+1-786-628-7980
Sign Up/Sign In 
The Global Track Geometry Measurement System Market size is predicted to reach $4.8 billion by 2030, growing at a CAGR of 5.3% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The growing demand for safety and security in railway transit, as well as the expansion of railway networks and metro lines, are driving the industry’s growth globally. Regulatory groups and organizations impose stringent restrictions and standards to guarantee track safety and compliance. By delivering precise and reliable track condition data, track geometry measuring devices assist railway operators in meeting these regulatory criteria., finds IndustryARC in its recent report, titled “Track Geometry Measurement System Market – By Measurement Type (Gauge, Twist, Cant & Cant Deficiency, Vertical Profile, Curvature, Alignment, Dynamic Cross-Level, Dipped Joints, Others), By Operation Type (No Contact Based, Contact Based), By Railway Type (High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, Light Railways), By Component (Software, Lighting Equipment, Navigation Equipment, Communication Equipment, Computer, Camera, Data Storage, Power Supply Equipment, Sensor, Others) By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
Request Sample Research Report: https://www.industryarc.com/reports/request-quote?id=505231
South America to Register Highest Growth:
The South American region is anticipated to experience the highest Growth of CAGR 6.9% in the global Track Geometry Measurement System Market between 2023 and 2030. Leading countries in South America are making substantial investments in infrastructure projects, particularly the expansion and modernization of their railway networks. As these nations strive to enhance their transportation systems, there is a growing imperative to continuously assess and maintain the railway track conditions. Track geometry measurement systems play a pivotal role in evaluating track alignment, curvature, and various parameters to ensure the safety and efficiency of train operations. The demand for both freight and passenger rail services are on the rise in South America, owing to factors such as the region’s expanding population, the growth of its mining and agricultural sectors, and the increasing popularity of intercity and regional passenger rail services. Track Geometry Measurement Systems will be essential for monitoring track conditions and proactively identifying potential issues to prevent derailments or other accidents.
Track Geometry Measurement System Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
CAGR |
5.3% |
|
Market Size in 2030 |
$4.8 billion |
|
Segments Covered |
Measurement Type, Operation Type, Railway Type, Component and Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica and Rest of South America), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Denmark, Spain, Rest of Europe), Asia-Pacific (China, Australia, Japan, South Korea, India, Taiwan, Malaysia, Hong Kong and Rest of Asia-Pacific), Rest of the World (Middle East and Africa). |
|
Key Market Players |
|
Get Access to Full Research Report:
https://www.industryarc.com/Research/Track-Geometry-Measurement-System-Market-Research-505231
Track Geometry Measurement System Market Report – Key Takeaways:
By Railway Type, Heavy Haul Railways segment is analyzed to grow with the highest CAGR of 6.4% during the forecast period 2023-2030. This is owing to Heavy Haul Railways are often used for transporting bulk goods such as coal, minerals, and heavy machinery. To maximize the efficiency of these operations, it is important to optimize the load distribution across the train. Track Geometry Measurement Systems help assess track conditions, identify areas with load restrictions, and determine the maximum allowable load per axle or per train set. In May 2023, in Shuozhou City in northern China, the country’s first intelligent heavy-haul train operation and maintenance system has been introduced. The technology will result in a more than 20% improvement in China’s railway infrastructure’s overall operational quality.
Asia-Pacific region held a major market share in 2022 and is analyzed to continue its dominance over the market growing at CAGR 6.1% during the forecast period 2023-2030. The demand for Track Geometry Measurement System market in Asia-Pacific is increasing owing to the rise in government-led initiatives and companies to upgrade transportation infrastructure, particularly in emerging nations. In Malaysia, various initiatives have been undertaken to improve track geometry measurement and maintenance. One notable project is the implementation of the Track Geometry Measurement System (TGMS) by Keretapi Tanah Melayu Berhad (KTMB), the national railway company of Malaysia. TGMS is a sophisticated technology that uses laser-based sensors to accurately measure and monitor track geometry parameters in real-time.
