[Research Report] The track geometry measurement system market was valued at US$ 2795.7 million in 2019 and is projected to reach US$ 4741.0 million by 2027; it is expected to grow at a CAGR of 7.3% from 2020 to 2027.
The growth of the track geometry measurement system market in North America is attributed to the increasing expansion of rail network. The rising regulatory safety requirements in the rail transportation sector are expected to significantly boost the growth of the track geometry measurement system market in the region. Moreover, the rising penetration of advanced technologies accelerates the growth of the market in North America. In Europe, increasing transformation of railway network is driving the growth of the market. European countries such as Germany and France are expanding their warehouse capacity owing to the presence of several automotive manufacturers. The region is witnessing a significant industrial automation due to growing investments in Industry 4.0. Thus, all of these factors are contributing to the growth of the market in Europe.
Impact of COVID-19 Pandemic on Track Geometry Measurement System Market
According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and China are some of the worst- affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the world. According to the WHO, as of 3rd November 2020, there were around 46,840,783 confirmed COVID-19 cases globally, including 1,204,028 deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and likely in 2021. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce. The sharp decline in the transportation business industry is negatively impacting the growth of the global track geometry measurement system market.
Lucrative Regional Markets for Track Geometry Measurement System Providers
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Track Geometry Measurement System Market Insights
Increased Demand for Track Geometry Measurement Systems from High-Speed Rail and Mass Transit Rail
The global track geometry measurement system market is projected to grow rapidly due to increase in demand from high-speed rail. High-speed trains are known as protected style trains. High-speed rail developments have steadily progressed, giving a boost to the global track geometry measurement system market. One of the main drivers of the TGMS market is the existence of a wide range of rail industry specifications and legislation and the need to incorporate track geometry measurement solutions to meet these standards. Introduction of track geometry systems for track maintenance and rising network of metro and high-speed trains are among the other factors driving the TGMS market. Moreover, with the high acceptance rate, TGMS manufacturers have increased the accuracy and longevity of such systems as well as their size, which is expected to further increase the sale of these systems.
Railway Type Market Insights
Based on railway type, the track geometry measurement system market is sub-segmented into high-speed railways, conventional railway, heavy haul railways, and light railways. The conventional railway segment dominated the track geometry measurement system market; whereas, the high-speed railways segment is expected to grow at the fastest rate during the forecast period. High-speed railway is a type of rail transport that runs significantly faster than traditional railway, using an integrated system of specialized rolling stock and dedicated tracks. The growing demand for smart technologies to maintain the operational efficiency of tracks and rapid development in high-speed railways is propelling the growth of the global track geometry measurement system market. Growing demand for track geometry measurement systems from developing economies and the expansion of high-speed railway networks in some countries are expected to offer various opportunities to the market players.
Operation Type-Based Market Insights
Based on operation type, the track geometry measurement system market is bifurcated into no contact and contact. The contact segment dominated the track geometry measurement system market; whereas, the no contact segment is expected to grow at a faster rate during the forecast period. Besides, 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.
Component-Based Market Insights
Based on component, the track geometry measurement system market is sub-segmented into hardware, software, and services. The hardware segment dominated the track geometry measurement system market; whereas, the software segment is expected to grow at the fastest rate during the forecast period. All received information is processed in real-time, recorded and saved for further analysis and planning of works on the track's routine maintenance and repair. The system's software makes it possible to compare information on the actual condition of the rails with data from the database of the track section, perform an automatic comparison, and generate reports and recommendations for managing and operating units of the railways. The track geometry measurement system (TGMS) ensures rail safety by employing various measuring equipment to record railway track geometry conditions. The system is a combination of hardware and software components that derive track geometry parameters. It identifies track geometry anomalies and records the track data. Construction and maintenance decisions are taken by viewing and analyzing the recorded data. Accurate and reliable track geometry data is required for cost-effective track construction, maintenance, and operational safety. With the help of various software, railway companies/operators are able to measure track geometry quickly and precisely, and later view and analyze to find faults, if any.
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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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The players operating in the track geometry measurement system market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In 2020, ENSCO Rail Autonomous track geometry measurement system was recently featured in the March and April. ENSCO Rail Autonomous Track Geometry Measurement System can be installed on locomotives, passenger, and freight cars. The system is cited as a way for railway maintenance operators to inspect track with reduced costs, increased frequency and speed, and without any impact on railway traffic flow. Progressive Railroading magazine and its website progressiverailroading.com are leading provider of news and information on the rail industry.
In 2020, Fugro’s unique train-borne track measurement system, RILA, has received approval from Network Rail for the use in platform gauging and would support current and future route-wide surveys. The system helps reduce the requirement for manual surveying, and the associated reduction in risk to staff is an added advantage.
The report segments the global track geometry measurement system market as follows:
By Railway Type
- High-Speed Railways
- Conventional Railway
- Heavy Haul Railways
- Light Railways
By Operation Type
- Contact
- No Contact
By Component
- Hardware
- Navigation Equipment
- Communication Equipment
- Camera
- Sensor
- Others
- Software
- Services
By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Balfour Beatty
- BENTLEY SYSTEMS, INCORPORATED
- Deutzer Technische Kohle GmbH
- Fugro
- Goldschmidt Thermit GmbH
- MERMEC Inc.
- Plasser & Theurer
- R.Bance & Co Ltd
- Siemens
- Vista Instrumentation LLC
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 is projected to grow rapidly due to increase in demand from high-speed rail. High-speed trains are known as protected style trains. High-speed rail developments have steadily progressed, giving a boost to the global track geometry measurement system market. One of the main drivers of the TGMS market is the existence of a wide range of rail industry specifications and legislation and the need to incorporate track geometry measurement solutions to meet these standards. Introduction of track geometry systems for track maintenance and rising network of metro and high-speed trains are among the other factors driving the TGMS market. Moreover, with the high acceptance rate, TGMS manufacturers have increased the accuracy and longevity of such systems as well as their size, which is expected to further increase the sale of these systems.
The conventional railway segment led the market in 2019 with highest share and is expected to continue its dominance during the forecast period. Conventional railway networks are the result of considerable investment over the course of decades. Mainline rail continues to account for the vast majority of rail networks worldwide. The conventional railway has progressed mainly in a series of evolutionary developments almost since its inception, always maintaining backward compatibility. A significant step change was the introduction of 200 km/h operation in the 1970s. A further step is required, and the challenge is to achieve it within the parameters of the conventional system. Therefore, the demand for conventional railway is expected to remain dominant in the global market throughout the forecast period.
The need for safety and security in rail transport is a high priority in all sectors. Growing safety and security requirements for rail transport and increasing train and metro lines are some of the factors that contribute to a significant rise in demand for track geometry measurement systems. Train malfunctions and crashes pose global concerns and urge policymakers to digitize transport in order to ensure safer travel. Besides, due to increasing demand for intelligent technology to sustain operational performance, the market would have lucrative opportunities in the near future. Moreover, the government focuses on the development of light rail infrastructures, such as metro trains and the expansion of rail, to link previously unconnected population centers in order to meet the growing demand for public transport in many countries. These major investments in the expansion of the rail network are likely to create new opportunities for the track geometry measurement system market during the forecast period.
The List of Companies - Track Geometry Measurement System Market
- Balfour Beatty
- Deutzer Technische Kohle GmbH
- ENSCO, Inc.
- E.S.I.M. Srl
- Fugro
- Goldschmidt
- Plasser & Theurer
- R.Bance & Co Ltd.
- MERMEC Inc.
- NEXTSENSE GmbH
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- 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.
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- 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
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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.
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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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