The Track
Geometry Measurement System Market is expected to be valued at USD 2.8
billion in 2019 and is likely to reach USD 3.7 billion by 2024, at a CAGR of
6.00% during the forecast period. The use of track geometry measurement systems
by the companies operating in the railway industry for complying with various
standards and regulations is among the key factors driving the TGMS market.
Moreover, the high popularity of no contact track geometry measurement system
is another factor boosting the growth of TGMS market.
The market for vertical profile measurement type is expected
to witness significant growth during the forecast period. Vertical profile is
the track layout on the vertical plane. It is defined as the average height of left and right rails, which is calculated from
the mid-point of these rails. The track class and permissible vehicle speed
limit are determined by the railroad administration bodies by using these
parameters as these are crucial for the operational efficiency of a rail.
The market for no contact operation type is expected to grow
at a high rate during the forecast period. The major benefit of this operation
type is that it is suitable for high and low speed. Also, it ensures high
accuracy with the help of advanced technologies such as imaging technologies
and optical laser sensors. Therefore, this type of operation method is gaining
popularity for track geometry measurement.
Request PDF Brochure: https://www.marketsandmarkets.com/requestsampleNew.asp?id=31376329
Among all railway types, the TGMS market for high-speed
railways is expected to grow at the highest rate from 2019 to 2024. High-speed
railway projects have been progressing rapidly worldwide for the past few
years, creating opportunities for the TGMS market. Europe and APAC are the
major regions generating demand in the TGMS market for high-speed railways.
The software segment of the TGMS market is expected to grow
at a high rate during 2019–2024. Raw data extracted from hardware components
are collected, processed, and analyzed using software.
The software solutions are mostly in-built in hardware systems; these solutions
can also be purchased separately and then integrated into the hardware. With
the help of various software, railway companies/operators are able to measure
track geometry quickly and precisely, and later view and analyze to find
faults, if any.
Among all regions, the TGMS market in APAC is expected to
grow at the highest rate during the forecast period. This growth is attributed
to the high economic growth witnessed by major developing economies in the
region. Key countries in APAC include China, Japan, Australia, and India. The
key players are grabbing opportunities by expanding their global reach and
launching new products.
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
