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Track Geometry Measurement System Market Size, Overview, Demand And Forecast 2024-2033
Track Geometry Measurement System Market Size
According to The Business Research Company's, The track geometry measurement system market size has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to safety regulations compliance, maintenance cost reduction, asset management optimization, operational efficiency improvement, increasing rail traffic, cost-effective upgrades.
The track geometry measurement system market size is expected to see strong growth in the next few years. It will grow to $4.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to integration with iot and ai, rising global rail investments, growing emphasis on predictive maintenance, environmental sustainability, expansion of high-speed rail networks. Major trends in the forecast period include integration of advanced technologies, focus on high-speed rail networks, remote monitoring and automation, data standardization and interoperability, predictive maintenance and condition-based monitoring.
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Market Drivers and Trends:
The rising network of metro and high-speed trains is expected to boost the growth of the track geometry measurement systems market going forward. High-speed rail refers to passenger rail networks that operate at speeds ranging from 200 to 300 km/h and, in certain cases, higher. The track geometry measurement systems are used on high-speed railways to help monitor track quality and guarantee that the tracks are safe for the posted speed by measuring track conditions regularly. For instance, as per the report published by the Australian Railway Association, an Australian-based railway association, in 2021-22, Australian railway building activity increased by 2.2% to $10.73 billion. Furthermore, in January 2023, as per the data published by China State Railway Group Co., Ltd., the railway corporation of China, in 2022, a total of 4,100 kilometers of new railway lines were put into service in China, including 2,082 kilometers of high-speed tracks. Therefore, the rising network of metro and high-speed trains is driving the growth of the track geometry measurement systems market.
Technological advancements have emerged as the key trend gaining popularity in the track geometry measurement systems market. Major companies operating in the track geometry measurement systems market are developing innovative technologies to strengthen their position in the market. For instance, in 2022, Fugro a Dutch multinational company that specializes in collecting and analyzing geological data, both on land and at sea, announced the launch of its TrackBase system, a wayside monitoring solution that provides continuous track geometry measurements using laser scanning technology.
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Major Key Players of the Market:
Ensco plc; Fugro N.V.; MER MEC S.p.A.; Lasser & Theurer GmbH & Co. KG; MRX Technologies Inc.; R. Bance and Company Limited; Bentley Systems Incorporated; Goldschmidt Thermit Group; Siemens AG; Vista Instrumentation LLC; Holland LP; GRAW Inc.; Jiangxi Everbright New Materials Co. Ltd.; South Survey International Holdings Limited; Amberg Technologies AG; Trimble Inc.; Plasser & Theurer Export von Bahnbaumaschinen Gesellschaft m.b.H.; Harsco Rail LLC; Rail Vision GmbH; Balfour Beatty plc; Egis Group SA; ESIM Technologies; Alstom Transport SA; Bombardier Inc.; GE Transportation a Wabtec company; Hitachi Rail Ltd.; Kawasaki Heavy Industries Ltd.; Stadler Rail AG; Sperry Rail Inc.; Train Dynamics Systems
Track Geometry Measurement System Market 2024 Key Insights:
• The track geometry measurement system market will grow to $4.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Network Of Metro And High-Speed Trains Drives The Market
• Technological Advancements Transforms The Market
• Asia-Pacific was the largest region in the track geometry measurement system market in 2023
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