Railcar Mover Market - Owing to Growth in Economic Conditions
If figures are to be believed the global railcar mover market is anticipated to experience a significant growth in coming years. The market CAGR is expected to grow modestly with 1.02% in forecast period from 2014 to 2020.
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Growing Demand in Oil and Gas Industry to Fuel up the Demand for Railcar Mover Market
The railcar mover manufacturers play a crucial role in deciding the technological modification, pricing of the product, and reliability in terms of value chain in railcar mover market. The soaring demand in oil and gas and mining industry, along with manufacturing sector are some of the major domains which are supporting the growth of railcar movers in the global market. According to the research the railroad transportations are quite energy-efficient due to which it becomes an automatic favorite and high in demand in the market. The railroad transport that are collaborating with railcar mover are far more efficient and effective, being capable of handling a huge amount of cargo in comparatively less amount of time. Unlike earlier times, the railcar mover now are designed with hybrid engines that are unaffected by the fluctuation in the prices of crude oil. This in turn impacts the cost by causing a reduction, influencing the growth of railcar driver in global market. These railcar movers are capable to consume less amount of fuel and easy movement on and off the track as well.
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Based on end-users the global railcar mover market is segmented into oil and gas industry and metal and minerals industry. The latter industry is the prime consumer of the technology, owing to improvement in mining industry. This fuels the demand in railcar mover market by rising the demand in order to transport metals and minerals. Africa region is known to have huge amount of mineral reserves, which acts as great scope of being explored and expanded for railcar movers industry. Based on geographical regions, the market is divided broadly into Asia Pacific, North America, Europe, and Rest of the World. North America region held the major market shares in year 2013, owing to rise in investment by well-known firms and more efforts being taken on research and development programs. Moreover, the growth in production of natural gas, oil, coals, and other biofuels are also responsible for the propelling of the demand in the market. However, the regional market is expected to flourish with a minimal CAGR of 0.69% within the forecast period from 2014 to 2020. As a result, the leading position will be acquired by Asia Pacific region due to growth in economy and disposable income of the people. Rail King, Unilokomotive, Shuttlewagon, Trackmobile are some of the key players in the global market.
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