LONDON, Sept. 14, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the rail asset management market, companies operating in the rail asset market are increasingly undergoing strategic partnerships and collaboration to improve their financial position, strengthen their product portfolio, and expand the global presence of their company.
For instance, in August 2020, Hitachi Rail Ltd., an Italy-based company that offers fully integrated, rail solutions across rolling stock, signaling, operation, service & maintenance, digital technology, and turnkey acquired Perpetuum for an undisclosed amount. Perpetuum is a UK-based company that uses digital technology to optimize railway operations, improving safety, efficiency, and service quality. With the acquisition of Perpetuum, Hitachi Rail Ltd. plans to accelerate the UK digitalization strategy through advancing and digitalizing its global train maintenance program.
Major players in the rail asset management industry 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, ZEDAS, SNC-Lavalin, and Bombardier.
The rail asset management market consists of sales of rail asset management services by entities (organizations, sole traders, and partnerships) that plan, advise on and manage various kinds of rail assets. Rail assets management includes several solutions that enable improvement in the management of rail assets. It comprises several activities such as design, construction, operations, maintenance & support, traffic planning, infrastructure management, communication network, station control, rail-facility information management, among others. These solutions and services enable timely monitoring and efficient scheduling of assets with reduced downtime.
In April 2020, Cyient Limited, an India-based company focused on engineering, data analytics, network & operations, and manufacturing collaborated with Hitachi Rail to enhance the installation of signaling technology and improve Hitachi Rail’s project execution capabilities. Cyient will create and run a central distribution facility for Hitachi Rail in India, as well as a regional center in the USA as part of the agreement.
Additionally, in March 2019, Kapsch CarrierCom expanded its portfolio for railway providers by building a strong partnership with 3Binfra, an Austrian rail asset management system specialist. Kapsch has been named as 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.
The Business Research Company’s report titled Rail Asset Management Global Market Report 2021 – By Solution (Asset Performance Management, Analytics, Asset Planning & Scheduling, Security, Workforce Management), By Services (Professional Services, Managed Services), By Deployment Mode (Cloud, On-Premises), By Application (Rolling Stock, Infrastructure), COVID-19 Growth And Change covers major rail asset management companies, rail asset management market share by company, rail asset management manufacturers, rail asset management market size, and rail asset management market forecasts. The report also covers the global rail asset management market and its segments.
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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 the rail asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global rail asset management market size 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 in the rail asset management market 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 rail asset management market is expected to reach $12.88 billion in 2025 at a CAGR of 6.9%.
The main types of 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.
Rail Asset Management Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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