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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Amidst such maintenance issues, real-time monitoring and automation in railway procedures could hugely aid in predicting imminent maintenance requirements. Citing an instance, the EU funded OPTIRAIL project based on AI technology and computational intelligence offers implications and cost for new installation and restoration of rail geometrical conditions.
On the basis of such advancements, Global Market Insights, Inc., estimates that the railway aftermarket could exceed USD 131 billion by 2026.
How will the metro rail segment augment Railway Aftermarket size?
Metro rails are currently undergoing massive expansion, with numerous rail projects being implemented on a large scale that focuses on introducing new trains and core rail systems. Earlier in 2019, the Government of New South Wales (NSW) finalized an agreement with Northwest Rapid Transit (NRT) to extend Australia’s Sydney Metro rail project.
Reportedly, the deal involved a separate budget of USD 1.3 billion for the maintenance and operation of Southwest lines and North West & City until 2034. Initiatives like these could deliver remarkable opportunities for manufacturers over the forecast period.
Why are customers in railway aftermarket preferring third-party/component suppliers?
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.
Back in March 2017, Knorr-Bremse Group unveiled OpenText Analytics to facilitate intelligent fleet management and condition-based maintenance. The service is supposed to help users predict potential failures well in advance, enhancing preventive maintenance measures in railway operations.
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What is driving the growth of the Latin America railway aftermarket?
Proliferating demand for railway transit owing to surging number of freight transportation and rail passengers could advance Latin America railway aftermarket outlook. Estimates claim that LATAM railway aftermarket could account for USD 7 billion by 2026.
Evidently, the Mexican rail freight traffic had surpassed 20.9 million tons in Jan-Feb 2018, recording a growth of 7% compared to the previous year. With increasing number of rail line expansion and overhauling projects across Latin America, the demand for rail replacement and repair components could considerably accelerate over the study period.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and forecast parameters
1.2. Data Sources
Chapter 2. Summary
2.1. Railway aftermarket industry 3600 synopsis, 2016 - 2026
2.1.1. Business trends
2.1.2. Subsystem trends
2.1.3. Product trends
2.1.4. Service provider trends
2.1.5. Regional trends
Chapter 3. 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
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