The US track geometry measurement system market is set for strong growth due to increased infrastructure investments, high-speed rail projects, and advanced technologies enhancing accuracy and efficiency.
NEWARK, Del, Sept. 11, 2024 (GLOBE NEWSWIRE) — The global Track Geometry Measurement Systems (TGMS) market is on a dynamic growth trajectory, with an estimated valuation of USD 3.4 billion in 2023 and a projected expansion to USD 6.3 billion by 2033. This significant growth reflects a robust compound annual growth rate (CAGR) of 6.3% over the forecast period. The market’s expansion is propelled by increased safety focus, evolving regulatory requirements, and advancements in technology.
The Track Geometry Measurement System (TGMS) market is witnessing robust demand, driven by several key factors within the railway industry. As global rail networks expand and modernize, the need for precise track measurements to ensure safety, efficiency, and compliance with regulatory standards has become increasingly critical.
The primary driver of demand for Track Geometry Measurement Systems (TGMS) in the railway system is the heightened focus on railway safety. Accurate track geometry measurements are critical for preventing accidents and ensuring smooth, efficient operations across railway networks. TGMS offers real-time data that enables early detection of potential track issues, allowing operators to address problems before they escalate. This supports proactive maintenance strategies, which not only improve operational safety but also reduce service disruptions and extend the lifespan of railway infrastructure. The shift towards a more safety-focused, preventive approach is becoming increasingly vital in modern railway systems.
Regulatory compliance is another significant factor propelling the TGMS market. Evolving industry standards and regulations require railway operators to adhere to stringent track geometry requirements. TGMS solutions enable compliance with these regulations, ensuring that track conditions meet safety and operational guidelines.
Technological advancements also play a crucial role in driving demand. Integration of technologies such as artificial intelligence, machine learning, and data analytics into TGMS solutions has improved measurement accuracy and operational efficiency. These advancements are making TGMS more sophisticated and capable of delivering more precise data.
Key Drivers of Market Growth
- Enhanced Safety Focus: With growing emphasis on railway safety, TGMS provides precise track measurements crucial for accident prevention and operational safety, driving heightened demand.
- Regulatory Compliance: TGMS enables railway networks to meet stringent industry standards and regulations, ensuring adherence to safety guidelines and operational norms.
- Proactive Maintenance: By facilitating accurate track geometry measurements, TGMS supports proactive maintenance strategies, identifying potential issues early and preventing operational disruptions.
- Operational Efficiency: Real-time data from TGMS enhances operational efficiency, allowing for timely interventions, targeted maintenance, and minimized downtime, leading to optimized performance.
- Technological Advancements: Integration of artificial intelligence, machine learning, and data analytics in TGMS enhances measurement accuracy and efficiency, fueling demand for advanced solutions.
- Infrastructure Projects: The surge in global railway projects necessitates precise track measurements, driving demand for TGMS in planning, construction, and maintenance phases.
- Cost Savings and Longevity: TGMS adoption contributes to reduced maintenance costs, extended track lifespan, and minimized disruptions through early detection and timely repairs.
- Industry Collaboration: Increased awareness and collaboration among stakeholders in promoting railway safety drive investments in reliable and advanced track measurement systems.
Key drivers of market growth for track geometry measurement systems (TGMS) include enhanced safety focus, regulatory compliance, and proactive maintenance. Technological advancements and infrastructure projects also boost demand, along with cost savings and industry collaboration. Says a Lead Consultant Nikhil Kaitwade in Automotive at Future Market Insights (FMI).
Key Takeaways
- The global Track Geometry Measurement System (TGMS) market is valued at approximately USD 3.4 billion in 2023.
- By 2033, the market is expected to reach a total revenue of USD 6.3 billion.
- China is projected to be a major consumer, with sales of TGMS expected to grow at a 7.7% annual rate through 2033.
- Measurement systems are particularly prevalent in mass transit railway tracks, which hold over 30% of the market share.
