North America Railway Maintenance Machinery Market Size to reach $1,163.1 million by 2028, registering a CAGR of 6.1% from 2021 to 2028

The North America railway maintenance machinery market size was valued at $774.0 million in 2019 and is projected to reach $1,163.1 million by 2028, registering a CAGR of 6.1% from 2021 to 2028. Railway maintenance is a process of preserving the working condition of railway track. Tamping machine, tampers, ballast regulators, dynamic track stabilizers, ballast cleaners, and ballast under cutters are some of the machineries used in railway maintenance applications. Maintenance is very important in every industry for smooth and effective functioning.

The COVID-19 pandemic has negatively influenced the North America railway maintenance machinery market primarily due to the halt in international trade, prolonged lockdowns, and ceased processes in manufacturing and railway industry.

Exponential population growth coupled with rapid urbanization has resulted in the amount of traffic on roads and transportation of goods from one place to another. Hence, railways are a better, cheaper, and safer mode of transport. A rise in government investment on railway infrastructure development in countries such as U.S., Canada, and Mexico fuel the growth of the North America railway maintenance machinery market. For instance, in April 2021, according to the Federal Budget of 2021, Canada government planned to spend $4.4 million in 2021 to 2022 and invested around $491.2 million by 2027, for improvement of railway infrastructure. In addition, various countries across the North America are continuously spending on expanding railway road lines. For instance, in 2020, U.S. government spent around $2.0 billion on new railway line project named as Purple Line Light Rail Project based in Bethesda, Maryland, U.S. The project will be completed by 2022. A rise in demand for secure, safe, and efficient transportation railway systems fuels the North America railway maintenance machinery market growth. A rise in road accidents globally is expected to lead to the growth of the railway maintenance machinery market. For instance, according to the World Health Organization (WHO), around 1.25 million deaths are registered every year in road accidents. Hence, rise in need of secure, safe, and efficient transportation systems is anticipated to drive the demands for the market.

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A rise in adoption of internet of things (IoT) technology in railway maintenance industry, due to features associated with systems such as scalability, available for 24/7, and cloud-based systems, drives the growth of the railway maintenance machinery market.

However, railway maintenance machines are heavy machines coupled with high costs, which may hinder the development of the market in countries such as U.S., Canada, and Mexico. Conversely, technological integration in the railway maintenance machinery, is anticipated to provide lucrative opportunities for growth of the railway maintenance machinery.

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The COVID-19 pandemic has forced many companies in the railway maintenance machinery market to stop their business activities with a new government regulation for reducing the spread of COVID-19. This stop in operations directly impacts the revenue flow of the North America railway maintenance machinery manufacturers. For instance, Fluor Corporation suffered a net loss of $27 million from financial year 2019 to 2020. However, a halt in manufacturing activities and lockdowns for several months have affected the North America railway maintenance machinery market, with slow recovery anticipated during 2021. This is further projected to the re-opening of railway maintenance machinery industry at their full-scale capacities, which in turn, is expected to help the market recover by the start of 2022.

The North America railway maintenance machinery market is segmented on the basis of product type, application, sales type, and region. Based on product type, the railway maintenance machinery market is fragmented into tamping machine, stabilizing machinery, rail handling machinery, ballast cleaning machine, and others. Tamping machine segment dominated the North America railway maintenance machinery market. Based on application, the market is categorized into ballast track, and non-ballast track. Ballast track segment dominated the market. Based on sales type, the market is divided into new sales, and aftermarket sales. Aftermarket sales segment further bifurcated into parts and services. Aftermarket sales segment dominated the market.

Country wise, the North America railway maintenance machinery market has been analyzed across U.S., Canada, and Mexico. U.S. country generated the highest revenue in the market.

Competition Analysis

Key companies profiled in the report includes Caterpillar Inc (Progress Rail Services Corporation), Coril Holdings Ltd (Loram Maintenance of Way, Inc), Curran Group, Inc (Holland LP), Fluor Corporation (American Equipment Company, Inc), Geismar, Harsco Corporation, Knox Kershaw Inc, Plasser & Theurer, Export von Bahnbaumaschinen, Gesellschaft m.b.H., ROBEL Bahnbaumaschinen GmbH, Wabtec Corporation (Nordco Inc).

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The key players in this market adopted product launch, agreement and acquisition as their key strategies to meet the change in consumer demands. For instance, in October 2019, Progress Rail Service Corporation, a subsidiary of Caterpillar Inc, acquired Cleaveland Track Material, Inc, based in U.S. deals in rail equipment, and rolling stack systems. The acquisition aimed to improve the product portfolio of railway equipment.

Key Benefits For Stakeholders

o The report provides an extensive analysis of the current and emerging North America railway maintenance machinery market trends and dynamics.
o In-depth market of North America railway maintenance machinery market analysis is conducted by estimations for the key market segments between 2015 and 2028.
o Extensive analysis of North America railway maintenance machinery market share is conducted by following key product positioning and monitoring of the top competitors within the market framework.
o A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The North America railway maintenance machinery market forecast analysis from 2021 to 2028 is included in the report.
o The key market players within the are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the North America railway maintenance machinery market.

Market Segments

By Product Type

o Tamping Machine
o Stabilizing Machinery
o Rail Handling Machinery
o Ballast Cleaning Machine
o Others

By Application

o Ballast Track
o Non-ballast track

By Sales Type

o New Sales
o Tamping Machine
o Stabilizing Machinery
o Rail Handling Machinery
o Ballast Cleaning Machine
o Others
o Aftermarket Sales
o Parts
o Tamping Machine
o Stabilizing Machinery
o Rail Handling Machinery
o Ballast Cleaning Machine
o Others
o Services
o Tamping Machine
o Stabilizing Machinery
o Rail Handling Machinery
o Ballast Cleaning Machine
o Others

By Country

o U.S.
o Canada
o Mexico

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This release was published on openPR.