Global Track Geometry Measurement System Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Railway Type (Heavy Haul Railways, High-Speed Railways, Light Railways, and Mass Transit Railways), By Operation (Contact and Contactless), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032Industry: Semiconductors & Electronics
Global Track Geometry Measurement System Market Insights Forecasts to 2032
- The Track Geometry Measurement System Market was valued at USD 3.25 Billion in 2022.
- The Market is growing at a CAGR of 5.1% from 2023 to 2032
- The Worldwide track geometry measurement system market is expected to reach USD 4.89 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global track geometry measurement system Market is expected to reach USD 4.89 Billion by 2032, at a CAGR of 5.1% during the forecast period 2023 to 2032.
A Track Geometry Measurement System (TGMS) is a set of technologies and tools used to measure various aspects of railroad track geometry. This includes track gauge, alignment, cross-level, curvature, and other parameters critical to safe and efficient train operations. The system typically employs a combination of lasers, cameras, sensors, and software to collect and analyze data. The measurements gathered by TGMS help to identify track defects, plan maintenance, and prevent accidents caused by poor track conditions. The system is commonly used by railway companies around the world to ensure the safe and reliable operation of their tracks.
This research report categorizes the market for track geometry measurement system market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the track geometry measurement system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the track geometry measurement system market.
Global Track Geometry Measurement System Market Report Coverage
|Market Size in 2022:||USD 3.25 Billion|
|Forecast Period 2022-2032 CAGR:||5.1%|
|2032 Value Projection:||USD 4.89 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Component, By Railway Type, By Operation, By Region and COVID-19 Impact Analysis|
|Companies Covered:||Amberg Technologies AG, Balfour Beatty PLC, Bentley Systems, Inc., ENSCO, Inc., Fugro N.V., Goldschmidt Thermit Group,Harsco Corporation, MER MEC S.P.A., Plasser & Theurer, R.Bance & Co Ltd, Siemens AG, Speno International SA, Trimble Inc., Vossloh AG, Zephir S.P.A|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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There are several drivers of the track geometry measurement system market. One of the main drivers is the need for railway companies to maintain safe and efficient track infrastructure. As such, there is a growing demand for advanced track monitoring technologies, including TGMS. Additionally, the rise in railway traffic and the need for faster train speeds are increasing the demand for accurate and reliable track measurements. Other drivers include the need to reduce maintenance costs and increase operational efficiency, as well as government initiatives to modernize railway infrastructure. The development of new and innovative technologies, such as advanced laser scanning and machine learning algorithms, is also driving growth in the track geometry measurement system market.
There are several restraints to the track geometry measurement system market, including high initial costs associated with implementing the technology. Additionally, the lack of skilled professionals and technical expertise needed to operate and maintain the systems can be a challenge. Other restraints include the need for frequent calibration and maintenance, which can be time-consuming and costly. In some cases, regulatory issues and legal barriers can also impede market growth. Finally, the impact of the COVID-19 pandemic on the railway industry has also had a negative effect on market growth due to disruptions in supply chains and decreased investment in infrastructure.
- In 2022, the hardware segment accounted for more than 48.7% market share
On the basis of components, the global track geometry measurement system market is segmented into hardware, software, and services. The hardware segment is dominating with the largest market share in 2022, due to its critical role in the data collection process. The hardware components, including lasers, cameras, and sensors, are essential for collecting accurate and reliable track data. As a result, the demand for advanced hardware components, such as high-resolution cameras and high-precision laser scanners, has been on the rise. Additionally, hardware components typically have a longer lifespan than software and services, which makes them a more attractive investment for railway companies. Therefore, the hardware segment is expected to continue holding the largest revenue share in the track geometry measurement system market.
- In 2022, mass transit railways have dominated the market with around 34.5% revenue share
Based on railway type, the global track geometry measurement system market is segmented into heavy haul railways, high-speed railways, light railways, and mass transit railways. Out of this, the mass transit railways are dominating the market with the largest market share in 2022, due to its extensive use of rail transportation. Mass transit railways, including subways, metros, and light rail systems, require frequent and accurate track monitoring to ensure the safety and efficiency of the rail network. As a result, there is a high demand for advanced track monitoring technologies, including TGMS, in this segment. Additionally, the increasing investment in mass transit railways in developing countries, such as China and India, is expected to further drive the growth of the mass transit railways segment in the track geometry measurement system market.
Regional Segment Analysis of the Track Geometry Measurement System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific is a leader in the market with around 39.5% revenue share in 2022.
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Based on region, the Asia-Pacific region has dominated the Track Geometry Measurement System market due to several factors. First, the region has a large and rapidly growing railway network, with several major countries such as China, India, and Japan investing heavily in railway infrastructure development. Second, the need for efficient and safe rail transport in these countries has driven demand for advanced track monitoring technologies, including TGMS. Finally, the presence of several key players in the region, such as Amberg Technologies and Harsco Corporation, has contributed to the growth of the market. As a result, the Asia-Pacific region is expected to continue dominating the Track Geometry Measurement System market in the foreseeable future.
The report offers the appropriate analysis of the key organizations/companies involved within the global track geometry measurement system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Companies:
- Amberg Technologies AG
- Balfour Beatty PLC
- Bentley Systems, Inc.
- ENSCO, Inc.
- Fugro N.V.
- Goldschmidt Thermit Group
- Harsco Corporation
- MER MEC S.P.A.
- Plasser & Theurer
- R.Bance & Co Ltd
- Siemens AG
- Speno International SA
- Trimble Inc.
- Vossloh AG
- Zephir S.P.A.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture Capitalists
- Value-Added Resellers (VARs)
- In October 2022, Tesmec S.P.A. has been contracted by TCDD (The Republic of Turkey State Railways) to provide a diagnostic tool equipped with measuring devices for inspecting the railway network. The agreement includes the design and construction of the diagnostic tool and onboard diagnostic systems, as well as training local operators and inspecting the diagnostic system.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global track geometry measurement system market based on the below-mentioned segments:
Track Geometry Measurement System Market, By Component
Track Geometry Measurement System Market, By Railway Type
- Heavy Haul Railways
- High-Speed Railways
- Light Railways
- Mass Transit Railways
Track Geometry Measurement System Market, By Operation
Track Geometry Measurement System Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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