According to a new report published by Allied Market Research, titled, “North America Railway Maintenance Machinery Market by Product Type, Application, and Sales Type: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The North America railway maintenance machinery market size was valued at $774.0 million in 2020 and is projected to reach $1,163.1 million by 2028, registering a CAGR of 6.1% from 2021 to 2028.
Drivers, restraints, and opportunities
Increase in government spending on the construction of railway projects, rise in the number of railway electrification, and advantages associated with railway maintenance machinery drive the growth of the North America railway maintenance machinery market. However, high cost of machinery hinders the market growth. On the contrary, technological innovations are expected to open lucrative opportunities for the market players in the future.
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- Covid-19 pandemic forced several market players to halt their business activities to comply with government regulations to curb the spread of the virus. This affected the revenue flow of the manufacturers of North American railways maintenance machinery.
- However, as the world is recovering from the pandemic and once the market reopens at its full-scale capacity, the market players will witness new opportunities.
The tamping machine segment held the lion’s share
By product type, the tamping machine segment held the largest share in 2019, contributing to nearly half of the North America railway maintenance machinery market share, due to rise in government spending on railway infrastructure projects. However, the rail handling machinery segment is projected to register the highest CAGR of 7.0% during the forecast period.
Get detailed COVID-19 impact analysis on the North America Railway Maintenance Machinery Market:
The ballast track segment dominated the market
By application, the ballast track segment held the lion’s share in 2019, accounting for more than half of the North America railway maintenance machinery market, owing to features such as quick water drainage and chances of vegetation and increase in number of railroad infrastructure along with government initiatives to reduce carbon emissions. However, the non-ballast track segment is expected to portray the highest CAGR of 6.6% from 2021 to 2028, due to increase in demand for non-ballast track maintenance machinery as they demand less maintenance.
The U.S. held the largest share
By region, the market across the U.S. held the largest share in 2019, contributing to more than three-fourths of the market, due to presence of major market players in the region. However, the North America railway maintenance machinery market across Mexico is expected to manifest the highest CAGR of 7.5% during the forecast period, owing to rise in investment from the Mexican government in expanding railway road infrastructure.
Major market players
- Coril Holdings Ltd (Loram Maintenance of Way, Inc)
- Caterpillar Inc (Progress Rail Services Corporation)
- Fluor Corporation (American Equipment Company, Inc)
- Curran Group, Inc (Holland LP)
- Harsco Corporation
- Plasser & Theurer
- Knox Kershaw Inc
- Gesellschaft m.b.H.
- Export von Bahnbaumaschinen
- Wabtec Corporation (Nordco Inc)
- ROBEL Bahnbaumaschinen GmbH
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