- Advances in LiDAR technology are driving the popularity of no-contact measurement systems, with this segment anticipated to grow at a 6.2% CAGR through 2033.
Country-Wise Insights for the Track Geometry Measurement System (TGMS) Market:
| Country | Projected Market Size (2033) | CAGR (2023-2033) | Key Growth Factors |
| China | USD 1.6 Billion | 7.7% | Rapid expansion of high-speed rail, government investments in railway infrastructure, adherence to stringent safety standards, and advancements in AI and data analytics for improved measurement accuracy. |
| United States | USD 920.8 Million | 5.1% | Ongoing investments in railway infrastructure, expansion of high-speed rail projects, emphasis on safety regulations, integration of AI and data analytics, and a focus on proactive maintenance and operational performance optimization. |
This table highlights the projected market size, growth rate, and key growth factors driving the track geometry measurement system markets in China and the United States.
Key Players
- Balfour Beatty
- BENTLEY SYSTEMS Inc.
- Deutzer Technische Kohle GmbH
- Fugro
- Goldschmidt Thermit GmbH
- MERMEC Inc.
- Plasser & Theurer
- R.Bance & Co Ltd
- Siemens
- Vista Instrumentation LLC
Unlock Comprehensive Market Insights – Explore the Full Report Now: https://www.futuremarketinsights.com/reports/track-geometry-measurement-system-market
Segmentation Analysis
By Railway Type:
- High-speed Railways
- Conventional Railway
- Heavy Haul Railways
- Light Railways
By Operation Type:
By Component:
- Hardware
- Navigation Equipment
- Communication Equipment
- Camera
- Sensor
- Others
- Software
- Services
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Trending Research Reports on Automotive Domain:
The global Railway Traction Inverter market demand is anticipated to reach a valuation of US$ 6,754.2 Million by 2032 and continue to grow at a CAGR of 5.8% from 2022 to 2032.
The global automotive plastic market size is projected to surge at a CAGR of 6.8% during the forecast period of 2024 to 2034. It will likely attain a value of USD 145,333 million by 2034.
The global automotive interior leather market share is anticipated to reach a value of USD 37.3 billion by 2034. Sales are projected to rise at a CAGR of 4.9% over the forecast period between 2024 and 2034.
The global bicycle chain market size is estimated to surge at a CAGR of 4.6% during the forecast period and is anticipated to attain a value of USD 11,940.6 million by 2034.
The global automotive smart antenna market is projected to Surging at a CAGR of 9.1% between 2024 and 2034, demand is estimated to reach USD 17,316.1 million by 2034.
The global automotive vacuum brake booster industry value is anticipated to rise at 7.4% CAGR. The sector is predicted to increase from USD 333.5 million in 2024 to USD 680.9 million in 2034.
The global automotive exhaust manifold industry value is anticipated to rise at 3.7% CAGR. The sector is predicted to increase from USD 10,423.9 million in 2024 to USD 14,990.5 million in 2034.
The global dual clutch transmission market size is set to surge at a CAGR of 9.2% and clock a revenue of USD 238,566.6 million by 2034.
The global automotive actuator market sales is anticipated to rise at 6.9% CAGR. Total value is anticipated to increase from USD 15.1 billion in 2024 to USD 28.7 billion by 2034.
The global splash shield market demand is projected to attain a value of around USD 415.7 million by 2034. The industry will likely witness a CAGR of 5.5% in the forecast period from 2024 to 2034.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, USA T: +1-845-579-5705 For Sales Enquiries: [email protected] Website: https://www.futuremarketinsights.com LinkedIn| Twitter| Blogs | YouTube
Legal Disclaimer:
EIN Presswire provides this news content “as is” without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Originally published at https://www.einpresswire.com/article/742633960/global-track-geometry-measurement-system-tgms-market-set-to-reach-usd-6-3-billion-by-2033-driven-by-technological-advancements-and-rising-demand
