Global Track Geometry Measurement System Market Size Expands to Reach USD 5.1 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global track geometry measurement system market size at USD 3.34 billion in 2022. During the forecast period between 2023 and 2029, the global track geometry measurement system market size is projected to grow at a CAGR of 8.62% reaching a value of USD 5.09 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global track geometry measurement system market size at USD 3.34 billion in 2022. During the forecast period between 2023 and 2029, the global track geometry measurement system market size is projected to grow at a CAGR of 8.62% reaching a value of USD 5.09 billion by 2029. The adoption of intelligent strategies by railways all over the world is one of the major drivers of the track geometry measuring system (TGMS) industry. Due to the numerous rules and regulations that exist in the railway business as well as concerns over the high number of mishaps and tragedies involving trains, which are speeding market expansion, governments are digitizing the form of transportation to give a safer travel experience. The use of these systems for track maintenance in the railroad industry and the expanding need for no-contact track geometry measurement systems both have an impact on the market. The rapid industrialization, expansion of the metro, and high-speed rail network, and all of these things have a positive effect on track geometry measurements.
Global Track Geometry Measurement System Market – Overview
A track geometry measuring system is used to assess the condition of a railway track to reduce the impact on travelers and cargo. The Track Geometry Measurement System (TGMS) provides accurate and reliable track data for both short- and long-term maintenance planning. The system can be installed on almost any train vehicle and provides all the data required for the best track asset management. The track geometry measuring system is critical for determining the state of the track.
Sample Request @ https://www.blueweaveconsulting.com/report/track-geometry-measurement-system-market/report-sample
Opportunity: Rising popularity of TGMS due to high-speed rail & mass transit rail track
High-speed rail demand is expected to drive rapid growth in the global market for track geometry measurement systems. High-speed trains are commonly referred to as protected-type trains. The global track geometry measuring system market has benefited from high-speed rail's steady advancement. One of the key factors driving the TGMS market is the requirement to incorporate track geometry measuring solutions to comply with a wide range of rail industry norms and legislation. The introduction of track geometry systems for track maintenance, as well as the expanding network of metro and high-speed trains, are other factors driving the TGMS market.
Challenge: Inadequate infrastructure
Lack of necessary infrastructure and insufficient availability of infrastructure for the use of these systems is predicted to hinder the market. During the forecast period of 2023–2029, concerns regarding data privacy and management owing to the nature of secrecy are anticipated to present a challenge to the track geometry measuring system (TGMS) market.
Global Track Geometry Measurement System Market – By Railway
Global track geometry measurement system market by railway is segmented into High-Speed Railways, Mass Transit Railways, Heavy Haul Railways, and Light Railways. The market is dominated by the mass transit rails segment. The demand for precise measurements of track geometry parameters and the ability to identify deviations from the required track geometry is driving the development of mass transit railways. TGMS can be used to complete both new railroad construction projects and railroad maintenance.
Global track geometry measurement system market is fiercely competitive. Prominent players in the market include Hitachi Corporation, Siemens AG, Harsco Corporation, Balfour Beatty plc., Furgo Inc., Egis Group, Mermec Inc., Ensco Inc., Plasser & Theurer., R Bance & Co Ltd, Bentley System Inc., Goldschmidt Thermit Group, Holland Lp., Amberg Technologies, and Zg Optique Sa. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global track geometry measurement system market.
BlueWeave Research Blog
Phone No: +1 866 658 6826