Stratview Research has published a new report on the Track Geometry Measurement System Market, segmented by By Railway Type (High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, Light Railways), By Operation (No Contact, Contact), By Offering (Hardware, Software, Services) and Region. This report provides critical insights on the market dynamics and enables strategic decision making for the existing and new market players.
The Track Geometry Measurement System Market is estimated to grow from USD 2.9 billion in 2020 to USD 4.1 billion by 2026 at a healthy CAGR of 6.1% during the forecast period.
COVID-19 Impact on Track Geometry Measurement System Market
The COVID-19 outbreak has moderately affected the track geometry measurement system industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. There was a decline in railway travel of passengers as well as non-essential goods, which affected the product demand.
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This report studies the Track Geometry Measurement System Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on operation, the track geometry measurement system market is classified into no contact and contact. The no contact segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. The key benefit of this operation type is that it is ideal for high and low speed. Moreover, it ensures high accuracy with the help of advanced technologies such as imaging technologies and optical laser sensors. Thus, this type of operation method is gaining popularity for track geometry measurement, which boosts segment growth.
By region, the Asia Pacific market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. Strong expansion of high-speed rails and mass transit systems in China and India and various railway developments in the countries such as China, Australia, and India. In addition, rapid expansion in metro rails further proliferates regional market growth.
Key players operating in the track geometry measurement system market are-
- Ensco (US)
- Fugro (Netherlands)
- MER MEC (Italy)
- Balfour Beatty (UK)
- Plasser & Theurer (Austria)
- Siemens (Germany)
- R. Bance & Co. (UK)
- Bentley Systems (US)
- Goldschmidt Thermit Group (Germany)
- Egis (France).
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