Railway Maintenance Machinery Market to Reach $7.2 billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research
The global railway maintenance machinery market is driven by an increase in government spending on the construction of railway projects, surge in the number of railway electrification projects, and benefits associated with railway maintenance machinery.
PORTLAND, Ore., Aug. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Railway Maintenance Machinery Market by Product Type (Tamping Machine, Stabilizing Machinery, Rail Handling Machinery, Ballast Cleaning Machine, Catenary Maintenance Machine, and Others), By Application (Ballast track and Non-ballast Track), and Sales Type (New Sales and Aftermarket Sales): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global railway maintenance machinery market was valued at $4 billion in 2021, and is projected to reach $7.2 billion by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Railway maintenance machinery refers to a number of specialized tools and automobiles used in the construction, repair, and restoration of railway infrastructure. A range of technologies and equipment are used to ensure the safe and effective operation of overhead lines, signaling systems, train tracks, and other components related to railway networks. Switches, tunnels, catenary systems, bridges, railway tracks, etc. are all examined, maintained, and fixed using railway maintenance equipment. International connectivity and trade are often dependent on effective train infrastructure. As a result, regions with high levels of trade invested in maintaining and developing their railway networks.
Prime determinants of growth
An Increase in government spending on the construction of railway projects and a surge in the number of railway electrification projects, and benefits associated with railway maintenance machinery drive the growth of the railway maintenance machinery market. However, the Dearth of skilled staff and lack of reimbursement in developing countries restricts market growth. Moreover, technological integration in railway maintenance machinery is anticipated to provide lucrative opportunities in the coming years.
Report coverage & details:
Report Coverage |
Details |
Forecast Period
|
2023-2032 |
Base Year
|
2021 |
Market Size in 2021
|
$4 billion |
Market Size in 2032
|
$7.2 billion |
CAGR
|
5.5 % |
No. of Pages in Report
|
230 |
Segments covered |
Product Type, Application, Sales Type, and Regions |
Drivers |
Increase in government spending on the construction of railway projects. The surge in the number of railway electrification projects. Benefits associated with railway maintenance machinery. |
Opportunities |
Technological innovation |
Restraints |
The dearth of skilled staff and lack of reimbursement in developing countries. High cost of the machines. |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the railway maintenance machinery market faced a downturn.
- However, as the global situation started improving, the demand for railway maintenance machinery was restored back. This, in turn, presented various growth opportunities for companies operating in the railway maintenance machinery market.
Buy This Research Report (230 Pages PDF with Insights, Charts, Tables, Figures) @ https://www.alliedmarketresearch.com/checkout-final/1027a669b89a84ae1bda7afbd3b420de The tamping machine segment maintained its leadership status throughout the forecast period.
Based on product type, the tamping machine segment held the highest market share in 2021, accounting for nearly half of the railway maintenance machinery market revenue and is estimated to maintain its leadership status throughout the forecast period, this machine is cost-effective with higher working speed, saving time, reducing track maintenance cost, and maximizing the speed of track. However, the others segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032, owing to benefits associated with railway m aintenance machinery such as enhanced safety, time-saving feature for goods trains carrying highly inflammable material, and maximized speed of railway track.
The ballast track segment maintained its leadership status throughout the forecast period.
Based on application, the ballast track segment held the highest market share in 2021, accounting for nearly three-fifths of the railway maintenance machinery market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to its wide usage to clean the surface on the railway track. These tracks are laid under railway sleepers to reduce the stress on the ground. However, the non-ballast track segment is projected to manifest the highest CAGR of 5.8% from 2023 to 2032, it offers features such as releasing dust from ballast and has high train speed.
The aftermarket sales segment maintained its leadership status throughout the forecast period.
Based on sales type, the aftermarket sales segment held the highest market share in 2021, accounting for more than half of the global railway maintenance machinery market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032, owing to the existing railway system's age, the need for regular maintenance and replacement of components increases. This creates opportunities for aftermarket sales of spare parts and maintenance services.
Europe to maintain its dominance by 2032.
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global railway maintenance machinery market revenue, and is likely to dominate the market during the forecast period. Europe has been at the forefront of developing high-speed rail systems, connecting major cities and countries across the continent. High-speed rail requires advanced maintenance machinery and sophisticated maintenance practices to ensure safety and efficiency and hence it promoted the growth of the railway maintenance machinery market in Europe. However, the LAMEA region is expected to witness the fastest CAGR of 7.3 % from 2023 to 2032. Rapid urbanization and a growing population in certain parts of the LAMEA region have led to increased demands for reliable transportation systems and is expected to drive the growth of the railway maintenance machinery market.
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Leading Market Players: -
- System7 Rail Holding GmbH
- MER MEC S.p.A
- Fluor Corporation
- Loram Maintenance of Way, Inc.
- Harsco Corporation
- Geatech Group s.r.l.
- Plasser & Theurer
- Sinara Transport Machines Holding
- CRRC Corporation Limited
The report provides a detailed analysis of these key players of the railway maintenance machinery market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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