The global rail asset management market size is expected to grow from USD 10.1 billion in 2021 to USD 13.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period. The rail industry plays a vital role in shaping the economic and financial position of a country. It carries billions of passengers and freights daily and generates huge revenues. Due to the ease and comfort in transportation, the dependence on railways for both passengers and goods is rising at a rapid pace. A majority of countries are investing heavily in rail infrastructure to provide a seamless experience to their citizens through railways. Railways also help governments minimize the cost of transfer of passengers as well as goods, considering the huge carrying capacity it offers in a single run. The growing dependence on railways is increasing the pressure on the existing rail infrastructure. This leads to several uncalled and unscheduled maintenance for both rolling stock and infrastructure, owing to wear and tear of systems, breakdowns, damages, and repair needs.
The solutions segment to hold a larger market size during the forecast period
Based on offering, the solutions segment of the rail asset management market is projected to hold a larger market size during the forecast period. The solutions segment in the rail asset management market is further segmented into asset performance management, analytics, asset planning and scheduling, security, workforce management, network management, and others (incident management, warranty management, and material management). The incorporation of various asset management solutions for the railway industry enables rail organizations to improve the complete asset lifecycle of both rolling stock and rail infrastructure.
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By application, the infrastructure segment to record a higher growth rate during the forecast period
Railway infrastructure includes various systems, such as earthworks, bridges, tunnels, steelwork, timber, and track systems that form the base upon which the railway runs. The asset management system can enhance the efficiency and safety of these systems. Asset management comprises all systems, procedures, and tools that maximize asset availability for a minimum whole-life cost and risk, some of the activities in infrastructure asset management include route plans that involve activities, resources, and timescales for interventions on the infrastructure, detailed plans to optimize the delivery of renewals maintenance, and enhancement. Many rail operators are investing significantly in the rail infrastructure.
The key and emerging market players in the rail asset management market include Siemens (Germany), Alstom (France), Hitachi (Japan), Wabtec (US), IBM (US), SAP (Germany), Capgemini (France), Cisco (US), Huawei (China), Accenture (Ireland), Trimble (US), Bentley Systems (US), Atkins (UK), DXC (US), Trapeze Group (Canada), Tego (US), KONUX (Germany), L&T Technology Services (India), Cyient (India), Assetic (Australia), Machines With Vision (UK), Uptake (US), Delphisonic (US), ZEDAS (Germany), OXplus (Netherlands), and WSP (Canada).These players have adopted various strategies to grow in the global rail asset management market.
Siemens is a leading vendor in the rail asset management market. The company offers rail, road, and intermodal solutions for enhancing the existing transportation systems under the Siemens Mobility division. Siemens offers a robust solution portfolio for railway operations. In the rail asset management market, the company offers its key mobility services called Railigent. Railigent helps railway companies manage assets better and smarter by using predictive maintenance, helping them reduce life cycle costs through extended service and maintenance intervals. It allows condition-based monitoring that enables trains and infrastructure to become more intelligent, leading to greater efficiency. The Railigent open ecosystem offers more comprehensive asset management by integrating in-house and third-party applications.
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Hitachi is a leading provider of railway solutions to the Japanese and global railway operators. Through the constant development, Hitachi Rail STS S.p.A, a Hitachi subsidiary operating in the railway systems business, continues to introduce the newest technologies in asset management. Hitachi offers the Hitachi Predictive Maintenance solutions in the rail asset management market. The solutions include rolling stock and early anomaly detection. Hitachi’s Predictive Maintenance solutions enable customers to deploy sustainable and repeatable maintenance solutions and an optimized asset life cycle maintenance plan. These solutions help increase efficiency by providing timely decision-making capabilities and environmental sustainability through the continuous monitoring of rolling stock and the rail infrastructure. The company offers services and solutions for public safety, renewable and sustainable energy, intelligent transportation, precision agriculture and manufacturing, and water treatment and building systems to its customers.
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