Research by Global Market Studies has reported a CAGR of 6.2% for the Track Geometry Measurement System Market, expecting to expand to a value of USD 4.23 billion by 2028.
The market for technology and apparatus used to measure and keep track of the geometry and condition of railroad tracks is known as the Track Geometry Measurement System (TGMS) market. TGMS is necessary to ensure the dependability and safety of the rail infrastructure and to identify any issues before they result in mishaps or delays.
There is a huge increase in demand for dependable and effective railway transportation, which has propelled the growth of the worldwide TGMS market. The market is divided into different categories of measurement systems including equipment for measuring track geometry, spotting track faults and inspecting tracks.
To access a sample of this report and more information on this market
TGMS technology is becoming more accurate and effective as a result of technological developments like the creation of laser-based systems. New and better measurement systems are being developed as a result of this. To fulfill the rising demand for transportation, governments around the world are investing in the renovation and upgrading of railway infrastructure. This is making it possible to use TGMS technology to increase the effectiveness and security of railroad tracks.
Moreover, the use of TGMS technology to monitor and maintain the condition of railroad tracks is being driven by the necessity for efficient asset management in the railway industry. New measurement systems and services are being developed as a result, which is opening new prospects.
The adoption of TGMS technology is being driven by the railway industry’s growing emphasis on safety in order to identify possible issues before they lead to accidents or delays.
Additionally, the demand for reliable and efficient railway infrastructure is being driven by the rising demand for rail transit, especially in developing nations, making it possible to use TGMS technology to increase the dependability and safety of railroad rails.
Despite recent substantial advancements in TGMS technology, various technical restrictions still exist that may limit the system’s usefulness. For instance, some measurement methods may not be able to detect specific flaws or may be limited in their ability to do so during specific weather circumstances.
Smaller railroad firms and poor nations may face serious difficulties as a result of the comparatively high cost of TGMS technology. This may restrict the use of TGMS technology and hinder the market’s expansion. Varying nations may have varying rules and requirements for TGMS technology usage and the railway industry’s regulatory environment can be complicated. This may pose difficulties for international businesses and restrict the use of TGMS technology in particular areas.
TGMS technology installation, operation and maintenance call for specialist knowledge and abilities. The adoption and efficient use of TGMS technology may be significantly hampered by the lack of skilled staff. Furthermore, regular maintenance and repair are necessary to preserve this technology’s effectiveness. For certain businesses, the expense and complexity of maintaining and fixing the equipment can be difficult.
• In October 2022, the Republic of Turkey State Railways (TCDD) and Tesmec S.p.A. signed a contract for the supply of a novel diagnostic tool integrated with measuring tools to examine the railway network. In addition to the training of local operators and the inspection of diagnostic systems, this contract also includes the design and building of the diagnostic tool and onboard diagnostic systems.
• In August 2022, the American companies RailPod Inc. and STANLEY Infrastructure partnered to combine RailPod Inc.’s rail inspection technology with the industrial tools and clientele of STANLEY Infrastructure.
Balfour Beatty PLC, Bentley Systems Inc., Egis Group, ENSCO, ESIM, Fugro N.V., MERMEC S.P.A, Plasser & Theurer, Siemens AG, Trimble
1) What is the projected market value of the Track Geometry Measurement System Market?
– The Track Geometry Measurement System Market is expected to reach a value of USD 4.23 billion by 2028
2) What is the estimated CAGR of the Track Geometry Measurement System Market over the 2023 to 2028 forecast period?
– The Track Geometry Measurement System Market is expected to grow at a CAGR of approximately 6.2% from 2023 to 2028.
3) Who are the key players in the Track Geometry Measurement System Market?
– Balfour Beatty PLC, Bentley Systems Inc., Egis Group, ENSCO, ESIM, Fugro N.V., MERMEC S.P.A, Plasser & Theurer, Siemens AG, Trimble.
Global Market Studies is a leading global market research and data services consultancy, providing actionable, objective, bespoke insights to business all over the world across multiple industry verticals also we are specialised in Semiconductor market research reports and analysis. With a team of highly-experienced and domain-specific research and data experts focused on high-quality research, we are able to deliver to our clients high-quality market intelligence. Using cutting-edge, proprietary research tools we help our clients identify new market opportunities, apprehend risk early-on, maximize revenue sources and enter disruptive markets. Through a suite of impactful solutions developed using the knowledge of emerging markets, Global Market Studies is able to add real value to clients’ decision-making process so they may stay ahead of change and develop that much-needed competitive edge. We are a global market research company underpinned by quality analysis and unmatched experience combining our forte of swift turnarounds that suit your deadlines along with an ever-growing network of researchers and analysts.
• Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients take strategic decisions, such as product development, market positioning, and marketing strategies.
• Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.
• Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.
• Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.
• Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.
Share this post if you find it useful -