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Railway Maintenance Machinery Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Railway Maintenance Machinery Market
According to The Business Research Company's, The railway maintenance machinery market size has grown strongly in recent years. It will grow from $4.05 billion in 2023 to $4.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in government investment on railway construction projects, rise in railway electrification projects, continual construction of infrastructure, building of new railroad lines, increasing focus on sustainable and eco-friendly transportation solutions.
The railway maintenance machinery market size is expected to see strong growth in the next few years. It will grow to $5.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to significant improvement in the railway infrastructure, increasing instances of railway accidents, widespread adoption of electric trains, rapid urbanization, implementation of favorable government policies. Major trends in the forecast period include integration of connected devices with the internet of things (IoT) and artificial intelligence (AI) solutions, technological advancements, advancements in rail infrastructure, product innovation, adoption of internet of things (IoT), cloud-based system, and internet systems.
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Market Drivers and Trends:
The increasing instances of railway accidents are expected to propel the growth of the railway maintenance machinery market going forward. Railway accidents are unwanted or unintended sudden events or a specific chain of such events occurring during train operation, involving at least one moving rail vehicle and resulting in harmful consequences. Railway accidents are rising due to infrastructure shortcomings, non-compliance with safety regulations and procedures, railway equipment malfunctions or failures, and higher volumes of trains, passengers, and freight traffic on railway networks. Railway accidents disrupt operations, resulting in delays, downtime, and financial losses for railway operators. To minimize disruptions and optimize operational efficiency, railway operators prioritize investments in maintenance machinery that can perform tasks quickly, accurately, and cost-effectively. Advanced maintenance machinery helps streamline maintenance operations, reduce downtime, and improve the overall reliability and availability of railway networks. For instance, in July 2023, according to a report published by the National Safety Council, a US-based non-profit organization, there were 954 fatalities from railroad incidents in 2022, marking an 11% rise from the revised 2021 total of 859, with nonfatal injuries reaching 6,252, showing a 6% increase from 2021's revised total of 5,882. Fatalities at highway-rail crossings surged by 16%, while those from other incidents rose by 9%, with trespassers accounting for 96% of the latter, totaling 651 deaths. Therefore, the increasing instances of railway accidents are driving the growth of the railway maintenance machinery market.
Major companies operating in the railway maintenance machinery market are focused on advanced machinery, such as a range of rail construction, maintenance, and renewal machines incorporating state-of-the-art digital technologies, such as automation. The automated capabilities of rail construction, maintenance, and renewal machines help reduce manual labor, accelerate project timelines, and produce higher-quality track work with less disruption to rail operations. For instance, in April 2024, Unipart Rail Limited, a UK-based rail technology company, and Thomson Engineering Design Ltd, a UK-based company specializing in manufacturing specialized equipment for rail renewals and repairs, launched a range of rail construction, maintenance, and renewal machines. The new machine range boasts unique features tailored to revolutionize railway maintenance and track renewals. The Sleeper Layer delivers remarkable delivery rates of up to 1000 sleepers per hour, equipped with automatic steering, remote condition monitoring, and diagnostic support, marking a significant advancement in the track renewal industry. Meanwhile, the Rail Handler stands out as a versatile, multi-purpose machine with diverse applications, facilitating easy installation, removal, and transposition of rails. Additionally, the Rail Clipper offers unparalleled convenience as a self-propelled, road-rail clipping machine, serving critical functions in rail maintenance and track renewal operations.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
China State Railway Group Co. Ltd., China Railway Construction Corporation Limited (CRCC), Siemens AG, Caterpillar Inc., Sinara Group, Alstom Holdings, Network Rail Limited, Harsco Corporation, Strukton Rail, Loram Maintenance of Way Inc., Plasser & Theurer, Speno International SA, ROBEL Bahnbaumaschinen GmbH, Coril Holdings Ltd., American Equipment Company Inc., Pandrol SAS, MERMEC Group, BBM Railway Equipment LLC, Gemac Engineering Machinery Co. Ltd., System 7 Rail support GmbH, Geatech Group s.r.l, Matisa Matériel Industriel SA, Vortok International, Dipsa Technes Srl, Jinzhou Cihang Group Co. Ltd.
Railway Maintenance Machinery Market 2024 Key Insights:
• The railway maintenance machinery market size is expected to see strong growth in the next few years. It will grow to $5.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Railway Accidents Fueling Demand For Railway Maintenance Machinery
• Innovative Railway Maintenance Machinery Transforming Track Infrastructure
• Europe was the largest region in the railway maintenance machinery market in 2023
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