The track geometry measurement system market is expected to grow at 6.53% CAGR over the forecast period.
The three-dimensional pattern of track designs and related measurements employed in building, constructing, and maintaining railroad tracks is typically referred to as track geometry. It finds wide application in the context of speed limits, standards, and other regulations associated with the realm of track gauge, elevation, alignment, track surface, and curvature. Even though, the pattern of the tracks is three-dimensional by the attributes, the regular ones are generally expressed in terms of two separate layouts for vertical and horizontal. According to the report published by Market Research Future, the global track geometry measurement system market is estimated to develop from USD 2.51 billion in 2017 to USD 3.62 billion by 2023. Strict regulations and standards with respect to railway tracks and expanding popularity of contactless track geometry measurement system are the primary drivers for the track geometry measurement system market. Additionally, the increasing investment in the upgradation of track geometry by key players coupled with the instances of mergers, acquisitions, and new contracts, drive the growth of the players operating in the track geometry measurement systems market. Recently, Balfour Beatty, a renowned player in the track geometry measurement systems market, has entered into a construction agreement with Matthews Southwest to offer design-build lead for the new construction of an 800-room, four-diamond Omni Hotel and proliferation of the Broward County Convention Center.
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The global track geometry measurement system market is dominated by key players such as Ensco PLC (UK), Balfour Beatty PLC(UK), Plasser & Theurer (Austria), Fugro N.V. (Netherlands), MERMEC S.p.A (Italy), R. Bance & Co. (UK), Egis Group (France), Goldschmidt Thermit Group (Germany), Bentley Systems, Inc. (US), Siemens AG (Germany), KZV, Spol. Sro (Czech Republic), Deutzer Technische Kohle GmbH (Germany), ZG Optique SA (Switzerland), Vista Instrumentation LLC (US), Trimble Inc. (US), Harsco Corporation (US), Rail Vision Europe (UK), Holland LP (US), and Amberg Technologies AG (Switzerland).
The global track geometry measurement market is segmented based on component, operation type, and measurement type. Based on component, the market is segmented into lighting equipment, software, communication equipment, navigation equipment, sensor, camera, data storage, desktop, and power supply equipment. Under the component type, the power supply equipment segment is anticipated to dominate the market over the forecast period. Based on operation type, the market is segmented into contactless and contact. The contactless market segment is likely to lead the market over the forecast period due to the progressions in technology such as optical laser sensors and imaging technologies that positively influence the contactless operation type track geometry measurement systems. The contactless operation type encompasses chord based and inertial systems. Based on measurement type, the market is segmented into twist, gauge, curvature, vertical profile, dynamic cross-level, alignment, and others. The vertical profile segment is anticipated to record the highest CAGR over the forecast period. Vertical profile signifies the track layout on the vertical plane that consists of average height of right and left rails, which is analyzed from the mid-point of the rail. The gauge segment is estimated to dominate the market during the forecast period. Gauge indicates the gap between the inner sides of the two load bearing rails on high/low-speed railway track. Track geometry measurement system finds wide application in maintaining wheelsets of the rails.
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Geographically, the global track geometry measurement system market is segmented into Asia-Pacific, Europe, North America, and the rest of the world. Asia-Pacific is likely to lead the track geometry measurement system market from 2018 to 2023. The growth is owing to the consistent growth in railways infrastructure including mass transit system and high-speed rails throughout several emerging economies such as India and China. It boosts the demand for track geometry measurement system equipment in the APAC market. Europe holds the second largest share in the track geometry measurement system market. The prevalence of large number of market players in the region encourage the early adoption of technological progressions in the track geometry measurement system market.
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