Track Geometry Measurement System Market synopsis
Track Geometry Measurement System Global Market is expected to grow from USD 2.51 billion in 2017 to USD 3.62 billion by 2023, at a CAGR of 6.53% during the forecast period. The track geometry measurement system industry is expected to grow substantially during the forecast period owing to stringent standards and regulations with regards to railway tracks and growing popularity of contactless track geometry measurement system.
By operation type, the market is segmented into contact and contactless The contactless market segment is expected to dominate the market during the forecast period owing advancement in technologies such as imaging technologies and optical laser sensors that positively impact the contactless operation type track geometry measurement systems. The contactless operation type include inertial and chord based systems.
By measurement type, the market is segmented into gauge, twist, cant and cant deficiency, vertical profile, curvature, alignment, dynamic cross-level, others. The vertical profile segment is expected to register the highest CAGR during the forecast period. Vertical profile is the track layout on the vertical plane that consists of average height of left and right rails, which is calculated from the mid-point of the rail. The gauge segment is extimated to dominate the market during the forecast period. Gauge refers to the distance between the inner sides of the two load bearing rails on high/low-speed railway track. Track geometry measurement system are majorly used to for maintainence of wheelsets of the rails.
By component, the market is segmented into Software, Lighting Equipment, Navigation Equipment, Communication Equipment, Power Supply Equipment, Sensor, Camera, and Data Storage & Desktop. The power supply equipment segment is expected to lead the market during the forecast period.
Track Geometry Measurement System Market Key players
The prominent players in the track geometry measurement system market are Balfour Beatty PLC(UK), Ensco PLC (UK), Fugro N.V. (Netherlands), Plasser & Theurer (Austria), R. Bance & Co. (UK), MERMEC S.p.A (Italy), Goldschmidt Thermit Group (Germany), Egis Group (France), Siemens AG (Germany), Bentley Systems, Inc. (US), Deutzer Technische Kohle GmbH (Germany), KZV, Spol. Sro (Czech Republic), Vista Instrumentation LLC (US), ZG Optique SA (Switzerland), Harsco Corporation (US), Trimble Inc. (US), Amberg Technologies AG (Switzerland), Rail Vision Europe (UK), and Holland LP (US).
The major players constantly focuses on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. For instance, in 2017, Bentley Systems (US) launched an OpenRail solution, that includes applications and services required for comprehensive planning, engineering, project delivery, and operations of railways.
Track Geometry Measurement System Market Segmentation
Track geometry measurement system market is segmented based on operation type, measurement type, component, and region.
By operation type, the market is segregated into contact and contactless.
On the basis of measurement type, the market is segmented gauge, twist, cant and cant deficiency, vertical profile, curvature, alignment, dynamic cross-level, others.
On the basis of component, the market is segmented software, lighting equipment, navigation equipment, communication equipment, power supply equipment, sensor, camera, and data storage & desktop.
By region, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.
Track Geometry Measurement System Market Competitive Analysis
The track geometry measurement system market has witnessed the rising demand across the globe owing to rise in number of high speed railway lines projects. Key players to further strenghten their market position have opted for partnerships and new product launches as their key organic growth strategy. In 2018, Plasser & Theurer showcased their cloud-based track geometry measurement solution EM100VT at InnoTrans 2018. The machine is company’s first cloud-based absolute track geometry measuring solution.
Track Geometry Measurement System Market Regional analysis
The global market for track geometry measurement system market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of track geometry measurement system market is done for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to dominate the track geometry measurement system market from 2018 to 2023 owing to the continuous growth in railways infrastructure including high-speed rails and mass transit system across various countries including China and India that boost the demand for track geometry measurement system equipment in the region.
Europe is the second largest market in the region. The presence of significant number of market players in the region promote the early adoption of technological advances in the track geometry measurement system market.
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