New York, United States , May 23, 2023 (GLOBE NEWSWIRE) -- The Global Track Geometry Measurement System Market Size is to grow from USD 3.25 billion in 2022 to USD 4.89 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.
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A Track Geometry Measurement System (TGMS) is a sophisticated technology used to measure and analyze various aspects of railroad track geometry. It is an essential tool for ensuring the safety and efficiency of railway operations. The system employs a variety of instruments, including lasers, cameras, and sensors, to gather data on track gauge, alignment, curvature, and other parameters critical to safe train movement. TGMS is capable of identifying track defects, such as misaligned rails and worn-out components, that could lead to derailments and other accidents. The data collected by the system is used to plan maintenance and repair work, as well as to optimize train speeds and reduce wear and tear on equipment. TGMS is widely used by railway companies around the world to maintain safe and reliable track infrastructure.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "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 – 2032". Get Detailed Report Description Here:
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The services segment is expected to grow at a CAGR of around 5.4% during the forecast period
Based on components, the global track geometry measurement system market is segmented into hardware, software, and services. The services segment is anticipated to witness the fastest growth in the track geometry measurement system market during the forecast period due to several factors. First, the need for regular calibration, maintenance, and repair services for TGMS is increasing, which is driving demand for service providers. Second, the growing trend of outsourcing maintenance and repair services to specialized companies is further contributing to the growth of the services segment. Finally, the availability of value-added services, such as data analysis and reporting, is also expected to contribute to the growth of the services segment in the track geometry measurement system market.
The contact segment held the largest market share with more than 53.6% market share
Based on operation, the global track geometry measurement system market is segmented into contact and contactless. The contact segment held the largest market share in 2022, due to its high accuracy and reliability in measuring track geometry. Contact measurement systems use physical contact between the measuring device and the rail surface, allowing for precise and detailed measurements of track parameters. This makes contact systems ideal for high-speed railways and other applications that require high levels of accuracy. Additionally, contact systems can measure a wide range of track parameters, including gauge, can’t, and curvature, making them versatile and suitable for various rail applications.
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North America is predicted to grow at a CAGR of around 6.2% over the projected period.
Based on region, the North American region is expected to grow in the track geometry measurement system market during the forecast period due to several factors. First, there is a growing need for the modernization and maintenance of existing railway infrastructure in the region, which is driving demand for advanced track monitoring technologies. Second, the rise in railway traffic and the need for faster train speeds are increasing the demand for accurate and reliable track measurements. Finally, the presence of several key players in the region, such as Bentley Systems and Trimble Inc., is expected to contribute to the growth of the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. Some of the major players in the global track geometry measurement system market include 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, and Zephir S.P.A.
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Market Segment
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
- Hardware
- Software
- Services
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
- Contact
- Contactless
Track Geometry Measurement System Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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