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  • Track Geometry Measurement System Market Analysis | 2021-2026

    Track Geometry Measurement System Market Analysis | 2021-2026

    Track Geometry Measurement System Market Analysis | 2021-2026
    Report code - SR1314 Delivery - 2 Weeks
    Track Geometry Measurement System Market Growth, Trends, Dynamics & Market Insights: 2 See more...

    Market Insights

    "The global track geometry measurement system market was valued at USD 2.9 billion in 2020 and is projected to reach USD 4.1 billion by 2026, registering a CAGR of 6.1% during the forecast period."

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    What is a track geometry measurement system?

    The track geometry measurement system (TGMS) is a key parameter of track condition. A 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.

    Track Geometry Measurement System Market Report Overview

    Market Size in 2026

    USD 4.1 Billion

    CAGR (2021-2026)

    6.1%

    Market Size in 2020

    USD 2.9 Billion

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Key Players

    Key players operating in the track geometry measurement system market are:

    • Ensco (US)
    • Fugro (Netherlands)
    • MER MEC (Italy)
    • Balfour Beatty (UK)
    • Plasser & Theurer (Austria)
    • Siemens (Germany)
    • R. Bance & Co. (UK)
    • Bentley Systems (US)
    • Goldschmidt Thermit Group (Germany)
    • Egis (France).

    Market Dynamics

    The growing need for safety and security in railway transportation and the rise in metro lines and railway networks are some key factors propelling 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 has good opportunities, which include the growing demand for safety in railway transport and the growing number of railways and metro lines, the need to use smart technologies to improve the efficiency of track work.
     
    The key challenges in the Track Geometry Measurement System (TGMS) market include: 

    1. Accounting for measurement error when operating in difficult track sections such as curves, inclines/extensive grade, and high-speed rail.
    2. Integrating sensors such as IMUs, odometry, and laser scanners to achieve the acquisition of track geometry data.
    3. Designing intelligent algorithms to process large amounts of data from track geometry data in an efficient way and extract useful information.
    4. The disadvantage of contact-based measurement systems is their damaging effect on the track surface as well as the rolling stock.
    5. Meeting the strict safety stipulations as required by railways in different nations.

    All these questions demonstrate that further development in track geometry measurement systems is possible only through the collaboration of TGMS manufacturers, railway operators, and research institutions.

    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 product demand.

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    Segment Analysis

    Operation Trends

    "The no-contact segment accounted for the largest market share."

    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 speeds. 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 Insights

    "The Asia Pacific market accounted for the largest market share."

    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 countries such as China, Australia, and India. In addition, rapid expansion in metro rails further proliferates regional market growth.

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    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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

    What deliverables will you get in this report?

    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?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The track geometry measurement system (TGMS) is a key parameter of track condition. A 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.

    The track geometry measurement system market size is expected to reach USD 4.1 billion in the foreseeable future.

    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 track geometry measurement system market is expected to witness an impressive growth of 6.1% CAGR in the coming years.

    The no contact segment is expected to register a healthy CAGR in the track geometry measurement system market in the coming years.

    Asia-pacific is expected to grow at a substantial CAGR in the track geometry measurement system market during the next five years.

    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.

    Distributors, suppliers, manufacturers, logistics organizations, and government bodies.