The track
geometry measurement system (TGMS) 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.
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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.
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.
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Geometry Measurement System Market - Global Forecast to 2024"
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