Railway Maintenance Machinery Market Anticipated to Reach $5,521.9 Million by 2027
The global railway maintenance machinery market size was valued at $3.74 billion in 2019, and is projected to reach $5.52 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.
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An increase in construction of new rail projects fuels the railway maintenance machinery market growth. For instance, Iraq government spent around $2.5 billion on new railway project named as Baghdad Metro. The railway project will be completed by 2025. In addition, rise in number of railway electrification projects owing to reduced carbon emission is anticipated to drive the market growth.
Covid-19 Impact Analysis
COVID-19 is a disease caused by a newly discovered virus named Coronavirus. Many people are suffering from Coronavirus disease throughout the globe. During lockdown, due to COVID-19 pandemics, various major players in the global railway maintenance machinery market to stop their business production due to lock down implemented in countries such as the U.S., China, Brazil, and others.
Key Market Players
China Railway Construction Corporation Limited (CRCC High- Tech Equipment Co. Ltd)
China State Railway Group Co Ltd. (Gemac Engineering Machinery Co Ltd)
System 7- Railsupport GmbH
MER MEC s.p.A.
Geatech Group s.r.l.
Plasser & Theurer
Export von Bahnbaumaschinen
Sinara-Transport Machines Holding
Fluor Corporation (American Equipment Company, Inc)
Coril Holdings Ltd (Loram Maintenance of Way, Inc).
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Key Market Segments
By Product Type
Rail Handling Machinery
Ballast Cleaning Machine
By Sales Type
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