Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Rail Asset Management Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global rail asset management market has grown strongly in recent years. It will grow from $10.87 billion in 2023 to $11.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period can be attributed to factors such as a focus on safety and regulatory compliance, the pursuit of cost efficiency and optimization, an increase in passenger and freight demand, the adoption of predictive maintenance practices, an emphasis on asset lifecycle management, and the efficient utilization of resources. These factors have collectively contributed to the advancement and adoption of rail asset management solutions, leading to improved safety, efficiency, and overall performance in the rail industry.
The rail asset management market size is expected to see strong growth in the next few years. It will grow to $14.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to factors such as a heightened focus on environmental sustainability, an emphasis on the resilience of rail infrastructure, the establishment of interoperability standards, the adoption of mobility-as-a-service (MaaS), and the incorporation of circular economy practices, along with customer-centric approaches. Major trends expected in the forecast period include the adoption of cloud-native architecture, the implementation of network slicing for customized services, enhancements in edge security, collaboration with content delivery networks, the utilization of open-source Multi-access Edge Computing (MEC) platforms, and the application of edge data analytics and insights.
The demand for rail asset management is expected to rise due to the increasing investments made by various governments globally in rail infrastructure and digitalization projects. For example, in 2021, the Norwegian government allocated NKR 32.1 billion ($3.51 billion) for railway infrastructure investments, operations, and maintenance, as reported by the International Railway Journal (IRJ). Similarly, Indian Railways plans to invest $4 billion in world-class private passenger trains, with railway projects expected to attract over $7.5 billion in investment over the next five years. These substantial investments in the rail industry are likely to drive the demand for rail asset management services, contributing to the growth of the market.
The growth of the rail asset management market is further anticipated with the increasing proliferation of IoT-linked devices. According to a report by Ericsson, broadband IoT (4G/5G) reached 1.3 billion connections in 2022, with nearly 60% of cellular IoT connections expected to be broadband IoT connections by the end of 2028. This surge in IoT-linked devices is a key driver for the rail asset management market.
Companies in the rail asset management market are actively engaging in strategic partnerships and collaborations to enhance their financial standing, strengthen their product portfolios, and expand their global presence. An example of this is the digital asset management agreement signed between The Copenhagen Metro and Hitachi Rail S. p. A in May 2022. This agreement aims to optimize maintenance and investments in rolling stock and infrastructure over a 30-year period.
Major players in the rail asset management market are investing in advanced technologies such as train inspection technology to cater to larger customer bases, increase sales, and boost revenue. Train inspection technology involves tools, methods, and systems used to assess and monitor the condition, safety, and performance of trains and their components. Norfolk Southern, a US-based transportation company, launched AI Train Inspection Technology in October 2023, utilizing digital train inspection portals equipped with high-resolution cameras and machine vision inspection technology to assess passing railcars.
In June 2022, Global Rail Trust, an Austria-based consulting services firm, acquired Advanced Rail Management Corp., a US-based provider of rail and wheel maintenance solutions. This acquisition combines the capabilities of both companies, enabling Global Rail Trust to expand its team and operations in the rail asset management sector.
Europe was the largest region in the rail asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rail asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rail asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Report Scope
Markets Covered:
1) By Solution: Asset Performance Management; Analytics; Asset Planning & Scheduling; Security; Workforce Management; Other Solutions
2) By Services: Professional Services; Managed Services
3) By Deployment Mode: Cloud; On-premises
4) By Application: Rolling Stock; Infrastructure
Key Companies Mentioned: Siemens AG; Hitachi Ltd.; Wabtec Corporation; DXC Technology Company; L&T Technology Services Limited
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- Siemens AG
- Hitachi Ltd.
- Wabtec Corporation
- DXC Technology Company
- L&T Technology Services Limited
- SAP SE
- Capgemini SE
- Cisco Systems Inc.
- Accenture plc
- Atkins Global
- Trimble Inc.
- WSP Global Inc.
- Tego Inc.
- KONUX GmbH
- Oxplus B. V.
- Bentley Systems, Incorporated
- Trapeze Group
- Uptake Technologies Inc.
- Huawei Technologies Co. Ltd.
- Cyient Limited
- Assetic Pty Ltd.
- Machines With Vision Inc.
- ZEDAS GmbH
- SNC-Lavalin Group Inc.
- Bombardier Inc.
- EKE-Electronics Ltd.
- EKE Group
- Nomad Digital Ltd.
- Trimble Railway Ltd.
- RailcarRx
- RailComm Inc.
- Rail Vision Ltd.
- Railnova
For more information about this report visit https://www.researchandmarkets.com/r/84nus2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
