According to the Market Statsville Group (MSG), the global Track Geometry Measuring System market size is expected to grow from USD 3.35 billion in 2022 to USD 6.48 billion by 2033, at a CAGR of 6.18% from 2023 to 2033.
One of the key factors propelling the growth of the track geometry measuring system (TGMS) market is the adoption of intelligent approaches in railways worldwide. Governments are digitizing the form of transportation to provide safer travel due to the presence of many rules and regulations in the railway industry and worry about numerous mishaps and accidents involving trains, which is accelerating market growth. The rising demand for no-contact track geometry measurement systems and the use of these systems for track maintenance in the railroad industry further drives the market.
The term Track Geometry Measurement System (TGMS) designates a technological assemblage that includes software solutions, parts, and other service types. These systems combine a variety of sensors with additional hardware elements mounted on various kinds of rail cars. To identify and analyze the need for infrastructure maintenance and repair, they gather data about the train lines and other assets. To minimize any negative impacts, the track geometry measuring system (TGMS) delivers accurate and trustworthy track data for short- and long-term maintenance planning. Currently, inertial-based track geometry measurement technology is becoming more widespread. The inertial-based track geometry assessment system is a portable, lightweight device that accurately assesses the geometry of train tracks under various operational circumstances.
The TGMS sector has suffered from the COVID-19 epidemic. Globally increasing coronavirus infections led to strict social segregation and lockdown standards, which disrupted the supply chain and consequently affected product demand. The COVID-19 problem impacted global industries, and 2020 and perhaps 2021 saw the worst effects on the international economy. Logistics, retail, and e-commerce are just a few of the key sectors that have been severely affected by the pandemic. The global TGMS market's expansion has been hampered by the abrupt fall in the transportation business sector. Quarantine regulations, travel restrictions, and lockdown procedures had complicated operations for cross-border projects and caused staffing and project delays for various market players- for instance, Furgo, a global corporation in the Netherlands. Although there were differences depending on the geographic and operational footprint, COVID-19 impacted the U.K.-based Balfour Beatty enterprises. The U.K. Construction reported an underlying loss for the entire year as the Group's contract-end forecast positions were reevaluated due to prolonged site programs, increased operating expenses, decreased productivity, and site closures.
In order to minimize any negative impacts, the track geometry measuring system (TGMS) delivers accurate and trustworthy track data for both short- and long-term maintenance planning. Currently, inertial-based track geometry measurement technology is becoming more widespread. The inertial-based track geometry assessment system is a portable, lightweight device that accurately assesses the geometry of train tracks under various operational circumstances. The growing adoption of inertial-based rail track geometry measurement systems is accelerating the market’s growth over the forecast period. One reason for the considerable growth of the global track geometry measuring system market is the growing demand for security and safety in rail transportation and the expansion of railway networks and metro lines. Governments are being prompted to digitize trains to ensure a safer ride due to several mistakes and accidents involving the mode of transportation around the world. Further, the rising demand for smart technologies to maintain tracks' operational efficiency and develop high-speed rail systems drive the market’s growth.
To construct track geometry systems, advanced technologies and modules are essential components. Real-time data processing requires measurement carts, surveying equipment, and laser precision technologies. Nonetheless, the prices of these items vary depending on the local economy. Moreover, the progress of the track geometry measurement system industry is impeded by the sluggish pace of infrastructure development in developing and underdeveloped countries. Rodents, extreme weather, unplanned necessary repairs, and planned planning are all considered the biggest obstacles in the market. Track geometry measurement system market expansion is reportedly constrained by a lack of proactive track inspection solutions to deliver accurate real-time data at a reasonable cost.
Track Geometry Measurement System market growth has recently been accelerated by the development of high-speed rail networks and the digitization of the rail mode of transportation. Governmental bodies are compelled to implement the digitization of railway systems to ensure safety due to increased railroad accidents. Such improvements will likely boost the market growth for track geometry measurement systems. With the number of railroad accidents on the rise, there is a growing need for security and safety in the railway mode of transportation. Numerous accidents have recently been caused by derailing defective tracks and other railway-related deformations, particularly in nations like the United States. These elements create the profit potential for the industry's overall expansion of track geometry measurement systems. With the rising demand for track geometry measurement systems from developing nations and the growth of the high-speed rail network in the U.S., numerous possibilities are expected to arise in the global market for track geometry measurement systems.
The study categorizes the track geometry measuring system market based on component, railway type, and operation at the regional and global levels.
By operation, segments are divided into contact and contactless. In 2022, the contact sector was anticipated to dominate the market. A system-contact-based TGMS uses sensors to determine the shape of a railroad track and to give data for analysis and repair. The system can be installed on either new or old railway lines and can be utilized on both high-speed and light railways. Systems based on contact are more accurate than those based on no contact. The contactless category is expected to experience the quickest CAGR throughout the projected period. A non-contact-based TGMS can measure a railway track's geometry without touching it. This is accomplished by mounting sensors on a vehicle that travels along the track. A three-dimensional model of the track is then created using the sensor data. The key benefit of utilizing a non-contact-based TGMS is that there is no chance of track damage as it does not require any physical contact with the track. Another advantage is that it can measure extremely long stretches of track, making it perfect for use in extensive railway networks. Because it is portable and lightweight and accurately assesses rail track geometry under various operational situations, the inertial-based TGMS is growing in favor. The rapid use of inertial-based rail track geometry measurement systems is supporting no-contact TGMS market growth.
Based on the regions, the global track geometry measuring system market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific was in the lead. The rising adoption of advanced and modern technology accelerates the market's expansion in Asia. Further, the mass transit systems, strong development of high-speed railroads in China and India, and varying kinds of railway developments are the factors that augment the market growth over the forecast period. Rapid metro rail expansion also promotes regional development.
North America is anticipated to experience significant growth due to the increasing regulatory safety requirements in the rail transportation industry. American businesses RailPod Inc. and STANLEY Infrastructure joined up in August 2022 to integrate the track inspection technology of RailPod Inc. with the industrial tool and consumer base of STANLEY Infrastructure.
Key Market Players in the Global Track Geometry Measuring System Market
Track geometry measuring system market has a significant competitor and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Near Field Communication Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 20243D Sensor Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024Semiconductor Silicon Wafer Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Outdoor LED Display Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Smart Mirror Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024