Track Geometry Measurement System Market covering growth witnessed across end-use industries | Siemens, Rail Vision Europe, Amberg Technologies, ZG Optique, Vista Instrumentation LLC, Kžv, Spol. Sro, Trimble, Harsco Corporation
Penetration of technology into the railway industry has unlocked novel avenues for the advancements of the railway network. Track geometry measurement system is one such technology that associates the track geometry systems with rail profiles to obtain the measurements of both using just one instrument. Witnessing the high adoption rate, manufacturers of TGMS have been enhancing the accuracy and longevity of these systems in addition to reducing their size to offer the ease of installation, which is estimated to further boost the sales of these systems.
With the rising concerns apropos of the rail hazards, there has been a notable demand for efficient systems that can ensure the maintenance of railway tracks, which has been fulfilled by TGMS. However, lack of proper infrastructure for the installation of track geometry measurement system market could act as a deterrent. Analyzing the drivers, challenges, opportunities, and threats, the track geometry measurement system market is estimated to be valued at over USD 3 Bn in 2019.
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Track Geometry Measurement System Market – Novel Developments
Some of the significant partakers operating in the track geometry measurement system market include MER MEC S.p.A., EGIS, Fugro, Balfour Beatty, Goldschmidt Thermit Group, Bentley Systems Inc., Plasser & Theurer, MRX Technologies, R. Bance & Co. Ltd., Ensco Inc., Siemens, Rail Vision Europe, Amberg Technologies, ZG Optique, Vista Instrumentation LLC, Kžv, Spol. Sro, Trimble, Harsco Corporation, Deutzer Technische Kohle, DMA, and Holland LP. These competitors have been making hefty investments in innovating the products, research and development activities, brand building, customer retention.
In February 2019, Balfour Beatty announced that Transport of London has appointed it to develop and deliver 1,047 kilometer London Underground network. The authority will invest critical assets to achieve the completion of a robust underground transportation network. Alongside, Balfour Beatty will introduce new standards and technologies to ensure the safe delivery of the network that is devoid of any disruption to the travelling public.
In May 2018, Network Rail awarded Balfour Beatty a 5-year - Reactive Building and Civil Contract. According to the contract, the company will be in charge of executing rail infrastructure repairs from London-Penzance, along with the Great Western route. The contract will help the company offer better and reliable journeys to travelers with the utmost safety.
In November 2017, ENSCO Rail was awarded a Canadian Pacific contract, as per which the company will offer robust inspection systems for the evaluation car. Such cars will be the newest addition to the CP fleet and it will be well-armed with nascent track geometry measurement and imaging system technology.
Track Geometry Measurement System Market – Dynamics
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Compliance to Numerous Standards Set by Government to Reflect on the Market Size
Rising concerns pertaining to the security of railways and technological advancements in the very arena of the railway industry, government of numerous countries have enforced laws and regulations that indicate the need to comply with the standards set by the government. As a result, the players operating in the market have been devising innovation to meet the requirement of the end-use industry as well as comply with the standard guidelines, thereby enhancing the desirability of these systems, which is anticipated to bode well for the growth of the track geometry measurement system market in the upcoming years.
Undergoing Metro Projects in Developing Countries to Keep the Demand for TGMS Consistent
One of the significant reasons fueling the growth of the track geometry measurement systems market is the rising demand for metro networks in developing countries. With multiple undergoing metro projects, there has been a significant surge in the demand for track geometry measurement systems for the development of strong railway network, which is expected to fuel the growth of the track geometry measurement systems market.
Asia Pacific to Remain a Leading Track Geometry Measurement System Market
Asia Pacific holds promising growth prospects for the track geometry measurement system market, on account of the advancements in the mass transit systems and high-speed rails in countries such as India and China. Among the other countries located in APAC, China is expected to account for a significant share of track geometry measurement system market, which is attributed to the development of a streamlined transportation network.
Japan as well contributes to the incessantly growing Asia Pacific track geometry measurement market with the constant development of high-speed railway network. Demand for track geometry measurement system is expected to witness an uptick in India, owing to a number of metro rail projects happening in this region. As a result of the massive contribution of regional markets, Asia Pacific is anticipated to remain a leading track geometry measurement system market in the forthcoming years.
Track Geometry Measurement Systems Market - Segmentation
The track geometry measurement systems market can be fragmented on the basis of:
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