Track Geometry Measurement System Global Market Report 2024

The track geometry measurement system market size has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The observed growth in the historic period within the railway industry can be credited to several contributing factors. These include compliance with safety regulations, efforts to reduce maintenance costs, optimization of asset management practices, improvements in operational efficiency, the rising volume of rail traffic, and cost-effective upgrades made to railway infrastructure and systems. These factors collectively contributed to the growth and development of the railway sector during the historic period.

The track geometry measurement system market size is expected to see strong growth in the next few years. It will grow to $4.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period within the railway industry is expected to be influenced by several key factors. These encompass the integration of Internet of Things (IoT) and Artificial Intelligence (AI) technologies, an increase in global investments in rail infrastructure, a heightened focus on predictive maintenance practices, growing concerns for environmental sustainability, and the expansion of high-speed rail networks. Major trends expected in this period involve the integration of advanced technologies such as IoT and AI into railway systems, a continued focus on the development of high-speed rail networks globally, the implementation of remote monitoring and automation solutions, efforts towards data standardization and interoperability within the industry, and an increased emphasis on predictive maintenance and condition-based monitoring practices. These trends are anticipated to shape and drive the growth trajectory of the railway sector in the forecasted period.

The expanding network of metro and high-speed trains is anticipated to be a significant driver for the growth of the track geometry measurement systems market. High-speed rail, characterized by passenger rail networks operating at speeds ranging from 200 to 300 km/h and sometimes higher, relies on track geometry measurement systems to monitor track quality and ensure safety at designated speeds. These systems play a crucial role in regularly measuring track conditions to maintain optimal safety standards. In 2021-22, Australian railway building activity witnessed a 2.2% increase to $10.73 billion, as reported by the Australian Railway Association. Furthermore, China State Railway Group Co., Ltd., the railway corporation of China, reported in January 2023 that 4,100 kilometers of new railway lines, including 2,082 kilometers of high-speed tracks, were put into service in China in 2022. This underscores the role of the growing metro and high-speed train network in driving the track geometry measurement systems market.

The market for track geometry measurement systems is also significantly influenced by the rise in urbanization. Urbanization, characterized by population concentration in cities and the expansion of urban areas, leads to increased infrastructure development and societal complexity. The demand for efficient and reliable rail systems intensifies as cities expand and transportation infrastructure undergoes substantial development to accommodate the growing urban population. Track geometry measurement systems play a pivotal role in ensuring the optimal condition and safety of railway tracks, which are critical components of urban transit networks. According to data from the United Nations Department of Economic and Social Affairs, 55% of the world's population resided in urban regions in 2018, a figure projected to rise to 68% by 2050. Additionally, according to the United Nations Conference on Trade and Development, the urban population share increased to 56.5% in 2021. Consequently, the rise in urbanization emerges as a driving force behind the track geometry measurement systems market.

Technological advancements stand out as a prominent trend in the track geometry measurement systems market, with major companies actively engaged in developing innovative technologies to enhance their market positions. An illustrative example is Fugro, a Dutch multinational specializing in collecting and analyzing geological data. In 2022, Fugro announced the launch of its TrackBase system, a wayside monitoring solution that utilizes laser scanning technology to provide continuous track geometry measurements. This technological innovation underscores the commitment of major players in the market to advancing measurement capabilities and ensuring the precision of track geometry assessments.

Strategic partnerships have become a focal point for major players in the track geometry measurement systems market, aimed at improving financial strength and expanding geographical presence. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. In September 2021, Holland, a US-based engineering company dedicated to the railroad and related industries, partnered with Cordel, an Australia-based provider of automated infrastructure inspection solutions. This partnership expanded Holland's suite of track measurement services to include LiDAR technology, providing customers with diverse data applications such as track imagery, clearance validation, line-of-sight measurements, and condition assessments.

In October 2021, Rhomberg Sersa Rail Group, an Austria-based construction engineering company, acquired Balfour Beatty's track solutions business. This acquisition, carried out for an undisclosed amount, aimed to expand Rhomberg Sersa Rail Group's presence in the North American region. Balfour Beatty, a UK-based infrastructure company manufacturing track geometry measurement systems, became part of this strategic move, emphasizing the importance of strategic partnerships and acquisitions in the dynamic landscape of the track geometry measurement systems market.

Major companies operating in the track geometry measurement system market report are Ensco plc, Fugro N.V., MER MEC S.p.A., Lasser & Theurer GmbH & Co. KG, MRX Technologies Inc., R. Bance and Company Limited, Bentley Systems Incorporated, Goldschmidt Thermit Group, Siemens AG, Vista Instrumentation LLC, Holland LP, GRAW Inc., Jiangxi Everbright New Materials Co. Ltd., South Survey International Holdings Limited, Amberg Technologies AG, Trimble Inc., Plasser & Theurer Export von Bahnbaumaschinen Gesellschaft m.b.H., Harsco Rail LLC, Rail Vision GmbH, Balfour Beatty plc, Egis Group SA, ESIM Technologies, Alstom Transport SA, Bombardier Inc., GE Transportation a Wabtec company, Hitachi Rail Ltd., Kawasaki Heavy Industries Ltd., Stadler Rail AG, Sperry Rail Inc., Train Dynamics Systems.

Asia-Pacific was the largest region in the track geometry measurement system market in 2023. Europe was the second-largest region in the track geometry measurement system market. The regions covered in the track geometry measurement system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the track geometry measurement system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of track geometry measurement systems include gauge, twist, and vertical profile assessments. A gauge is an instrument used to measure and indicate various quantities such as wire thickness or rainfall. The products involved in track geometry measurement include track geometry trolleys, track geometry inspection vehicles (TGIV), and autonomous track geometry measurement systems (ATGMs). These systems find applications in various railway contexts, including high-speed railways, heavy haul railways, light railways, and mass transit railways.

The track geometry measurement system market research report is one of a series of new reports that provides track geometry measurement system market statistics, including track geometry measurement system industry global market size, regional shares, competitors with track geometry measurement system market share, detailed track geometry measurement system market segments, market trends, and opportunities, and any further data you may need to thrive in the track geometry measurement system industry. This track geometry measurement system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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