Ocean View, DE -- (SBWIRE) -- 04/03/2020 -- Railway aftermarket is set to record exponential growth on account of growing need to employ corrective and preventive maintenance measures in railway systems. In order to stay updated, the global railway sector is required to overhaul its system periodically.

Lately, numerous rail operators are preferring implementation of advanced maintenance solutions due to its various benefits to technical systems. As a result of this, the railway department is able to limit breakdowns and malfunctions during operations. Notably, these malfunctions cost heavy financial losses as well as impacts 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.

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.

Companies covered:
CRRC, Siemens Mobility, Friedrichshafen, Stadler, Bombardier Transportation, Alstom, Knorr-Bremse, Harsco Rail, Tidyco Ltd, Wabtec, Kingrail, CIM Equipment, PowerRail, Skinest Group, Caterpillar, ABB, Crown Rail Spares

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 railway aftermarket manufacturers over the forecast period.

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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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 6. Railway Aftermarket, By Service provider
6.1. Global railway aftermarket share by service provider, 2018 & 2026
6.2. OEM
6.2.1. Global market estimates and forecasts, 2016 – 2026
6.2.2. Market estimates and forecast, by region, 2016 – 2026
6.3. Railway operators
6.3.1. Global market estimates and forecasts, 2016 – 2026
6.3.2. Market estimates and forecast, by region, 2016 – 2026
6.4. Third party/component suppliers
6.4.1. Global market estimates and forecasts, 2016 – 2026
6.4.2. Market estimates and forecast, by region, 2016 – 2026

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