The Asia Pacific Track Geometry Measurement System Market would witness market growth of 6.6% CAGR during the forecast period (2022-2028).
The necessity for long-distance rail travel is already rising in many nations. This rise is anticipated to continue as the high-speed rail networks continue to grow in regions like Asia. Commercial high-speed railway lines are anticipated to move at speeds of up to 300 km/h, enabling these trains to cover up to 1,000 km in only 5 to 7-hour travel. Similarly, high-speed lines are also being constructed for express freight.
According to predictions made by rail experts, these infrastructures will generate significant earnings that will encourage investments in the industry to help cover the costs of construction and relieve pressure on public budgets. Additionally, the demand for transportation is changing at a rapid rate as a result of lifestyle changes and demographic evolution.
Moreover, owing to the increased public expenditure on health care services, the number of elderly people (particularly those aged 80 or older) is continually rising in industrialized countries. Since the elderly use trains more frequently, especially for long-distance travel and in cities, this will propel the pace of railway expansion, which in turn, will benefit the market.
The ballast tracks can be frequently observed all around the Australia. However, it has been discovered that the ballast tracks are ineffective at carrying heavier and quicker trains that travel through various sections of the nation. According to the engineers' observations, these ballast tracks need to be redesigned and optimized for the transportation of infrastructure. As a result, the national government has initiated widescale renovation projects that need inspection and measurement tools, and hence raise the demand for TGMS. Such vast advancements in the railway sector across the region are promoting the growth of the track geometry measurement system market.
The China market dominated the Asia Pacific Track Geometry Measurement System Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $469.4 Million by 2028. The Japan market is estimated to grow a CAGR of 6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 7.2% during (2022 - 2028).
Based on Component, the market is segmented into Hardware, Software, and Services. Based on Operation, the market is segmented into Contact and Contactless. Based on Railway Type, the market is segmented into Mass Transit Railways, High-Speed Railways, Heavy Haul Railways, and Light Railways. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Track Geometry Measurement System Market is Projected to reach USD 4.4 Billion by 2028, at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Balfour Beatty Plc, Bentley Systems, Inc., Egis Group, Fugro N.V., Trimble, Inc., ENSCO, Inc., E.S.I.M. Group, Plasser & Theurer, and MER MEC S.p.A. (Angel Company).
By Component
By Operation
By Railway Type
By Country
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