Rail Asset Management Market worth $13.2 billion by 2026
According to a research report "Rail Asset Management Market Size by Offering (Solutions (Condition Monitoring, Predictive Maintenance, Security, Asset Planning & Scheduling) and Services), Application (Rolling Stock and Infrastructure), Deployment Mode and Region - Global Forecast to 2026" published by MarketsandMarkets, 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. Factors contributing to the high growth rate in these regions are the increasing need for efficient rail operations, rising PPP model and government initiatives, growing population and hyper-urbanization, and increasing congestion due to aging railway infrastructure. These factors are also expected to shape the future of the global rail asset management market. However, the market also faces several challenges, including the high initial cost of deployment and integration complexities with the legacy infrastructure. 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. 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. Asia Pacific to record the highest growth during the forecast period