Attractive Opportunities in the Track Geometry Measurement System Market
According to the MarketsandMarkets forecast, the track geometry measurement system (TGMS) market is expected be worth USD 3.51 Billion by 2022, at a CAGR of 7.88% between 2016 and 2022. The major drivers for the market include increasing need for safety and security in railway transport and growing railway networks and metro lines. In addition, deployment of intelligent and cost-effective techniques in railway drive the growth of this market.
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The scope of this report covers the track geometry measurement system market on the basis of measurement type (track gauge, twist, and others), operation type (no contact and contact), railway type (high speed, mass transit, heavy haul, light), and component, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the market. It also profiles the key players operating in the track geometry measurement system market.
The market for track gauge measurement type is estimated to hold the largest share of the track geometry measurement system market in 2015. All passenger rail types, including high-speed or light and freight rails on a particular network, must have wheelsets that are compatible with the track gauge to avoid derailment; hence, track gauge is a very important parameter during track geometry measurement. Track gauges generally vary by country and sometimes within countries as well.
Data control and management is a sensitive issue for the track geometry measurement system market; hence, protection of this data generated by various measuring devices may be a key challenge for said market. The major vendors in this market are Ensco, Inc. (U.S.), Fugro (Netherlands), MER MEC S.p.A. (Italy), Balfour Beatty (U.K.), Egis (France), Plasser & Theurer (Austria), MRX Technologies (Australia), R. Bance & Co., Ltd. (U.K.), Bentley Systems, Inc. (U.S.), and Goldschmidt Thermit Group (Germany), among others. These players adopted various strategies such as contracts, new product/technolgy launches and developments, acquisitions, partnerships, and business expansions to cater to the needs of the market.