iCrowdNewswire Dec 4, 2020 6:00 AM ET
The global track geometry measurement system market is projected to grow rapidly due to increase in demand from high-speed rail. High-speed trains are known as protected style trains. High-speed rail developments have steadily progressed, giving a boost to the global track geometry measurement system market. One of the main drivers of the TGMS market is the existence of a wide range of rail industry specifications and legislation and the need to incorporate track geometry measurement solutions to meet these standards. Introduction of track geometry systems for track maintenance and rising network of metro and high-speed trains are among the other factors driving the TGMS market. Moreover, with the high acceptance rate, TGMS manufacturers have increased the accuracy and longevity of such systems as well as their size, which is expected to further increase the sale of these systems.
According to our latest market study on “Track Geometry Measurement System Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast – by Railway Type (High-Speed Railways, Conventional Railway, Heavy Haul Railways, and Light Railways); Operation Type (Contact and No Contact); and Component (Hardware (Navigation Equipment, Communication Equipment, Camera, Sensor, and Others), Software, and Services) and Geography,” the 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.
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Impact of COVID-19 on Track Geometry Measurement System market
According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and China are some of the worst-affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the world. According to the WHO, as of 3rd November 2020, there were around 46,840,783 confirmed COVID-19 cases globally, including 1,204,028 deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and likely in 2021 also. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce. The sharp decline in the transportation business industry is negatively impacting the growth of the global track geometry measurement system market.
In 2019, Europe stood second in the track geometry measurement system market with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027. The track geometry measurement system market in Europe was valued at US$ 845.4 million in 2019 and is projected to reach US$ 1555.5 million by 2027; it is expected to grow at a CAGR of 8.4% from 2020 to 2027. European relative strength index (RSI) invests around 2.7% of its annual turnover in R&D and employs ~400,000 people in Europe. Growing demand for low carbon transport has led to a series of investments in the railway sector, thereby boosting the need for track geometry measurement systems. Also, the European Regional Development Fund would invest US$ 312 million to improve over 178 km of rail connections on the 715 km long Madrid-Lisbon high-speed line. These investments are offering lucrative opportunities for the growth of the railway sector, driving the growth of the track geometry measurement system market. Moreover, increasing investment in the smart energy infrastructure system is further driving the growth of the market.
Market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present in the track geometry measurement system market are mainly focusing on product and service enhancements by integrating advanced features and technologies. For instance, in 2019, Fugro has been awarded a 5-year framework agreement by Network Rail to carry out survey data acquisition and analysis for all the high output track renewal sites across Britain, Europe.
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