The global track geometry measurement system market size is expected to reach USD 5.48 billion by 2032, according to a new study by Polaris Market Research. The report “Global Track Geometry Measurement System Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Hardware, Services); By Railway Type; By Operation; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing need for safety and security in rail transportation, together with the expansion of rail networks and metro lines. Also, track geometry is significantly impacted by vibrations and the impact of high-speed trains and due to increasing the no of high-speed trains all over the world boosts the market growth.
The market is the largest in Asian nations as compared to other regions. The market's expansion in the Asia Pacific region is accelerated by the rising uptake of cutting-edge technology and the rapid growth of high-speed railroads in China and India also the fast expansion of metro lines in this region’s countries enables the market growth.
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Governmental entities are also contributing more money to the enhancement of the safety of railroad networks. For instance, the UK government has committed to finance High-Speed Rail and System Integration. The project will have a budget of EURO 11 million, which is anticipated to be combined with a grant from Leeds City Region Enterprise for EURO 13 million.
Two American companies, STANLEY Infrastructure, and RailPod Inc., partnered in August 2022 to combine the industrial tools and clientele of STANLEY Infrastructure with the track inspection technology of RailPod Inc. The track inspection technology and associated services from RailPod Inc. will get assistance through this partnership as they are implemented globally.
Global Track Geometry Measurement System Market Report Highlights
Hardware segment led the market share owing to a rise in demand due to safety management. Hardware used in analysis and planning of the work on the track's routine maintenance and repair, all collected information is analyzed in real-time, recorded, and preserved.
Polaris Market Research has segmented the global track geometry measurement system market report based on component, railway type, operation, and region:
Global Track Geometry Measurement System, Component Outlook (Revenue, USD Billion, 2019 - 2032)
Global Track Geometry Measurement System, Railway Type Outlook (Revenue, USD Billion, 2019 - 2032)
Global Track Geometry Measurement System, Operation Outlook (Revenue, USD Billion, 2019 - 2032)
Global Track Geometry Measurement System, Regional Outlook (Revenue - USD Billion, 2019 - 2032)