The track geometry measurement system market size is projected to reach US$ 6.12 billion by 2031 from US$ 3.47 billion in 2023. The market is expected to register a CAGR of 7.4% in 2023–2031. The rise in demand for solutions to increase rail safety and expansion of rail network are likely to remain key to track geometry measurement system market trends.
Track Geometry Measurement System Market Analysis
Multiple regulations and standards govern the railway industry, and in order to comply with them, a track geometry measurement system is required. The growing demand for safety and security in railway transportation, as well as the expansion of railway networks and metro lines, are key drivers of industry growth. Numerous mishaps and accidents involving trains have raised global concerns, encouraging governments to digitize the mode of transportation to ensure a safer journey. Furthermore, increased demand for smart technologies to maintain track operational efficiency is driving track geometry measurement system market growth.
Track Geometry Measurement System Market Overview
In the rail industry, the track geometry measurement system is the most crucial technique for evaluating track safety and maintenance scheduling. Routinely measuring and evaluating track geometry helps to avoid track-related derailments, which can cause disastrous damage. Track geometry conditions are a major cause of vehicle/track interaction derailments, such as spreading gage (gauge), wheel climb, and rail rollover derailments. Track geometry conditions can also cause broken rails, broken fasteners, and thermal misalignment derailments. The track geometry measurement system provides the critical capability of ensuring that the track geometry condition is within acceptable limits for safe operations.
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Track Geometry Measurement System Market: Strategic Insights
Market Size Value in US$ 2795.7 Million in 2019 Market Size Value by US$ 4741.0 million by 2027 Growth rate CAGR of 7.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Track Geometry Measurement System Market: Strategic Insights
| Market Size Value in | US$ 2795.7 Million in 2019 |
| Market Size Value by | US$ 4741.0 million by 2027 |
| Growth rate | CAGR of 7.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Track Geometry Measurement System Market Drivers and Opportunities
Rise in the demand for track geometry measurement system for high-speed rail and mass transit rail to Favor Market
The global track geometry measurement system market is projected to expand rapidly due to increased demand for high-speed rail. High-speed rail developments have steadily progressed, boosting the global track geometry measurement system market. One of the primary drivers of the track geometry measurement system market is the presence of a wide range of rail industry specifications and legislation, as well as the need to incorporate track geometry measurement solutions to comply with these standards. Other factors driving the track geometry measurement system market include the introduction of track geometry systems for track maintenance and the expansion of the metro and high-speed train networks.
Rising rail infrastructure
The global demand for transport is increasing at a faster rate. According to the International Energy Agency (IEA), in 2019, passenger and freight activities are expected to grow twice by 2050. According to The World Bank Group, railways are one of the efficient ways to transport passengers and freights. Due to such growing transport activities, The World Bank Group supports the development of the rail industry to make it more efficient. It supports the developing country governments in reforming the railway infrastructure and incorporating railways into a country’s transportation network. In addition, the governments of developing countries are also investing to boost their railway industry. According to the India Brand Equity Foundation, for the rail infrastructure and development, the country will invest around US$ 715.41 billion by 2030. Such investments and initiatives by the government and associations are boosting the growth of the rail industry. Thus, the growing rail infrastructure generates the demand for solutions to accurately evaluate the railroad track geometry in a variety of operational conditions.
Track Geometry Measurement System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the track geometry measurement system market analysis are railway type, operation type, and component.
- By railway type, the market is segmented into high-speed railways, conventional railways, heavy haul railways, and light railways. The conventional railway segment held the largest market share in 2023.
- Based on the operation type, the market is segmented into contact and no contact. The contact segment held the largest market share in 2023.
- By component, the market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023.
Track Geometry Measurement System Market Share Analysis by Geography
The geographic scope of the track geometry measurement system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific region is expected to grow with the highest CAGR. The rapid development of rail systems in the region demands robust solutions to enhance rail safety, which propels the track geometry measurement system market in the Asia Pacific region. The increase in railway networks and metro lines in the region further drives the track geometry measurement system market growth in the region.
Track Geometry Measurement System Market Report Scope
Track Geometry Measurement System Market News and Recent Developments
The Track Geometry Measurement System Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In November 2023, Brightline awarded a contract to ENSCO Rail to provide autonomous railway inspection technology for its expanded Florida network. ENSCO’s track geometry and rail wear measurement technology uses sensors and algorithms to measure rail parameters in real-time and provide a comprehensive track condition assessment of the network. By autonomously monitoring the condition of the track infrastructure, this technology supports asset management decisions to keep Brightline’s rail network in service. (Source: Brightline, Press Release, 2023)
Track Geometry Measurement System Market Report Coverage and Deliverables
The “Track Geometry Measurement System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the below areas.
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Railway Type ; Operation Type ; Component ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global track geometry measurement system market was estimated to be US$ 3.47 billion in 2023 and is expected to grow at a CAGR of 7.4% during the forecast period 2023 - 2031.
The rise in demand for solutions to increase rail safety and the expansion of rail networks are the major factors that propel the global track geometry measurement system market.
An autonomous track geometry measurement system is anticipated to play a significant role in the global track geometry measurement system market in the coming years.
The key players holding majority shares in the global track geometry measurement system market are Balfour Beatty plc; Bentley Systems, Inc.; ENSCO, Inc.; E.S.I.M. Srl; and Goldschmidt.
The global track geometry measurement system market is expected to reach US$ 6.12 billion by 2031.
The incremental growth expected to be recorded for the global track geometry measurement system market during the forecast period is US$ 2.65 billion.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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