Major railway aftermarket industry participants include Siemens Mobility, CRRC Corporation Limited, ZF Friedrichshafen, Bombardier Transportation, ABB Ltd., Caterpillar Inc., Harsco Rai, and Alstom.
Railway Aftermarket industry to exceed $120 Bn by 2027
Railway Aftermarket industry to exceed $120 Bn by 2027
SELBYVILLE, Del., Sept. 21, 2021 (GLOBE NEWSWIRE) -- The railway aftermarket revenue is anticipated to record a valuation of USD 120 billion by 2027, according to the most recent study by Global Market Insights Inc. Rising investments in rail and infrastructure maintenance & upgrade along with the penetration of high-speed trains is expected to bolster the industry growth.
The shifting preferences of owners and rail operators toward the effective maintenance of railway infrastructure through innovative digital solutions is bolstering the railway aftermarket size over the forecast timeframe. Since unexpected breakdowns of tracks & railway malfunctions result in financial losses for operators and cause inconvenience to passengers, real-time monitoring and automation in the industry are helping operators to gain real-time data on the condition of rail tracks and effectively predict future maintenances.
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Furthermore, projects dedicated to the extension of the metro rail network and the introduction of new metro lines will boost the railway aftermarket growth during the assessment timeline. For instance, in 2019, the Government of New South Wales awarded a contract to the Northwest Rapid Transit (NRT) consortium to cover the other parts of Australia with the Sydney Metro rail project. The project consisted of an investment of USD 1.3 billion for maintenance & operation of Southwest and Northwest city lines until 2034.
The third-party or component suppliers are anticipated to acquire more than 20% of the market share by 2027. This is attributable to the expanding product offerings often highly focused on data analytics solutions for condition-based maintenance. For instance, Knorr-Bremse Group introduced OpenText Analytics to achieve intelligent fleet management and condition-based maintenance. These services will further tackle potential failures with an early detection system, thus enhancing the preventive maintenance opportunities in the market.
The Latin America railway aftermarket is anticipated to generate over USD 6 billion by 2027. A surge in freight transportation and rail passengers is augmenting the need for rail infrastructure upgrades in the region. For instance, the Mexican rail freight traffic witnessed a boost of around 7% than the previous year by reaching a value of 20.9 million tons. Such trends are expected to fuel the demand for replacement, maintenance, and repairs in the railway infrastructure, thereby, stimulating the market growth throughout the forecast timeframe.
Industry participants are focusing on the maintenance and upgrade contracts to improve their business profitability. For instance, in 2020, the Dallas Area Rapid Transit (DART) agency granted a USD 112 million maintenance contract to Stadler. The rising need for maintenance in the railway network is likely to create a positive outlook for the railway aftermarket during the forecast timeframe.
Some major findings of the railway aftermarket report include:
Metro rail systems are witnessing high growth owing to massive passenger-carrying capabilities with a low carbon footprint.
Electrification and digitalization are significantly driving the adoption of modern traction systems.
New digital solutions provide component suppliers with lucrative business opportunities.
Efficient data capturing and advanced analytics play a key role in the condition-based effective maintenance of railway networks.
Prominent industry participants in the railway aftermarket are Siemens Mobility, CRRC Corporation Limited, ZF Friedrichshafen, Bombardier Transportation, ABB Ltd., Caterpillar Inc., Harsco Rai, and Alstom.
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Partial chapters of report table of contents (TOC):
Chapter 3 Railway Aftermarket Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Profit margin analysis
3.3.4 Service providers
3.3.5 Value chain disruptions due to COVID-19
3.3.6 Vendor matrix
3.4 Emerging maintenance ecosystem outlook
3.5 Technology landscape
3.5.1 Smart rail maintenance
3.6 Key railway industry statistics
3.6.1 Global railway network by country (kms)
3.6.2 Global rail infrastructure investments by country (USD Billion)
3.6.3 Global rail passenger transport, by country (million passenger-kilometers)
3.6.4 Global freight rail transport, by country (million tonne-kilometers)
3.7 Regulatory landscape
3.7.1 North America
3.8 Industry impact forces
3.8.1 Growth drivers
220.127.116.11 Stringent regulations for railway emission reduction
18.104.22.168 Ageing railway fleet
22.214.171.124 Increasing rail freight transportation
126.96.36.199 Technological advancements in railway maintenance
3.8.2 Industry pitfalls & challenges
188.8.131.52 High initial cost of predictive rail asset maintenance
3.9 Innovation and sustainability
3.10 Major global railway expansion and maintenance projects
3.11 Growth potential analysis, 2020
3.12 Porter's analysis
3.13 Competitive landscape, 2020
3.13.1 Company market share analysis, 2020
3.13.2 Key stake holders
3.13.3 Strategy dashboard
3.14 PESTEL analysis
About Global Market Insights
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Image 1: Railway Aftermarket industry to exceed $120 Bn by 2027
Railway Aftermarket industry is predicted to reach USD 120 billion by 2027, according to a new research report by Global Market Insights Inc.
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