According to the MarketsandMarkets forecast, the
track geometry measurement system (TGMS) market is expected be worth USD
3.51 Billion by 2022, at a CAGR of 7.88% between 2016 and 2022. The
major drivers for the market include increasing need for safety and
security in railway transport and growing railway networks and metro
lines. In addition, deployment of intelligent and cost-effective
techniques in railway drive the growth of this market.
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The scope of this report covers the track geometry
measurement system market on the basis of measurement type (track gauge,
twist, and others), operation type (no contact and contact), railway
type (high speed, mass transit, heavy haul, light), and component, and
geography. The study identifies and analyzes the market dynamics such as
drivers, restraints, opportunities, and industry-specific challenges
for the market. It also profiles the key players operating in the track
geometry measurement system market.
The market for track gauge measurement type is estimated to hold the
largest share of the track geometry measurement system market in 2015.
All passenger rail types, including high-speed or light and freight
rails on a particular network, must have wheelsets that are compatible
with the track gauge to avoid derailment; hence, track gauge is a very
important parameter during track geometry measurement. Track gauges
generally vary by country and sometimes within countries as well.
On the basis of railway type, the high-speed railways
segment is expected to register the highest growth during the forecast
period. High-speed rail is the form of rail transport that operates
significantly faster than traditional rail, using an integrated system
of specialized rolling stocks and dedicated railway tracks. This type of
rail is mostly intended for passenger travel and is considered as one
of the safest modes of transportation. These trains normally operate on
the railway track having standard track gauge. Various 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 is largely dominated by the APAC region
because of the rapid expansion of high-speed rails, mass transit
systems, and subways in the APAC countries in the recent years. In
China, as of 2016, it 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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