The global track geometry measurement system market is estimated to reach a valuation of US$ 3.4 billion in 2023, with a projected CAGR of 6.3% from 2023 to 2033. By 2033, the market is expected to be worth US$ 6.3 billion. The presence of numerous standards and regulations within the railway sector and the necessity of track geometry measurement systems (TGMS) to adhere to those standards is expected to drive market expansion.
The measurement of track geometry holds significant importance in the rail industry as it aids in maintenance planning and ensures track safety assessments, in turn fuelling the demand for the same.
Attribute | Details |
---|---|
Track Geometry Measurement System Market Estimated Value (2023) | US$ 3.4 billion |
Track Geometry Measurement System Market Estimated Value (2033) | US$ 6.3 billion |
Track Geometry Measurement System Market Value CAGR (2023 to 2033) | 6.3% |
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According to the FMI analysis, the market for track geometry measurement systems garnered revenue of about US$ 2.4 billion in 2018, with a CAGR of 7.1% from 2018 to 2022.
The outlook for the track geometry measurement system industry from 2023 to 2033 is projected to exhibit significant growth compared to the period from 2018 to 2022.
This anticipated growth can be attributed to several factors, including the increasing emphasis on railway safety and efficiency, the need to comply with evolving industry standards and regulations, and the rising demand for advanced maintenance planning tools.
Adopting TGMS solutions is expected to expand as railway authorities and operators recognize their crucial role in ensuring track safety and optimizing maintenance operations.
Technological advancements, such as integrating artificial intelligence and data analytics into TGMS systems, are likely to further drive market growth by enhancing measurement accuracy and efficiency.
Overall, the 2023 to 2033 timeframe presents a promising landscape for the market, with an anticipated growth rate of 6.3%, reaching US$ 6.3 billion by 2033.
The China track geometry measurement system market is witnessing a surge in growth driven by several factors fostering the country's projected market size of US$ 1.6 billion, growing at a 7.7% rate from 2023 to 2033. The rapid expansion of China's extensive high-speed rail network, renowned for its extensive coverage, has created a strong demand for precise track measurements to ensure safety and operational efficiency.
The government's prioritization of railway infrastructure development and modernization initiatives has further fueled investments in TGMS solutions. Compliance with stringent safety standards and regulations has also led to an increased need for accurate track geometry measurements.
The integration of advanced technologies, including artificial intelligence and data analytics, has played a significant role in improving measurement accuracy and efficiency.
These factors collectively contribute to the surging growth of the China track geometry measurement system market, positioning it for continued expansion and innovation in the foreseeable future.
The growth outlook for the track geometry measurement system industry in the United States is highly favorable. With ongoing investments in railway infrastructure, the expansion of high-speed rail projects, and a strong emphasis on safety regulations, the demand for accurate track geometry measurements is increasing.
The integration of advanced technologies, such as artificial intelligence and data analytics, is driving improved measurement accuracy and efficiency in TGMS solutions.
The growing recognition of the benefits of proactive maintenance and the need to optimize operational performance are driving the adoption of TGMS in the United States, where the country is predicted to get hold of US$ 920.8 million share by 2033 at 5.1% CAGR from 2023 to 2033.
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The no-contact sub-segment is poised to experience significant growth of 6.2% during the forecasted period. The no-contact sub-segment is expected to be the top operation type in the track geometry measurement system industry as it offers higher measurement accuracy compared to contact-based methods.
By utilizing advanced technologies such as laser scanning and LiDAR, the no-contact approach can capture precise and detailed track geometry data, ensuring better assessment of track conditions.
The no-contact sub-segment minimizes the need for physical contact with the track, reducing wear and tear on both the measurement equipment and the track itself. This leads to lower maintenance costs and extends the lifespan of the infrastructure.
The no-contact approach improves safety by reducing the risks associated with personnel working directly on the tracks. Eliminating the need for workers to be present during measurements helps mitigate potential accidents or disruptions to rail operations.
The hardware sub-segment is poised to lead the industry by component in the track geometry measurement system industry as it plays a pivotal role in enabling accurate and reliable data collection for track geometry measurements.
