According to the latest research report titled “Track Geometry Measurement System Market to 2027 – COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the global track geometry measurement system market was valued at US$ 2795.7 million in 2019 and is projected to reach US$ 4741.0 million by 2027; it is expected to grow at a CAGR of 7.3% from 2020 to 2027.
APAC Track Geometry Measurement System Market to Grow at Highest CAGR during Forecast Period
Track geometry is a three-dimensional geometry of track layouts and related dimensions used in the design, construction, and maintenance of rail tracks. It is used for speed limits and other track gauge, alignment, elevation, curvature, and track surface regulations. While the geometry of the tracks is three-dimensional by nature, it is represented in horizontal and vertical layouts. The increased demand for track geometry measurement systems from high-speed rail and mass transit rail, existence of various standards and regulations in the rail industry, the usage of track geometry measurement systems for track maintenance, the development of metro lines and high-speed rail lines, the popularity of non-contact track geometry measurement systems, and the implementation of intelligent techniques in the rail sector are the factors propelling the growth of the track geometry measurement system market. On the other hand, the lack of infrastructure needed is having a negative effect on the growth of this sector in the current market scenario. Indian Railways has also embarked on an ambitious plan to build two dedicated freight corridors (Eastern and Western) of around 2,850 km at an estimated cost of US$ 11.38 billion. These two corridors are used by freight trains and are planned to be commissioned by 2021. Indian Railways is the world’s 4th largest rail networks, spread over 115,000 km. The government has enabled Foreign Direct Investment (FDI) in railways to improve infrastructure for freight and high-speed trains. The development of multiple global trade centers throughout the Asia Pacific region accompanied by urbanization, economic growth, and a strong increase in tourism is driving the growth of the track geometry measurement system market.
Additionally, the APAC region is expected to grow at the highest CAGR of 9.0% during the forecast period owing to the increasing demand for track geometry measurement systems in countries such as India, South Korea, China, and Japan. China is becoming a global player in the construction of high-speed networks. Also, the country has stepped up efforts in upgrading conventional train services. The constant development of high-speed railway network in India, and demand for track geometry measurement system in APAC are driving the growth of the market.
Key findings of study:
Stable economies and technological advancements support the growth of various markets in the region. Growing industrialization and low-cost labor are encouraging gigantic multinational companies to move their plant operations in the Asian market, especially in countries such as China and India. Track geometry measurement systems are used accurate and reliable track data and can be installed virtually on any rail bound vehicle. A wide range of rail projects is either planned or under construction in the region, making it the most lucrative region for the track geometry measurement system market. China and India are at the forefront in the development of extensive railways projects. Japan is known for manufacturing metal, transportation machinery, textile, and others. As manufacturing industry is a prominent user of advanced solutions to enhance their business activities, it is expected that the country will observe use of automation technologies to ensure greater productivity in manufacturing processes while reducing operational overheads. South Korea is observing the 4.0 industrial revolution, spearheaded by artificial intelligence, digitization, and robotics. Due to technologically developing infrastructure of the country, automation technology is gaining high momentum in South Korea. Increasing investment in high rail projects and demand for sustainable transportation are driving the growth of the market. Therefore, the use of track geometry measurement system will be beneficial in Asian countries to ensure safety and efficiency of railway network.
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