North America Railway Automated Inspection Equipment Market to Cross $831.6 Million by 2027, Driven by Smart Rail Innovations

Increase in demand for passenger and freight capacity, rise in number of railway projects across North America, and surge in concern for railroad inspection and maintenance activities fuel the growth of the North America railway automated inspection equipment market. On the basis of offering, the solution or equipment segment accounted for the major share in 2019. On the basis of region, the market across the US appeared as the dominant share holder in the same year. Prominent Players: Ensco, Inc., Geismar Corporation, Harsco Corporation, Holland LP, Loram Maintenance of Way, Inc., MER MEC S.p.A., Nordco, Inc., Pavemetrics, Plasser & Theurer, Sperry Rail Inc., and others.

The North America railway automated inspection equipment market was valued at $643.6 million in 2019, and is projected to reach $831.6 million by 2027, registering a CAGR of 4.9%.

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To reduce high maintenance cost of rail roads and improve the quality & safety of rail road transportation in North America, railway automated inspection equipment is anticipated to witness increased demand over the forecast period. In addition, track geometry measurement system is a popular inspection system amongst the end users of railway automated inspection equipment, and is expected to maintain its dominance over the forecast period, owing to its frequency of usage across rail road inspection activities.

Rise in demand for passenger and freight capacity, increase in number of railway projects across North America, and surge in concern for railroad inspection and maintenance activities drive the growth of the North America railway automated inspection equipment market. On the other hand, growing penetration of autonomous inspection technology and requirement for skilled workforce to operate the inspection equipment impede the growth to some extent. However, high-end technological innovations at railway transportation front are expected to create lucrative opportunities in the industry.

The North America railway automated inspection equipment market is analyzed across inspection system, offering, inspection vehicle, and country. Based on inspection system, the track geometry measurement system segment accounted for around two-fifths of the total market share in 2019, and is expected to rule the roost from 2020 to 2027. The rail profile measurement system segment, on the other hand, would cite the fastest CAGR of 6.2% during the forecast period.

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Based on offering, the solution or equipment segment contributed to more than three-fourths of the total market revenue in 2019, and is projected to dominate from 2020 to 2027. Simultaneously, the services segment would showcase the fastest CAGR of 5.90% by 2027.

The overall production activities of the railway automated inspection equipment market participants have declined, owing to operations with limited workforce capacity and inadequate health safety measures. This expected weak business performance directly impacts the overall sales of the system and service of railway automated inspection equipment. However, in 2021, majority of the governments have focused on infrastructural development in the second wave of COVID-19 health crisis. Therefore, such infrastructure developments planned in the rail industry front for 2021 are anticipated to support the growth of the railway automated inspection equipment market.

Based on region, the market across the United States held the major share in 2019, garnering nearly three-fourths of the global market. The same region would also garner the fastest CAGR of 5.2% throughout the forecast period. The other provinces studied in the report include Canada and Mexico.

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The key players profiled in the report are

Ensco, Inc.,
Geismar Corporation,
Harsco Corporation,
Holland LP,
Loram Maintenance of Way, Inc.,
MER MEC S.p.A.,
Nordco, Inc.,
Pavemetrics,
Plasser & Theurer,
Sperry Rail Inc.

Key Findings Of The Study

By inspection system, the rail profile measurement system segment is expected to register significant growth during the forecast period.
On the basis of offering, the solution or equipment segment is projected to lead the market, in terms of market share, by the end of the forecast period.
Depending on inspection vehicle, the hi-rail vehicles segment is expected to register significant CAGR during the forecast period.
The U.S. dominated the market in 2019, and is expected to maintain its dominance and also lead the market growth by the end of the forecast period, owing to the U.S. rail transportation outlook.

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