As per the FMI study, this sub-segment is expected to secure a 6.1% CAGR from 2023 to 2033 owing to the advancements in sensor technologies, which have improved the precision and efficiency of these components, driving their prominence in the industry.
The growing demand for integrated TGMS solutions further emphasizes the need for robust and advanced hardware.
The hardware sub-segment benefits from a continuous market demand due to the periodic upgrades and replacements required for these components, ensuring its sustained leadership in the TGMS industry.
The track geometry measurement system industry exhibits a high level of competition, where market growth and expanding opportunities attract both established players and new entrants, leading to a diverse range of companies offering TGMS solutions.
Technological advancements and innovation play a crucial role in gaining a competitive edge, with companies striving to develop cutting-edge TGMS systems that offer improved accuracy, efficiency, and integration capabilities.
Customer preferences and requirements also drive competition as companies aim to meet evolving demands and provide tailored solutions.
Market players engage in extensive research and development efforts, strategic partnerships, and marketing initiatives to establish their position and differentiate themselves in this competitive landscape.
Recent Developments in the Market:
The global market share is estimated to make a revenue of around US$ 3.4 billion in 2023.
Total sales are projected to create US$ 6.3 billion revenue opportunity by 2033.
Sales of such systems in China could increase at 7.7% per year rate through 2033.
Use of measurement systems over the mass transit railway tracks accounts more than 30% market share.
Advancement in LiDAR technology has boosted this segment to follow 6.2% CAGR through 2033.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Railway Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Railway Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Railway Type, 2023 to 2033 5.3.1. High-Speed Railways 5.3.2. Conventional Railway 5.3.3. Heavy Haul Railways 5.3.4. Light Railways 5.4. Y-o-Y Growth Trend Analysis By Railway Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Railway Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Operation Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Operation Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Operation Type, 2023 to 2033 6.3.1. Contact 6.3.2. No Contact 6.4. Y-o-Y Growth Trend Analysis By Operation Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Operation Type, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033 7.3.1. Hardware 7.3.1.1. Navigation Equipment 7.3.1.2. Communication Equipment 7.3.1.3. Camera 7.3.1.4. Sensor 7.3.1.5. Others 7.3.2. Software 7.3.3. Services 7.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. Asia Pacific 8.3.5. MEA 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. USA 9.2.1.2. Canada 9.2.2. By Railway Type 9.2.3. By Operation Type 9.2.4. By Component 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Railway Type 9.3.3. By Operation Type 9.3.4. By Component 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Railway Type 10.2.3. By Operation Type 10.2.4. By Component 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Railway Type 10.3.3. By Operation Type 10.3.4. By Component 10.4. Key Takeaways 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. UK 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Europe 11.2.2. By Railway Type 11.2.3. By Operation Type 11.2.4. By Component 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Railway Type 11.3.3. By Operation Type 11.3.4. By Component 11.4. Key Takeaways 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.1.4. Singapore 12.2.1.5. Thailand 12.2.1.6. Indonesia 12.2.1.7. Australia 12.2.1.8. New Zealand 12.2.1.9. Rest of Asia Pacific 12.2.2. By Railway Type 12.2.3. By Operation Type 12.2.4. By Component 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Railway Type 12.3.3. By Operation Type 12.3.4. By Component 12.4. Key Takeaways 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. GCC Countries 13.2.1.2. South Africa 13.2.1.3. Israel 13.2.1.4. Rest of MEA 13.2.2. By Railway Type 13.2.3. By