Rail has come a long way since James Watt introduced a method of transforming steam power into a circular motion back in 1763. With the invention of steam engines and a growing network of railroad tracks, the railway industry quickly became an economic boon throughout the world, moving goods and people on a mass scale. It only seemed to lose steam once trucks and airplanes entered the scene. Rail Sector on the Rise Again But just like the little engine that could, the railway industry today is experiencing a kind of renaissance. Worldwide rail freight traffic is growing steadily, with the U.S. rising by 5.3%, the E.U. up 3.5% and Russia by 6.4%, according to the OECD. The world’s railway networks cover more than 1.3 million route-kilometers and are expected to grow to about 1.38 million by 2020. The projected market volume of railway technology between 2021 and 2023 in Western Europe, the largest rail market in the world, is expected to be worth 43 billion Euros during this time…