Newark, April 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the track geometry market will grow from USD 3.35 billion in 2022 and reach USD 5.94 billion by 2032. The high-speed railway construction systems and the digitalization of railway transportation usually raise the entire growth of the track geometry domain in current times.
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Key Insight of Track Geometry Market
Asia Pacific to account for largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the track geometry market. The essential elements favouring the growth of the track geometry market in Asia Pacific region is due to substantial rail network growth in the region. Nations like India, Japan, and China have sizeable conventional railway tracks. As per the International Energy Agency, India accounts for about 39% of global passenger movements on the standard rail, followed by China at 27% and Japan at 11%. These nations are anticipated to positively push the APAC region track geometry market during the projection years. Similarly, Europe is likely to substantially grow in the track geometry market due to the region’s second most extensive conventional railway track network.
The mass transit segment accounted for the largest market share of 27% in 2022
The railway type segment is divided into high-speed, mass transit, heavy haul, and light. The mass transit segment dominated the market, with a market share of around 27% in 2022. Mass transit systems deliver improved operational performance and profitability, facilitate shorter headways and, consequently, a more frequent service, and eliminate the need for high-cost maintenance signalling equipment.
The gauge segment accounted for the largest market share of 18% and market revenue of 0.60 billion in 2022.
The measurement type segment is divided into twist, vertical profile, dipped joints, dynamic cross-level, gauge, alignment, and others. The gauge segment dominated the market, with a market share of around 18% and market revenue of 0.60 billion in 2022. In gauging the distance between the running edge of the left and right rail. Several gauges are used worldwide; the standard gauge is 1,435 mm (4 ft 8 1⁄2 in) and is typically used in North America and most of Europe. As the linear asset degrades, the distance between the rails will increase. The deterioration can push a train to derail.
The no contact segment accounted for the largest market share of 56% and market revenue of 1.87 billion in 2022.
The operation type segment is divided into contact, and no contact. The no contact segment dominated the market, with a market share of around 56% and market revenue of 1.87 billion in 2022. No contact can be used in lengthy track sections, making it perfect for vast railway networks. However, the quick adoption of inertial-based rail track geometry measurement systems is improving the expansion of no-contact track geometry in the global market.
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Advancement in market
In February 2019, Balfour Beatty declared that Transport of London had appointed it to develop and deliver a 1,047-kilometer London Underground network. The authority will invest the necessary assets to complete a solid underground transportation network. Furthermore, Balfour Beatty will present new standards and technologies to ensure the safe delivery of the network that is devoid of any disruption to the traveling public.
Market Dynamics
Drivers: New inventions are pushing the market up
The rising adaption of the contactless track measurement system, competent in determining over 55 other types of faults in railway tracks, is boosting the overall development of the track geometry system industry. The technology related to contactless optical imaging is used in measuring the third rail height, gauging, third rail, and additional parameters with maximum precision and efficiency. Governmental institutions are positively financing and supporting the growth of the safety of railway systems.
Restraints: Fluctuating cost of raw materials
The raw materials demanded to complete track geometry systems are commonly incorporated with cutting-edge technologies and modules. Laser precision technologies and Real-time data processing are required for measuring trolleys and surveying devices which typically fluctuate in their costs with the financial condition of the regions. The slow infrastructural growth in growing and underdeveloped countries is also hampering the overall development of the track geometry market.
Opportunities: Technological advancement in railway system
The high-speed railway construction systems and the digitalization of railway transportation usually raise the entire growth of the track geometry domain in current times. Along with the rise in railway accidents, governmental institutions are forced to adopt the digitalization of railway systems to ensure safety. Such transformations are changing the market of track geometry systems. The necessity for safety and security in the railway mode of transportation has just been growing with the increasing number of railway accidents.
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Some of the major players operating in the track geometry market are:
• Amberg Technologies
• Balfour Beatty plc.
• Bentley System Inc.
• Egis Group
• Ensco Inc.
• Furgo Inc.
• Goldschmidt Thermit Group
• Harsco Corporation
• Hitachi Corporation
• Holland Lp.
• Mermec Inc.
• Plasser & Theurer.
• R Bance & Co Ltd
• Siemens AG
• Zg Optique Sa
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Key Segments cover in the market:
By Railway Type:
• High-Speed
• Mass Transit
• Heavy Haul
• Light
By Measurement Type:
• Twist
• Vertical Profile
• Dipped Joints
• Dynamic Cross-Level
• Gauge
• Alignment
• Others
By Operation Type:
• Contact
• No Contact
By Region
• 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)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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