Operation Type 13.2.4. By Component 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Railway Type 13.3.3. By Operation Type 13.3.4. By Component 13.4. Key Takeaways 14. Key Countries Market Analysis 14.1. USA 14.1.1. Pricing Analysis 14.1.2. Market Share Analysis, 2022 14.1.2.1. By Railway Type 14.1.2.2. By Operation Type 14.1.2.3. By Component 14.2. Canada 14.2.1. Pricing Analysis 14.2.2. Market Share Analysis, 2022 14.2.2.1. By Railway Type 14.2.2.2. By Operation Type 14.2.2.3. By Component 14.3. Brazil 14.3.1. Pricing Analysis 14.3.2. Market Share Analysis, 2022 14.3.2.1. By Railway Type 14.3.2.2. By Operation Type 14.3.2.3. By Component 14.4. Mexico 14.4.1. Pricing Analysis 14.4.2. Market Share Analysis, 2022 14.4.2.1. By Railway Type 14.4.2.2. By Operation Type 14.4.2.3. By Component 14.5. Germany 14.5.1. Pricing Analysis 14.5.2. Market Share Analysis, 2022 14.5.2.1. By Railway Type 14.5.2.2. By Operation Type 14.5.2.3. By Component 14.6. UK 14.6.1. Pricing Analysis 14.6.2. Market Share Analysis, 2022 14.6.2.1. By Railway Type 14.6.2.2. By Operation Type 14.6.2.3. By Component 14.7. France 14.7.1. Pricing Analysis 14.7.2. Market Share Analysis, 2022 14.7.2.1. By Railway Type 14.7.2.2. By Operation Type 14.7.2.3. By Component 14.8. Spain 14.8.1. Pricing Analysis 14.8.2. Market Share Analysis, 2022 14.8.2.1. By Railway Type 14.8.2.2. By Operation Type 14.8.2.3. By Component 14.9. Italy 14.9.1. Pricing Analysis 14.9.2. Market Share Analysis, 2022 14.9.2.1. By Railway Type 14.9.2.2. By Operation Type 14.9.2.3. By Component 14.10. China 14.10.1. Pricing Analysis 14.10.2. Market Share Analysis, 2022 14.10.2.1. By Railway Type 14.10.2.2. By Operation Type 14.10.2.3. By Component 14.11. Japan 14.11.1. Pricing Analysis 14.11.2. Market Share Analysis, 2022 14.11.2.1. By Railway Type 14.11.2.2. By Operation Type 14.11.2.3. By Component 14.12. South Korea 14.12.1. Pricing Analysis 14.12.2. Market Share Analysis, 2022 14.12.2.1. By Railway Type 14.12.2.2. By Operation Type 14.12.2.3. By Component 14.13. Singapore 14.13.1. Pricing Analysis 14.13.2. Market Share Analysis, 2022 14.13.2.1. By Railway Type 14.13.2.2. By Operation Type 14.13.2.3. By Component 14.14. Thailand 14.14.1. Pricing Analysis 14.14.2. Market Share Analysis, 2022 14.14.2.1. By Railway Type 14.14.2.2. By Operation Type 14.14.2.3. By Component 14.15. Indonesia 14.15.1. Pricing Analysis 14.15.2. Market Share Analysis, 2022 14.15.2.1. By Railway Type 14.15.2.2. By Operation Type 14.15.2.3. By Component 14.16. Australia 14.16.1. Pricing Analysis 14.16.2. Market Share Analysis, 2022 14.16.2.1. By Railway Type 14.16.2.2. By Operation Type 14.16.2.3. By Component 14.17. New Zealand 14.17.1. Pricing Analysis 14.17.2. Market Share Analysis, 2022 14.17.2.1. By Railway Type 14.17.2.2. By Operation Type 14.17.2.3. By Component 14.18. GCC Countries 14.18.1. Pricing Analysis 14.18.2. Market Share Analysis, 2022 14.18.2.1. By Railway Type 14.18.2.2. By Operation Type 14.18.2.3. By Component 14.19. South Africa 14.19.1. Pricing Analysis 14.19.2. Market Share Analysis, 2022 14.19.2.1. By Railway Type 14.19.2.2. By Operation Type 14.19.2.3. By Component 14.20. Israel 14.20.1. Pricing Analysis 14.20.2. Market Share Analysis, 2022 14.20.2.1. By Railway Type 14.20.2.2. By Operation Type 14.20.2.3. By Component 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By Railway Type 15.3.3. By Operation Type 15.3.4. By Component 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. Balfour Beatty 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.2. BENTLEY SYSTEMS, INCORPORATED 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.3. Deutzer Technische Kohle GmbH 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.4. Fugro 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.5. Goldschmidt Thermit GmbH 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.6. MERMEC Inc. 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.7. Plasser & Theurer 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.8. R.Bance & Co Ltd 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.9. Siemens 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.10. Vista Instrumentation LLC 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
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