Increasing demand for track geometry measurement systems (TGMS) from high-speed railways and mass transit railways drives market growth
The TGMS market is expected to grow at a CAGR of 6.00% from 2019 to 2024, to reach USD 3.7 billion by 2024 from USD 2.8 billion in 2019. Presence of various standards and regulations in the railway industry and need for track geometry measurement systems to meet those standards are among the key driving factors for the TGMS market. Adopting track geometry measurement systems for track maintenance and growing network of metro lines and high-speed railway lines are among the other factors fueling the growth of the TGMS market. However, the lack of required infrastructure can hinder the growth of the TGMS market.
Market for no contact track geometry measurement systems to witness significant growth during forecast period
The TGMS market, by operation type, is segmented into no contact and contact based track geometry measurement systems. The no contact based TGMS market is expected to witness significant growth during the forecast period. The major benefit of this operation type is that it is suitable for high and low speed. Also, it ensures high accuracy with the help of advanced technologies such as imaging technologies and optical laser sensors. Therefore, this type of operation method is gaining popularity for track geometry measurement.
Gauge segment to hold largest share of TGMS market in 2019
In this report, the TGMS market, by measurement type, has been segmented into gauge, twist, cant and cant deficiency, vertical profile, curvature, alignment, dynamic cross-level, dipped joints, and others. Among these, the gauge segment is expected to hold the largest share of the market throughout the forecast period. Gauge is one of the critical parameters of track geometry measurement. The wheelsets of the rails should be compatible with the track gauge, else it could result in fatal accidents due to derailment.
APAC to hold largest share of TGMS market from 2019 to 2024
In terms of market size, APAC is expected to dominate the TGMS market during the forecast period as it is likely to witness significant growth in the said market during the forecast period. The increasing demand for track geometry measurement systems, especially no contact track geometry measurement systems, from the high-speed railways and mass transit railways is among the key factors accelerating the growth of the market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the TGMS market.
Following is the breakup of the profiles of primary participants for the report.
- By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The report profiles key players in the TGMS market and analyzes their market rankings. Players profiled in this report 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), Harsco Corporation (US), Trimble (US), DMA (Italy), Deutzer Technische Kohle (Germany), K?V sro (Czech Republic), Vista Instrumentation (US), ZG Optique (Switzerland), Amberg Technologies (Switzerland), Rail Vision Europe (UK), and Holland LP (US).
- This report segments the TGMS market by measurement type, operation type, railway type, component, and geography.
- The report also describes major drivers, restraints, challenges, and opportunities pertaining to this market, as well as includes value chain and market ranking analysis.
Reasons To Buy This Report
The report will help leaders/new entrants in the TGMS market in the following ways:
- The report segments the TGMS market comprehensively and provides the closest market size estimation for all subsegments across regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the TGMS market.
- The report will help stakeholders understand their competitors better and gain insights to improve their position in the TGMS market.
- The competitive landscape section describes the competitor ecosystem.