Global Railway Maintenance Machinery Market growing at a rate of 6.8% from 2022 to 2031

New York, According to a new market research report published by Global Insight Services "Global Railway Maintenance Machinery Market size was $3.9 billion in 2021 and is anticipated to reach $7.5 billion in 2031, growing at a rate of 6.8% from 2022 to 2031". Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Railway maintenance is a process of preserving the working condition of railway tracks. Tamping machines, tampers, ballast regulators, dynamic track stabilizers, ballast cleaners, and ballast undercutters are some of the types of machinery used in railway maintenance applications. Maintenance of railway machines is important for smooth and effective functioning.

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Major Players of the Global Railway Maintenance Machinery Market

The global railway maintenance machinery market report includes players such as Angelo Holding S.r.l. (MER MEC S.p.A.), China Railway Construction Corporation Limited (CRCC High-Tech Equipment Corporation Limited), Coril Holdings (LORAM), CRRC, Fluor Corporation (American Equipment Company), Geatech S.r.l., Harsco Corporation, Plasser & Theurer, Robel Bahnbaumaschinen GmbH, Sinara Transport Vehicles, and System7 Rail Holding GmbH.

Global Railway Maintenance Machinery Market Trends & Drivers

Growth in government spending on railway infrastructure development in developing nations such as India, Africa, Brazil, and others drives the global railway maintenance machinery market growth. Moreover, the rise in population growth in couple with rapid urbanization has led to growth in traffic congestion on roads and conveyance of goods from one place to another. Therefore, railways serve as an effective, low-priced, and better mode of transport. Besides, several nations globally are incessantly spending on developing railway lines. For instance, in 2020, the government of Canada planned to invest nearly $3 billion in escalating railway infrastructure projects. Further, an upsurge in demand for safe, secure, as well as effective railway systems supplements the global railway maintenance machinery market growth. Moreover, an increase in road accidents worldwide is anticipated to cater to the development of the global railway maintenance machinery market. As per World Health Organization (WHO), approximately 1.25 million deaths are recorded per year due to road accidents. Further, road traffic crashes cost nearly 3% of their gross domestic product (GDP) globally.

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Global Railway Maintenance Machinery Market Segmentation

The report analyses the railway maintenance machinery market based on product type, application, business type, and region.

Global Railway Maintenance Machinery Market By Product Type

Based on type, the global railway maintenance machinery market has been bifurcated into tamping machines, stabilizing machinery, ballast cleaning machines, and others. In 2021, the tamping machine segment was the highest revenue generator. Tamping machines are cost-effective railway maintenance machinery that lessens track maintenance costs and improves the performance of railway tracks. Huge government spending on railway infrastructure projects globally is expected to drive the growth of this segment. Besides, the demand for tamping machines is anticipated to grow throughout the study period, owing to efforts to enhance safety, renovate the quality of current railway lines, and avoid railway accidents globally.

Global Railway Maintenance Machinery Market By Application

Based on application, the market is fragmented into ballast track and non-ballast track. In 2021, the ballast track segment generated the highest revenue, and it is expected to exhibit a significant growth rate during the study period. Ballast tracks are laid under railway sleepers to reduce the stress on the ground. Ballast track is generally adopted in the railway maintenance industry owing to features such as quick water drainage and chances of vegetation. Ballast tracks can be installed horizontally or vertically. The growth in several railways in addition to government initiatives to cut carbon emissions caters to the growth of the railway maintenance machinery market for ballast tracks. For instance, by 2050, the countries in Europe are focusing on lessening the carbon emission to zero.

Global Railway Maintenance Machinery Market By Business Type

Based on business type, the market is fragmented into new sales and aftermarket sales. In 2021, the aftermarket sales segment generated the highest revenue, and it is expected to exhibit a significant growth rate during the study period. Aftermarket sales involve accessories, spare parts, and other components used in repair and maintenance services for the railway machinery industry. A rise in the use of conditioning monitoring, analysis, and optimization is likely to offer railway maintenance machinery market growth. Further, as this machinery requires huge capital for its procurement, hence, new sales of this machine are low as compared to aftermarket sales.

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