track geometry measurement system Market

The track geometry measurement system market was valued at US$ 2795.7 million in 2019 and it is projected to reach US$ 4741.0 million by 2027; it is expected to grow at a CAGR of 7.3% from 2020 to 2027.

Governments of several countries have implemented laws and regulations that suggest to comply with increasing safety concerns in railway, as they are increasingly concerned with the protection of the railways and with technical advances in the rail sector itself. As a result, market leaders have devised new technologies to meet the demands of the end-use industry and comply with the traditional guidelines, thereby increasing the desirability of the systems. This, in turn, is expected to lead to growth of the track geometry measurement system market in the next few years. Moreover, government authorities are focusing on increasing light rail networks—such as metro lines—in order to meet increasing demand for mass transit, as well as expanding the rail network to serve unconnected population centers. These major investments in the extension of the rail network are expected to generate new prospects for the development of the track geometry measurement system market. 
    
The need for safety and security in rail transport is a high priority in all sectors. Growing safety and security requirements for rail transport and increasing train and metro lines are some of the factors that contribute to a significant rise in demand for track geometry measurement systems. Train malfunctions and crashes pose global concerns and urge policymakers to digitize transport in order to ensure safer travel. Besides, due to increasing demand for intelligent technology to sustain operational performance, the market would have lucrative opportunities in the near future. Moreover, the government focuses on the development of light rail infrastructures, such as metro trains and the expansion of rail, to link previously unconnected population centers in order to meet the growing demand for public transport in many countries. These major investments in the expansion of the rail network are likely to create new opportunities for the track geometry measurement system market during the forecast period.

The market for track geometry measurement system is segmented into railway type, operation type, component based, and geography. Based on railway type, the track geometry measurement system market is sub-segmented into high-speed railways, conventional railway, heavy haul railways, and light railways. The conventional railway segment dominated the track geometry measurement system market; whereas, the high-speed railways segment is expected to grow at fastest growth rate during the forecast period. Based on operation type, the track geometry measurement system market is bifurcated into no contact and contact. The contact segment dominated the track geometry measurement system market; whereas, the no contact segment is expected to grow at a faster rate during the forecast period. Based on component, the track geometry measurement system market is sub-segmented into hardware, software, and services. The hardware segment dominated the track geometry measurement system market; whereas, the software segment is expected to grow at the fastest rate during the forecast period. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, The growth of the track geometry measurement system market in North America is attributed to the increasing expansion of rail network. The rising regulatory safety requirements in the rail transportation sector is expected to significantly boost the growth of track geometry measurement system market in the region. Moreover, the rising penetration of advanced technologies also accelerates the growth of the market in North America. In Europe, increasing transformation of railway network is driving the growth of the market.  European countries such as Germany and France are expanding their warehouse capacity due to presence of several automotive manufacturers. The region has been a leading adopter of industrial automation due to growing investments in Industry 4.0. Thus, all of these factors are contributing to the growth of the market in Europe.
 
The overall track geometry measurement system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the track geometry measurement system market with respect to all the segments. It also provides the overview and forecast for the global track geometry measurement system market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the track geometry measurement system market.

Balfour Beatty, BENTLEY SYSTEMS, INCORPORATED, Deutzer Technische Kohle GmbH, Fugro, Goldschmidt Thermit GmbH, MERMEC Inc., Plasser & Theurer, R.Bance & Co Ltd, Siemens, and Vista Instrumentation LLC are among a few major players operating in the global track geometry measurement system market.