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Railway Track Maintenance Vehicles Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Railway Track Maintenance Vehicles Market Overview
According to The Business Research Company's, The railway track maintenance vehicles market size has grown strongly in recent years. It will grow from $5.64 billion in 2023 to $6.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the need to upgrade and maintain aging railway infrastructure, stringent safety regulations, growth in passenger and freight traffic on railways, outsourcing maintenance activities, and rapid urbanization.
The railway track maintenance vehicles market size is expected to see strong growth in the next few years. It will grow to $7.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to a shift towards electrified railways, a focus on asset management, growing adoption of remote monitoring, an aging workforce, and demand for modular track maintenance equipment. Major trends in the forecast period include a rise in automation and integration of advanced technologies, a shift towards electric and hybrid-powered maintenance vehicles, advancements in remote monitoring, integration of robotics, and adoption of 3D printing.
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Market Drivers and Trends:
The increasing investments toward the development of rail infrastructure are expected to propel the growth of the railway track maintenance vehicles market going forward. Railroad infrastructure investment refers to the allocation of financial resources toward the development, maintenance, and enhancement of railway infrastructure. Railroad infrastructure investment is experiencing an upward trend, driven by several factors such as growing demand for transportation, government initiatives and funding, urbanization, and technological advancements. Investment in railroad infrastructure often involves the expansion of existing networks and upgrading and modernizing track systems, including rails and drainage systems. As railway networks expand, the demand for track maintenance vehicles increases to ensure the ongoing upkeep and safety of the expanded infrastructure. For instance, in 2023, according to the USAFacts, a US-based non-profit organization, federal spending on railroad infrastructure and transportation amounted to $38.8 billion in 2022, marking a notable increase from $33.7 billion in 2021. Therefore, the increasing investments toward the development of rail infrastructure are driving the growth of the railway track maintenance vehicles market.
Major companies operating in the railway track maintenance vehicles market are focusing on launching advanced products with various railway track maintenance functionalities, such as grinding rails, to gain a competitive edge in the market. Grinding rails refers to the process of using specialized grinding machines to restore the profile and surface condition of railway tracks. For instance, in February 2021, PLASSER & Theurer, an Austria-based manufacturer of rail track maintenance and track laying machines, launched an Automatic Track Machine Oscillator (ATMO) track maintenance unit, a railway track maintenance vehicle that combines standard whetstone grinding and oscillation grinding. The machine uses two grinding saddles, each with two grinding stones per rail head. The ATMO trailer is remotely controlled from the traction unit and can grind conventionally at speeds of up to 30 km/h. The four-axle unit can travel along track bends with a radius of 17.25 mt and traverse curves with a radius of 16.25 mt. When working around bends, the grinding stones are automatically positioned to remain above the rail head, and they can be lowered when passing over switches and crossings.
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Major Key Players of the Market:
CRRC (China Railway Rolling Stock Corporation), Vossloh AG, Tesmec USA Inc., Loram Maintenance of Way Inc., Nordco Inc., Speno International SA, ENSCO Inc., Windhoff Bahn- und Anlagentechnik GmbH, Dymax Inc., ZAGRO Group, ROBEL Bahnbaumaschinen GmbH, Kirow Ardelt GmbH, Knox Kershaw Inc., Geismar gmbh, Linsinger Maschinenbau GmbH, Plasser and Theurer, MTH Electric Trains, Permaquip Ltd., MATISA Matériel Industriel S.A., SRS Sjölanders AB
Railway Track Maintenance Vehicles Market 2024 Key Insights:
• The railway track maintenance vehicles market size is expected to see strong growth in the next few years. It will grow to $7.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rising Investments Drive Growth In The Railway Track Maintenance Vehicles Market
• Introducing Advanced Solutions For Railway Track Maintenance
• Europe was the largest region in the railway track maintenance vehicles market in 2023
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