This paper explores the potential of Metaverse technology in industrial Asset Management (AM). By integrating AI and digital technologies, the Metaverse can enhance Human-System-Interaction (HSI) and optimise AM processes. However, implementing a Metaverse in industrial contexts faces challenges, particularly in visualising physical and virtual assets. This paper conducts a systematic review to address these challenges and identify potential solutions. The findings reveal that while the necessary technologies are available, their widespread adoption in industrial AM is limited. The paper presents a comprehensive overview of research themes related to Metaverse applications in industrial contexts, highlighting the evolving landscape and potential benefits. Ultimately, this research aims to contribute to the advancement of Metaverse technology in industrial AM by providing insights into its development, implementation, and challenges along with an Industrial Metaverse Framework. An example of applying the Metaverse concept in the railway sector has been presented and validated using railway digital assets available within the eMaintenance LAB. The practical implications of this work are expected to result in increased efficiency and effectiveness in the operation and maintenance procedures across various industrial sectors.