The Latin America, Middle East and Africa Track Geometry Measurement System Market would witness market growth of 8.3% CAGR during the forecast period (2022-2028).
One of the principal driving forces behind the track geometry measurement system market is a number of technological advancements in the sector. For example, rail corrugation measuring systems based on laser technology are ideally suited for high-speed trains. To lessen the noise made during transit, the tracks' corrugation is measured.
Typically, there is a 7 dB increase in noise. The rail corrugation measurement systems often evaluate the tracks section by section, assisting in effective planning for replacement. Additionally, the TGMS market has seen a general increase due to the rise in railroad accidents caused by factors like faulty tracks, derailments, unsafe railroad crossings, and stranded cars on the tracks. Trains can frequently be derailed if the rails are not properly maintained. These elements promote market expansion.
Similarly, in the Kingdom of Saudi Arabia, a modern rail network connecting all of the kingdom's provinces is being built by the government for a cost of more than $90 billion by 2040. To enable quick urbanization and growth, these public transportation mega-projects will get over obstacles and blockades that the Saudi Arabian region is currently experiencing. Some major projects that aim to facilitate the region's progress include Saudi Railway Master Plan, GCC Railway Project, and Riyadh and Jeddah Metro. Other projects include Al Mashaaer Al Mugaddassah Metro, Haramain High-Speed Rail Project, and Doha Metro. Such widespread railway construction and expansion projects throughout the region are immensely increasing the demand for TGMS and hence, accelerating the growth of the track geometry measurement system market.
The Brazil market dominated the LAMEA 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 $69.7 Million by 2028. The Argentina market is exhibiting a CAGR of 8.9% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Track Geometry Measurement System Market is Predict to reach $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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