Track Geometry Measurement System Market Will Grow Rapidly In Coming Years Track Geometry Measurement

Rahul Nikade

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Track Geometry Measurement System Market Will Grow Rapidly In Coming Years

Track Geometry Measurement System Industry

The global track geometry measurement system market is expected to reach USD 5.07 billion by 2030, expanding at a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. Track geometry measurement is an important method in the rail industry for maintenance planning and assessing track safety. Analyzing and measuring track geometry regularly prevents track-related derailments that might result in catastrophic damage.

The growing need for safety and security in railway transportation and the increase in railway networks and metro lines are key factors propelling the industry's growth. Numerous mishaps and accidents involving trains have increased concerns across the globe and are encouraging governments to digitize the mode of transport to ensure a safer journey. In addition, the increasing demand for smart technologies to sustain the operational efficiency of tracks is further boosting industry growth.

Track geometry is a vital part of ensuring the safe operation of high-speed railways. It is responsible for measuring the alignment and level of the track, as well as the superelevation of the track. This information is then utilized to ensure that trains can safely work at high speeds. The TGMS (Track Geometry Measurement System) is a key tool in managing and measuring track geometry. TGMS systems are used by railway operators worldwide to help maintain safe and efficient operations.

The COVID-19 outbreak has negatively impacted the market. Increased coronavirus cases across the globe resulted in stringent social distancing and lockdown norms around the world, which led to supply chain disturbance during the outbreak of COVID-19, thus it has affected product demand. The COVID-19 crisis affected industries worldwide, and the global economy took the worst hit in 2020 and likely in 2021. The outbreak has created significant disruptions in primary sectors such as logistics, retail, and e-commerce. The sharp decline in the transportation business industry has negatively impacted the growth of the global track geometry measurement system industry.

Fugro's, a multinational company in Netherlands, business operations were hampered by quarantine requirements, travel restrictions, and lockdown measures, leading to operational difficulties for cross-border staffing and projects and project delays.

Gather more insights about the market drivers, restrains and growth of the Global Track Geometry Measurement System market

Track Geometry Measurement System Market Segments Highlights:

The growing need for safety and security in railway transportation along with the increase in railway networks and metro lines are key factors propelling the industry's growth
The hardware segment is expected to hold the largest market share and expand at a CAGR of 5.3% from 2022 to 2030
The heavy haul railways segment is projected to grow at the highest CAGR over the forecast period
A large number of track geometry measurement system manufacturers are located in North America and Europe. The two regions account for a sizeable cumulative share of the global market
Key market players include Balfour Beatty PLC; Bentley Systems, Inc.; Egis Group; and ENSCO

Track Geometry Measurement System Market Report Segmentation

Grand View Research has segmented the global track geometry measurement system market based on component, railway type, operation, and region:

Track Geometry Measurement System Component Outlook (Revenue, USD Million, 2017 - 2030)