New York, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Railway maintenance machinery includes tamping machines, stabilizing machines, and other vehicles and machines that keep railway tracks in good condition. These machines are used for weld shear, rail drill, rail saw, clipping machines, and others. They are also employed in the upkeep of rail lines to ensure railroads' safe and effective operation. The smooth and efficient functioning of transportation and logistics relies on the use of railway maintenance machinery. The growth of the railway maintenance machinery market is predicted to be driven by the expanding use of cloud, internet, and IoT services to boost the overall operational efficiency of the maintenance process.
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Growing Government Spending on Construction of Railway Projects Drives the Global Market
According to Straits Research, “The global railway maintenance machinery market size was valued at USD 3.5 billion in 2021. It is projected to reach USD 6.01 billion by 2030, growing at a CAGR of 6.2% during the forecast period (2022–2030).” New railway projects, such as new lines and the doubling of existing lines, are receiving approval from many governments worldwide. In addition, they are focused on ensuring the public's safety by bolstering trust in the rail system and enhancing measures to prevent accidents. The development of China's railway networks is also receiving substantial government funding. Numerous countries are in the planning and building stages of massive railway projects. Consequently, the market's growth has been fueled by the rise in demand for railway maintenance equipment due to the increase in the construction of new rail projects.
Adoption of IoT and Internet Services in the Railway Maintenance Machinery Products Creates Tremendous Opportunities
Some benefits of an IoT-based system are scalability, high throughput, data security, and uninterrupted service. To better manage infrastructure and assets and to increase customer satisfaction, the railway industry is increasingly adopting advanced cloud-based systems. As a result of their advanced engineering, the newest products on the market are more reliable and productive than ever. Many manufacturers of equipment used for railway maintenance are incorporating internet connectivity and the internet of things into their wares. These machines represent a significant technological advancement compared to conventional railway maintenance equipment. There has also been progressed in the rail infrastructure and the implementation of IoT technologies to boost the effectiveness of railway systems.
Regional Analysis
Europe railway maintenance machinery market share is expected to grow at a CAGR of 6.75% during the forecast period. Many people use metros and high-speed railways to reduce traffic congestion instead of driving. The development of the railway maintenance machinery market can be attributed to the rise in government spending on railroad infrastructure in Europe. It is anticipated that the growing demand for railway travel as a public transportation option in Europe will also contribute to the expansion of the railway maintenance machinery market. Major players consider acquisition a critical developmental strategy to expand their railway maintenance equipment offerings.
Asia-Pacific is expected to grow at a CAGR of 8.16%, during the forecast period. Train systems in developing countries like Myanmar, Thailand, the Philippines, and Vietnam are getting much attention and investment. For example, in 2020, Thailand intended to invest USD 7.4 billion into its railway infrastructure. Such factors are expected to boost the APEJ railway maintenance machinery market. By 2029, the South Korean government plans to replace every diesel train with an electric one to cut carbon emissions. Consequently, this factor is expected to create promising market expansion prospects.
The United States, Mexico, and Canada are part of the North American region. A rise in government spending on railway expansion and rising consumer demand for a safe, reliable, and environmentally friendly transportation system are the main factors propelling the development of the railway maintenance machinery market in the region. Increased federal funding for rail expansion in the United States has been a primary driver of the rising demand for railway maintenance equipment. The Canadian government is prioritizing the construction of electrified rail lines to cut down on carbon emissions. Additionally, the government aims to reduce carbon dioxide emissions in Canada by 40-45 percent by the year 2025.
Key Highlights
- Based on product, the global railway maintenance machinery market is bifurcated into tamping machines, stabilizing machinery, rail handling machinery, ballast cleaning machine, and others. The tamping machine segment is the highest contributor to the market and is expected to grow at a CAGR of 6.78% during the forecast period.
- Based on application, the global railway maintenance machinery market is bifurcated into ballast track and non-ballast track. The ballast track segment owns the highest contributor to the market and is expected to grow at a CAGR of 6.94% during the forecast period.
- Based on sales, the global railway maintenance machinery market is bifurcated into new sales and aftermarket sales. The aftermarket sales segment owns the highest contributor to the market and is expected to grow at a CAGR of 7.58% during the forecast period.
- Europe is the most significant shareholder in the global railway maintenance machinery market and is expected to grow at a CAGR of 6.75% during the forecast period.
Competitive Players
The global railway maintenance machinery market’s major key players are China Railway Construction Corporation Limited (CRCC), China State Railway Group Co. Ltd., System 7-Rail support GmbH, Harsco Corporation, MER MEC s.p.A, Geatech Group s.r.l., Plasser & Theurer, Sinara Group, Fluor Corporation, Coril Holdings Ltd., Speno International SA, and Amberg Group AG.
Market News
- In September 2022, the rail division of Harsco Corporation signed a contract with Saudi Railway Company worth nearly USD 31 million to supply the company with a 60-stone rail grinder.
- In September 2022, Pandrol and Amberg Technologies AG announced they had signed an agreement to form a strategic partnership.
Global Railway Maintenance Machinery Market: Segmentation
By Product
- Tamping Machine
- Stabilizing Machinery
- Rail Handling Machinery
- Ballast Cleaning Machine
- Others
By Applications
- Ballast Track
- Non-ballast Track
By Sales
- New Sales
- Aftermarket Sales
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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