Track Geometry Measurement System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Track Geometry Measurement System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Report Digest
Track Geometry Measurement System Market – Introduction
Penetration of technology into the railway industry has unlocked novel avenues for the advancements of the railway network. Track geometry measurement system is one such technology that associates the track geometry systems with rail profiles to obtain the measurements of both using just one instrument. Witnessing the high adoption rate, manufacturers of TGMS have been enhancing the accuracy and longevity of these systems in addition to reducing their size to offer the ease of installation, which is estimated to further boost the sales of these systems.
With the rising concerns apropos of the rail hazards, there has been a notable demand for efficient systems that can ensure the maintenance of railway tracks, which has been fulfilled by TGMS. However, lack of proper infrastructure for the installation of track geometry measurement system market could act as a deterrent. Analyzing the drivers, challenges, opportunities, and threats, the track geometry measurement system market is estimated to be valued at over USD 3 Bn in 2019.
Track Geometry Measurement System Market – Novel Developments
- In February 2019, Balfour Beatty announced that Transport of London has appointed it to develop and deliver 1,047 kilometer London Underground network. The authority will invest critical assets to achieve the completion of a robust underground transportation network. Alongside, Balfour Beatty will introduce new standards and technologies to ensure the safe delivery of the network that is devoid of any disruption to the travelling public.
- In May 2018, Network Rail awarded Balfour Beatty a 5-year - Reactive Building and Civil Contract. According to the contract, the company will be in charge of executing rail infrastructure repairs from London-Penzance, along with the Great Western route. The contract will help the company offer better and reliable journeys to travelers with the utmost safety.
- In November 2017, ENSCO Rail was awarded a Canadian Pacific contract, as per which the company will offer robust inspection systems for the evaluation car. Such cars will be the newest addition to the CP fleet and it will be well-armed with nascent track geometry measurement and imaging system technology.
Some of the most prominent competitors operating in the competitive landscape of global track geometry measurement system market include –
- MER MEC S.p.A.
- EGIS
- Fugro
- Balfour Beatty
- Goldschmidt Thermit Group
- Bentley Systems Inc.
- Plasser & Theurer
- MRX Technologies
- R. Bance & Co. Ltd.
- Ensco Inc.
- Siemens
- Rail Vision Europe
- Amberg Technologies
- ZG Optique
- Vista Instrumentation LLC
- Kžv
- Spol.
- Sro
- Trimble
- Harsco Corporation
- Deutzer Technische Kohle
- DMA
- Holland LP
Track Geometry Measurement System Market – Dynamics
Compliance to Numerous Standards Set by Government to Reflect on the Market Size
Rising concerns pertaining to the security of railways and technological advancements in the very arena of the railway industry, government of numerous countries have enforced laws and regulations that indicate the need to comply with the standards set by the government. As a result, the players operating in the market have been devising innovation to meet the requirement of the end-use industry as well as comply with the standard guidelines, thereby enhancing the desirability of these systems, which is anticipated to bode well for the growth of the track geometry measurement system market in the upcoming years.
Undergoing Metro Projects in Developing Countries to Keep the Demand for TGMS Consistent
One of the significant reasons fueling the growth of the track geometry measurement systems market is the rising demand for metro networks in developing countries. With multiple undergoing metro projects, there has been a significant surge in the demand for track geometry measurement systems for the development of strong railway network, which is expected to fuel the growth of the track geometry measurement systems market.
Asia Pacific to Remain a Leading Track Geometry Measurement System Market
Asia Pacific holds promising growth prospects for the track geometry measurement system market, on account of the advancements in the mass transit systems and high-speed rails in countries such as India and China. Among the other countries located in APAC, China is expected to account for a significant share of track geometry measurement system market, which is attributed to the development of a streamlined transportation network.
Japan as well contributes to the incessantly growing Asia Pacific track geometry measurement market with the constant development of high-speed railway network. Demand for track geometry measurement system is expected to witness an uptick in India, owing to a number of metro rail projects happening in this region. As a result of the massive contribution of regional markets, Asia Pacific is anticipated to remain a leading track geometry measurement system market in the forthcoming years.
Track Geometry Measurement Systems Market - Segmentation
The track geometry measurement systems market can be fragmented on the basis of:
- Measurement Type
- Operation Type
- Railway Type
- Component
Track Geometry Measurement Systems Market Segmentation - By Measurement Type
Depending on the measurement type, the track geometry measurement systems market can be divided on the basis of:
- Gauge
- Twist
- Cant and Cant Deficiency
- Vertical Profile
- Curvature
- Alignment
- Dynamic Cross-level
- Dipped Joints
- Others
Track Geometry Measurement System Market Segmentation – By Operation Type
Based on the operation type, the track geometry measurement system market can be classified into:
- No Contact
- Inertial Based
- Chord Based
- Contact
Track Geometry Measurement System Market Segmentation – By Railway Type
On the basis of railway type, the track geometry measurement systems market can be fragmented into:
- High-speed Railways
- Mass Transit Railways
- Heavy Haul Railways
- Light Railways
Track Geometry Measurement System Market Segmentation – By Component
Depending on the component, the track geometry measurement systems can be bifurcated into:
- Software
- Lighting Equipment
- Navigation Equipment
- Communication Equipment
- Computer
- Camera
- Data Storage
- Power Supply Equipment
- Sensor
- Accelerometer
- Gyroscope
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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