By Operation Type, Contact Based segment held a major market share in 2022 and is set to witness a growth of CAGR 4.8% during 2023-2030. Contact-based systems offer stability during measurement operations. The physical contact between the measurement device and the track provides a stable reference point, resulting in consistent and reliable measurements. Contact-based systems provide higher accuracy in measuring track geometry parameters compared to non-contact systems. The direct contact with the track allows for precise measurements of parameters such as gauge, alignment, and cross-level. Being the most commonly used operation type, the market is set to witness growth owing to the growing investments towards setting up of new railways corridors especially in countries such as India during the forecast period 2023-2030
The high cost of implementation act as a major challenge for the Track Geometry Measurement System market. TGMS involves significant upfront costs for railway operators or maintenance companies. Installing the necessary infrastructure, sensors, data processing systems and integrating them with existing railway systems can be expensive. Moreover, railway operators or maintenance companies often have limited budgets allocated for infrastructure upgrades and maintenance. The high cost of implementing TGMS may exceed the available funds, making it difficult for organizations to invest in the technology. Limited financial resources can hinder the adoption of TGMS, especially for smaller or financially constrained entities.
Purchase this Premium Report:
https://www.industryarc.com/purchasereport.php?id=505231
Key Opportunity Analysis:
Increasing Railway Infrastructure Investments
The rising railway infrastructure investments can create opportunities for the growth of the Track Geometry Measurement Market. Many countries and regions are investing in the expansion, modernization, and maintenance of their railway networks. According to India Brand Equity Foundation, Infrastructure development is essential if India is to achieve its goal of having a $5 trillion economy by 2025. In order to boost the growth of the infrastructure industry, the government has introduced the National Infrastructure Pipeline (NIP), along with other programmes like “Make in India” and the production-linked incentives (PLI) plan. Historically, financing for transportation, energy, and water and irrigation has accounted for more than 80% of the nation’s infrastructure investment.
Introduction of Autonomous Trains
The introduction of autonomous trains can indeed lead to an increased demand for track geometry measurement systems due to the critical role they play in ensuring safety, optimizing performance, enabling preventive maintenance, and supporting data-driven decision making which in turn create opportunities for the growth of the market. These systems are essential for maintaining and improving the infrastructure required to support autonomous train operations effectively. In July 2023, Chennai Metro plans to purchase 70 more driverless trains for its Phase II project. Bids for the 70 three-coach trains have been solicited, and the contract is expected to be awarded within the next 4-6 months. The first autonomous train is expected to arrive in mid-2024. Such innovations and investments in autonomous railway infrastructure will create opportunities for the growth of the Track Geometry Measurement Market.
If you have any questions, please feel free to contact our experts at: https://www.industryarc.com/reports/request-quote?id=505231
The Report also Covers the Following Areas:
Track Geometry Measurement System Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The COVID-19 epidemic has left a significant impact on the TGMS sector. Rising coronavirus incidence throughout the world prompted strict social separation and lockdown standards, causing supply chain disruption and hurting product demand. The COVID-19 problem impacted sectors globally, with the global economy suffering the most in 2020 and perhaps 2021. The pandemic caused damage on main businesses such as shipping, retail, and e-commerce. The major fall in the transportation industry has hampered the expansion of the worldwide TGMS market.
The Russia-Ukraine war has broader consequences on the global economy, including energy prices, supply chains, and trade flows. These macroeconomic factors have indirectly impacted overall demand for Track Geometry Measurement Systems.
To Get a Customized Industry Analysis, Speak with our Research Analyst: https://connect.industryarc.com/lite/schedule-a-call-with-our-sales-expert
List of Key Market Players in Track Geometry Measurement System Market:
The Global Track Geometry Measurement System Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Related Reports:
Report Code: AIR 0069
Report Code: AIR 0228
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: sales@industryarc.com
USA: (+1) 518 282 4727
