The Track Geometry Measurement System by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Track Geometry Measurement System, 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.
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.
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The track geometry measurement system market covered in this report is segmented –
1) By Type: Gauge, Twist, Vertical Profile
2) By Product Types: Track Geometry Trolley, Track Geometry Inspection Vehicle (TGIV), Autonomous Track Geometry Measurement System (ATGMS)
3) By Application: High Speed Railways, Heavy Haul Railways, Light Railways, Mass Transit Railways
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.
The track geometry measurement system market report table of contents includes:
Executive Summary
Track Geometry Measurement System Market Characteristics
Track Geometry Measurement System Market Trends And Strategies
Track Geometry Measurement System Market - Macro Economic Scenario
Global Track Geometry Measurement System Market Size and Growth
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Global Track Geometry Measurement System Market Competitive Benchmarking
Global Track Geometry Measurement System Market Competitive Dashboard
Key Mergers And Acquisitions In The Track Geometry Measurement System Market
Track Geometry Measurement System Market Future Outlook and Potential Analysis
Appendix
Top 5 Major Key Players Are:
Ensco PLC
Fugro N.V
MER MEC S.p.A
Lasser & Theurer GmbH & Co. KG
MRX Technologies Inc
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The track geometry measurement system market (TGMS) is expected to be valued at USD 2.8 billion in 2019 and is likely to reach USD 3.7 billion by 2024, at a CAGR of 6.00% during the forecast period.
Moreover, the high popularity of no contact track geometry measurement system is another factor expected to considerably boost the growth of the TGMS market in the coming years.
Request Free Sample Pages:https://www.marketsandmarkets.com/requestsampleNew.asp?id=31376329 By operation type, no contact segment to account for largest market share during forecast period The track geometry measurement system market, by operation type, is segmented into no contact and contact based track geometry measurement systems.
The major benefit of this operation type is that it is suitable for high and low speed.
Also, it ensures high accuracy with the help of advanced technologies such as imaging technologies and optical laser sensors.
Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=31376329 Key Market PlayersKey players in the track geometry measurement system market include ENSCO (US), Fugro (Netherlands), MER MEC (Italy), Balfour Beatty (UK), Plasser & Theurer (Austria), Siemens (Germany), R. Bance & Co. (UK), Bentley Systems (US), Goldschmidt Thermit Group (Germany), and Egis (France).
Track geometry measurement system (TGMS) market is the technological accumulation of components, software solution and other service models.
These systems involve the combination of various sensors, and other hardware components installed on different types of rail vehicles to collect data regarding the rail tracks and infrastructural assets to identify and analyse the requirement of maintenance and repair of these infrastructure.Track geometry measurement system (TGMS) market is expected to rise to an estimated value of USD 4.04 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026.
This rise in market value can be attributed to the rapid rise of smart technologies being deployed in the railway industry vertical.Track Geometry Measurement System (TGMS) Market report also reviews top market players, major collaborations, mergers and acquisitions along with trending innovation and business policies.
This is a professional and in depth market report which underlines primary and secondary drivers, market share, possible sales volume, leading segments and geographical analysis.
A competitor analysis study is a fundamental aspect of any market research report which considers the strong and weak points of the competitors and also analyses their strategies with respect to product and market.
Track Geometry Measurement System (TGMS) Market research report lends a hand to business with intelligent decision making and better manages marketing of goods which results into growth in the business.
According to the new market research report "Track Geometry Measurement System Market by Measurement Type (Gauge, Twist, and Vertical Profile), Operation Type (No Contact and Contact), Railway Type (High Speed, Mass Transit, Heavy Haul, and Light), Component, and Geography - Global Forecast to 2024", the TGMS market is expected to be worth USD 2.8 billion in 2019 and reach USD 3.7 billion by 2024, at a CAGR of 6.00% from 2019 to 2024.
The growth of this market can be attributed to the high demand for track geometry measurement systems from high-speed railways, especially from APAC and Europe.By measurement type, the gauge segment leads the TGMS market.
Gauge is the spacing or distance between the inner sides of the heads of the 2 load bearing rails on a railway track.
It is among the key parameters of track geometry measurement.
The wheelsets of the rails should be compatible with the track gauge, else it could result in fatal accidents due to derailment.
Request PDF Brochure: https://www.marketsandmarkets.com/requestsampleNew.asp?id=31376329 The TGMS market for high-speed railways is expected to witness the highest growth during the forecast period.
