Dublin, Feb. 04, 2022 (GLOBE NEWSWIRE) -- 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.
Key Topics Covered:
1. Executive Summary
2. Rail Asset Management Market Characteristics
3. Rail Asset Management Market Trends and Strategies
4. Impact of COVID-19 on Rail Asset Management
5. Rail Asset Management Market Size and Growth
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. Rail Asset Management Market Segmentation
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. Rail Asset Management Market Regional and Country Analysis
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
For more information about this report visit https://www.researchandmarkets.com/r/13fg0i
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