Track Geometry Measurement System Market Report
Track Geometry Measurement System Market, By Railway Type (High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, Light Railways), By Operation (No Contact, Contact), By Offering (Hardware, Software, Services) and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global track geometry measurement system market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Track Geometry Measurement System Market, By Railway Type (High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, Light Railways), By Operation (No Contact, Contact), By Offering (Hardware, Software, Services) and Region
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Track Geometry Measurement System Market is estimated to grow from USD 2.9 billion in 2020 to USD 4.1 billion by 2026 at a healthy 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.
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.
Based on operation, 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.
By region, 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.
The COVID-19 outbreak has moderately affected the track geometry measurement system industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. There was a decline in railway travel of passengers as well as non-essential goods, which affected the product demand.
Here is the list of the group of customers that the track geometry measurement system market hopes to have the greatest opportunity to convert-
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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.
Track geometry measurement system vendors, Track geometry measurement system retailers, Track maintenance companies, Railway companies are the target audience in the track geometry measurement system market.