Wilmington, Delaware, United States, May 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – As per market report by TMR, the Global Tamping Machine Market was valued at US$ 2.9 Bn in 2022 and is estimated to reach at US$ 4.6 Bn by the end of 2031. Rise in demand for extensive security and increase in integration of IoT and cloud into tamping services are expected to drive the Tamping Machine Market during the forecast period from 2023 to 2031.
Implementation of tamping-way systems is likely to augment the market in the next few years. Government bodies of several countries are focusing on creating superior railway infrastructure by strengthening the tamping services. These factors are projected to bolster the tamping market during the forecast period from 2023 to 2031.
Tamping machines are used to track ballast under the tracks and correct the longitudinal level and x-level. Novel designs such as portable tamping machines include features such as track maintenance, raising of rails, and battery backup. These advancements in tamping systems have created new opportunities in global business.
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Tamping Machine Market: Growth Drivers
- Expansion of railway networks in remote areas and mountainous regions is likely to accelerate the growth of the tamping market. Presence of a strong rail network facilitates easy travel for the public. Hence, rise in focus on strengthening rail infrastructure is projected to bolster the global Tamping Machine Market.
- Increase in number of regulations related to mining is prompting construction companies to embrace tamping solutions on a large scale. These mining locomotive solutions ensure precision in work and hardly fail. Furthermore, these are cost-efficient and available in different grades and sizes. These factors are propelling the tamping market.
- Rise in preference for public transport for commutation in developing countries has created the need for well-equipped public infrastructure. Additionally, novel technologies and innovations derived through research and development activities are accelerating the growth of the tamping market. Additionally, the delivery time for rail applications has decreased. Government bodies of various countries are developing their rail transport services and making them efficient and convenient. Rise in adoption of tamping systems in rail transport services is likely to drive the market.
Key Findings of Tamping Machine Market Report
- The track tamping product type segment is anticipated to witness significant growth, driven by increase in railway development projects across the globe. Furthermore, rise in mining activities has propelled the use of mining locomotion, which is likely to augment segment growth.
- The construction track maintenance application segment is anticipated to grow at a rapid pace in the next few years due to its precision in track maintenance. Track construction and maintenance activities are gaining traction across the globe. Thus, the segment is expected experience robust growth.
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Tamping Machine Market: Regional Insights
- The market in North America is expected to witness strong growth between 2023 and 2031. Rise in focus on initiatives & schemes and increase in investments in rail infrastructure maintenance are contributing to the growth of the tamping market in the region.
- Asia Pacific is projected to offer lucrative business opportunities to market players. Increase in urbanization trend has induced government bodies in countries such as Japan, India, and China to concentrate on improving the railway transport infrastructure to enable security. These factors are expected to augment the global market between 2023 and 2031.
Tamping Machine Market: Competitive Insights
- The Tamping Machine Market has numerous players. They are focusing on expanding their consumer base. Players engage in research & development activities aimed at upgrading existing products and integrating new features. Furthermore, players are involved in strategic collaborations that help in escalating the dominance in untapped regions. Development of economic and digital twin models helps in tracking maintenance and extending the life of existing railways. Moreover, advanced version of lightweight, low-cost, and effective tamping has complemented business growth.
Some well-entrenched players operating in the Tamping Machine Market are:
- MATISA MATERIEL INDUSTRIEL S.A
- Plasser & Theurer
- Strukton
- Gemac Engineering Machinery Co. Ltd.
- The Sinara Group
- New Sorema Ferroviara SpA
- Robel Bahnbaumaschinen Gmbh
- Harsco Corporation
- CRCC High Tech Equipment Co., Ltd.
- Loram Maintenance of Way, Inc.
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Tamping Machine Market: Segmentation
Product Type
- Track Tamping Machines
- Points and Crossing Tamping Machines
- Multi-purpose Tamping Machines (MPT)
Application
- New Railway Lines Construction
- Track Maintenance
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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