The Track Geometry Measurement System Market is segmented by Railway Type (High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, Light Railways), Operation (No Contact, Contact), Offering (Hardware, Software, Services) and Region (North America, Europe, Asia-Pacific, and Rest of the World).
The Track Geometry Measurement System Market is segmented by Railway Type (High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, Light Railways), Operation (No Contact, Contact), Offering (Hardware, Software, Services) and Region ...
The Track Geometry Measurement System Market was valued at USD 2.9 billionin 2020 and is projected to reach USD 4.1 billionby 2026, registering a CAGR of 6.1% during the forecast period.
The track geometry measurement system (TGMS) is a key parameter of track condition. Track geometry measurement system is widely used to measure the condition of a railway track to avoid any detrimental effects on freight and passengers. TGMS offers reliable and precise track data for short-term as well as long-maintenance scheduling to avoid any harmful effects.
COVID-19 Impact
The COVID-19 outbreak has moderately affected the track geometry measurement system industry. Rising coronavirus cases across the globe resulted in stringent social distancing and lockdown norms across the globe, which led to supply chain disruption, thus affecting product demand. There was a decline in railway travel of passengers as well as non-essential goods, which affected the product demand.
Key Players
Key players operating in the track geometry measurement system market are-
The growing need for safety and security in railway transportation and the rise in metro lines and railway networks are some key factors propelling the industry growth. Numerous accidents and mishaps involving trains have raised concerns across the globe and are prompting governments to digitize the mode of transport to ensure a safer journey. In addition, the rising demand for smart technologies to maintain the operational efficiency of tracks is further augmenting industry growth.
The track geometry measurement system market is classified into no contact and contact. The no contact segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. The key benefit of this operation type is that it is ideal for high and low speed. Moreover, it ensures high accuracy with the help of advanced technologies such as imaging technologies and optical laser sensors. Thus, this type of operation method is gaining popularity for track geometry measurement, which boosts segment growth.
Regional Analysis
The Asia Pacific market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. Strong expansion of high-speed rails and mass transit systems in China and India and various railway developments in the countries such as China, Australia, and India. In addition, rapid expansion in metro rails further proliferates regional market growth.
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Target Audience
Here is the list of the group of customers that the track geometry measurement system market hopes to have the greatest opportunity to convert-
Distributors
Suppliers
Manufacturers
Logistics organizations
Government bodies
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Track Geometry Measurement System Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Ensco (US), Fugro (Netherlands), MER MEC (Italy), Balfour Beatty (UK), Plasser & Theurer (Aus-tria), Siemens (Germany), R. Bance & Co. (UK), Bentley Systems (US), Goldschmidt Thermit Group (Germany), and Egis (France) are among the key players in the track geometry measurement system market.
The growing need for safety and security in railway transportation and the rise in metro lines and railway networks are some key factors propelling the industry growth. Numerous accidents and mishaps involving trains have raised concerns across the globe and are prompting governments to digitize the mode of transport to ensure a safer journey. In addition, the rising demand for smart technologies to maintain the operational efficiency of tracks is further augmenting industry growth.
