Track Geometry Measurement System Market Size To Expand at a Notable CAGR Of 5.71% During 2024 - 2032

Pune, India, February, 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on track geometry measurement system market.

Market Highlights

Track geometry measurement system market is expected to grow from USD 3.3 billion in 2023 to USD 5.48 billion by 2032, at a compound annual growth rate (CAGR) of 6.53% during the forecast period. Stringent standards and regulations with regards to railway tracks and growing popularity of contactless track geometry measurement system are the key drivers for the track geometry measurement system market.

Key players

The prominent players in the track geometry measurement system market are Balfour Beatty PLC(UK), Ensco PLC (UK), Fugro N.V. (Netherlands), Plasser & Theurer (Austria), R. Bance & Co. (UK), MERMEC S.p.A (Italy), Goldschmidt Thermit Group (Germany), Egis Group (France), Siemens AG (Germany), Bentley Systems, Inc. (US), Deutzer Technische Kohle GmbH (Germany), KZV, Spol. Sro (Czech Republic), Vista Instrumentation LLC (US), ZG Optique SA (Switzerland), Harsco Corporation (US), Trimble Inc. (US), Amberg Technologies AG (Switzerland), Rail Vision Europe (UK), and Holland LP (US). The major players constantly focuses on growth strategies such as strategic partnerships, mergers, acquisitions, and product launch to enhance their product offerings and expand their market reach. For instance, in 2017, Bentley Systems (US) launched an OpenRail solution, that includes applications and services required for comprehensive planning, engineering, project delivery, and operations of railways.

Regional Analysis

The global market for track geometry measurement system market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of track geometry measurement system market is done for North America, Europe, Asia-Pacific, and the rest of the world. 

Asia-Pacific followed by Europe is expected to dominate the track geometry measurement system market from 2024 to 2032. The factors driving the track geometry measurement systems market in Asia-Pacific are the continuous growth in railways infrastructure including high-speed rails and mass transit system across various countries including China and India. Whereas presence of significant number of market players in the European region promote the early adoption of technological advances in the track geometry measurement system market.