Railway aftermarket is poised to garner exponential growth given to the pressing requirement for corrective and preventive maintenance measures in railway systems. In order to streamline day to day operations, the global railway sector is constantly required to overhaul its system periodically.
Over the past few years, numerous rail operators have grown to become more inclined towards advanced maintenance solutions over basic. As a result of this, the railway department is able to limit breakdowns and malfunctions during operations. Apparently, railway malfunctions cause heavy financial losses as well as impact regular commuters.
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Rail operators are highly focusing on preventive and corrective maintenance methods & periodic system overhauling, which will spur railway aftermarket growth. Railway track breakdowns and malfunctions create inconvenience for commuters and generate huge financial losses. Rising adoption of advanced knowhows for maintenance of technical systems is likely to drive railway aftermarket demand. Railway systems are adopting automation and real-time monitoring techniques to deliver information regarding rail tracks. Also, electrification in railways is expected to generate several growth opportunities for development and installation of traction systems.
Amplifying inclination of rail operators towards the utilization of innovative methods to maintain technical systems will escalate railway aftermarket share. Railway systems face massive financial losses due to malfunctioning and breakdown of tracks. Thus, rail operators are focusing on automation and real-time monitoring to predict future maintenance decisions and reduce financial losses. For example, the European Union invested in the OPTIRAIL project built on AI and computational intelligence technologies, which provides implications and cost for repairing rail geometrical conditions and new installations.
Third-party/component suppliers are adopting latest technologies like advanced analytics and big data solutions to diversify their product portfolio. According to reports, the third-party/component supplier segment is projected to maintain almost 20% of the revenue share in railway aftermarket by 2026.
Elaborating on the regional contribution, Latin America is experiencing heavy demand for advanced rail infrastructure owing to the rising preference for freight transportation and growing rail passenger base. In Jan-Feb 2018, Mexican rail freight traffic accounted for around 20.9 million tons, depicting an upsurge of 7% from 2017. Expansion of rail lines and overhauling projects in LATAM will considerably push the demand for repair and replacement parts in the region. Latin America railway aftermarket is anticipated to accrue almost $7 billion in revenue by 2026.
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Railway aftermarket component suppliers are looking forward to gaining new business opportunities by integration of digital solutions. Railway aftermarket companies are enhancing their expertise to develop innovative data-driven maintenance services. They are also investing heavy amounts in research & development activities to gain an edge over the market, which will significantly push railway aftermarket growth.
Table of Contents (ToC) of the report:
Chapter 3. Railway Aftermarket Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
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. 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
126.96.36.199. Stringent regulations for railway emission reduction
188.8.131.52. Ageing railway fleet
184.108.40.206. Increasing rail freight transportation
220.127.116.11. Technological advancements in railway maintenance
3.8.2. Industry pitfalls & challenges
18.104.22.168. 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
3.12. Porter’s analysis
3.13. Competitive landscape, 2018
3.13.1. Company market share analysis, 2018
3.13.2. Key stake holders
3.13.3. Strategy dashboard
3.14. PESTEL analysis
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