Track Geometry Measurement System Market Share and Forecast by 2031

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 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 Regional Insights

The regional trends and factors influencing the Track Geometry Measurement System Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Track Geometry Measurement System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Track Geometry Measurement System Market Report Scope

Track Geometry Measurement System Market Players Density: Understanding Its Impact on Business Dynamics

The Track Geometry Measurement System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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