Rising Safety and Security Concerns Regarding Rail Infrastructure fuel the Europe Rolling Stock Management Market
As per the International Energy Agency (IEA), passenger rail activity is expected to reach 15 trillion passenger-km by 2050 due to the rising development of transport systems and rail networks for the better convenience of passengers. Thus, there is a rise in the need for efficient and reliable maintenance and management of the rolling stock to maintain the safety and security of passengers. The management of rail assets and traffic control plays an important role in the rail industry in boosting the security of passengers by avoiding any accidents and derailment situations. Derailment is one of the most common issues in the rail industry. It is an operational error that causes the train to come off the railway track due to the mechanical failure of the tracks or train. Therefore, the rolling stock management system engages in the maintenance of these tracks to avoid such accidents. Preventive and predictive maintenance of rail infrastructure allows the workers to monitor and check the condition of the railway tracks to detect any mechanical error. Predictive maintenance allows the rail industry to be prepared for emergency situations that are caused by the failure of the critical component of the rolling stock. Thus, the benefits of the rolling stock management help to maintain security and safety in the rail industry, which drives the demand for the rolling stock management system and fuels its market growth.Europe Rolling Stock Management Market Overview
Europe has one of the worlds largest train networks. The European Union has been planning to double freight rails model share by 2030 to ease the congestion of major road connections and reduce the transport sectors CO2 emissions. Countries in the region are signing contracts with various companies for rail or infrastructure expansion. For instance, in October 2020, Bombardier Transportation signed a three-year extension of its Train Services Agreement (TSA) with Arriva Cross-country in the UK. According to this agreement, Bombardier continued to overhaul, service, maintain, and clean a fleet of 24 class 221 Super Voyagers and 34 class 220 Voyagers. The contract is for three years and is worth US$ 248 million.Europe Rolling Stock Management Market Revenue and Forecast to 2028 (US$ Million)
Europe Rolling Stock Management Market Segmentation
The Europe rolling stock management market is segmented based on management type, maintenance service, and country. Based on management type, the Europe rolling stock management market is bifurcated into rail management and infrastructure management. The rail management segment held a larger market share in 2022. The rail management segment is further subsegmented into remote diagnostic management, wayside management, train management, asset management, cab advisory, and others. Additionally, the infrastructure management segment is categorized into control room management, station management, automatic fare collection management, and others.Based on maintenance service, the Europe rolling stock management market is segmented into corrective maintenance, preventive maintenance, and predictive maintenance. The corrective maintenance segment held the largest market share in 2022.
Based on country, the Europe rolling stock management market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe rolling stock management market share in 2022.
Alstom SA, ABB Ltd, Hitachi Rail Ltd, Mitsubishi Electric Corp, LocoTech LLC, Siemens Mobility GmbH, Talgo SA, Thales SA, Toshiba Infrastructure Systems and Solutions Corp, and Trimble Inc. are some of the leading companies operating in the Europe rolling stock management market.
Table of Contents
Companies Mentioned
- ABB Ltd
- Alstom SA
- Hitachi Rail Ltd
- LocoTech LLC
- Mitsubishi Electric Corp
- Siemens Mobility GmbH
- Talgo SA
- Thales SA
- Toshiba Infrastructure Systems and Solutions Corp
- Trimble Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 147 |
Published | March 2024 |
Forecast Period | 2022 - 2028 |
Estimated Market Value in 2022 | 16539.86 Million |
Forecasted Market Value by 2028 | 22614.86 Million |
Compound Annual Growth Rate | 5.4% |
Regions Covered | Europe |
No. of Companies Mentioned | 10 |