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Track Geometry Measurement System Market worth 3.51 Billion USD by 2022
The report "Track Geometry Measurement System Market by Measurement Type (Gauge, Twist, Vertical Profile), Operation Type (No Contact & Contact Based), Railway Type (High Speed, Mass Transit, Heavy Haul, Light), Component, and Geography - Global Forecast to 2022", is expected be valued at USD 3.51 Billion by 2022, at a CAGR of 7.88% between 2016 and 2022. The growth of this market is driven by the factors such as increasing need for safety and security in railway transport and growing railway networks and metro lines.
Browse 69 market data tables and 67 figures spread through 149 pages and in-depth TOC on “Track Geometry Measurement System Market - Global Forecast to 2022”
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High-speed railways to lead the overall market
The market for high-speed railways is expected to hold the largest share of the overall market and projected to grow at the highest CAGR between 2016 and 2022. These rails are mostly intended for passenger travel and are considered as one of the safest modes of transportation. The high-speed railway projects have been progressing rapidly worldwide in recent years, creating opportunities for the TGMS market. This is proven to be an efficient transportation mode and stimulate further economic growth by connecting major cities.
The market for gauge measurement systems held the largest share in 2015
The gauge measurement type has a major foothold in the track geometry measurement system market. Track gauges actually vary by country and sometimes within countries as well. Gauge measurement is a basic and key parameter for track geometry measurement to avoid derailment as it decides which rolling stock is compatible with a particular track gauge. The extensive use of gauge measurement system to check this compatibility makes it the largest segment.
APAC held the largest share of the track geometry measurement system market in 2015
APAC held the largest share of the track geometry measurement system market in 2015 because of various railway developments in the countries such as China, Australia, and India, among others. China is the major contributor for this region. As of 2015, China has the world's longest high-speed railway network. In addition, the rapid expansions in metro systems in the countries such as India and Australia are creating growth prospects in this region.
Some of the major players in this market are Ensco, Inc. (U.S.), Fugro (Netherlands), MER MEC S.p.A. (Italy), Balfour Beatty (U.K.), Egis (France), Plasser & Theurer (Austria), MRX Technologies (Australia), R. Bance & Co., Ltd. (U.K.), Bentley Systems, Inc. (U.S.), and Goldschmidt Thermit Group (Germany), among others.
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