According to the latest report by IMARC Group, titled "Railway Maintenance Machinery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global railway maintenance machinery market reached a value of US$ 4.25 Billion in 2021. Railway maintenance machinery refers to the equipment used to maintain, repair and monitor railway tracks. Tampers, ballast regulators, undercutters, dynamic track stabilizers and ballast cleaners undercutters are some of the common types of machinery used in railway maintenance applications. The equipment is widely employed on ballast and non-ballast tracks to remove muck, improve drainage, and prevent deformation, abrasion and damage to various components of the tracks. Railway maintenance machinery is also commonly used for maintaining, repairing and inspecting the vertical and horizontal alignment and ensuring proper gauge, height and alignment of the tracks. This, in turn, aids in timely replacement of the rail, reducing wear and tear of components, lowering fuel consumption, and increasing the life of the tracks, thus ensuring smooth railway functioning and passenger safety at reduced operation costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Railway Maintenance Machinery Market Trends:
The increasing passenger demand for safe and reliable transportation railway systems can be attributed to the rising incidence of railway accidents and train derailments across the globe. This, in, turn, is facilitating the demand for railway maintenance machinery to prevent such incidents and ensure operational safety and security, which represents one of the key factors driving the market growth. Apart from this, various advancements in technologies, such as the large-scale integration of artificial intelligence (AI) and the Internet of Things (IoT) to control, supervise and protect railway systems, are providing a thrust to the market growth. Additionally, the widespread adoption of electric trains due to the rising environmental consciousness among the masses is positively impacting the market growth. Other factors, including the rapid expansion of rail networks, exponential population growth and the implementation of various government initiatives focusing on refurbishing and constructing new railway tracks, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 6.30 billion by 2027, growing at a CAGR of 6.42% during 2022-2027.
- On the basis of the product type, the market has been classified into the tamping machine, stabilizing machinery, rail handling machinery, ballast cleaning machinery, and others.
- Based on the application, the market has been bifurcated into ballast and non-ballast tracks.
- On the basis of the sales type, the market has been classified into new sales and aftermarket.
- Based on region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include American Equipment Company Inc (Fluor Corporation), China Railway Construction Corporation Limited, Geatech Group srl, Harsco Corporation, Loram Maintenance of Way Inc. (Coril Holdings Ltd.), MATISA Industrial Materials S.A, Plasser & Theurer, Speno International SA, Strukton, Teräspyörä-Steelwheel Oy
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