Track geometry measurement system market is expected to grow from USD 2.51 billion in 2017 to USD 3.62 billion by 2023, at a compound annual growth rate (CAGR) of 6.53% during the forecast period.
Stringent standards and regulations with regards to railway tracks and growing popularity of contactless track geometry measurement system are the key drivers for the track geometry measurement system market.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 includes inertial and chord-based systems.
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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.
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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 followed by Europe is expected to dominate the track geometry measurement system market from 2018 to 2023. The factors driving the track geometry measurement systems market in Asia-Pacific are the continuous growth in railways infrastructure including high-speed rails and mass transit system across various countries including China and India. Whereas presence of significant number of market players in the European region promote the early adoption of technological advances in the track geometry measurement system market.
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