digital technology to optimize rail operations, improving safety, efficiency and quality of service.

The countries covered in the Railway Asset Management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06246515/?utm_source=GNW

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