PUBLISHER: Allied Market Research | PRODUCT CODE: 1365613
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365613
According to a new report published by Allied Market Research, titled, "Railway Maintenance Machinery Market," The railway maintenance machinery market was valued at $4 billion in 2021, and is estimated to reach $7.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032. Railway maintenance machinery refers to specialized equipment designed to ensure the safe and efficient operation of railways. It encompasses a variety of tools and vehicles used for upkeep, repair, and improvement of rail infrastructure. These machines play a crucial role in maintaining track conditions, reducing downtime, and enhancing overall operational performance. They are typically equipped to handle tasks such as track inspection, ballast distribution, tamping, welding, and vegetation management.
Increase in number of railway electrification projects globally fuels the growth of the railway maintenance machinery market. Electric trains are more eco-friendly as compared to fuel-powered trains. Hence, this leads to growth in demand for the railway maintenance services. In addition, governments of different countries are approving hybrid tamping machines for maintaining operations of railway tracks. For instance, in December 2022, nearly $2.3 billion was made available by the U.S. Department of Transportation (USDOT) to upgrade and expand the country's intercity passenger rail network. There is a growing interest in high-speed rail projects in North America, particularly in regions with dense population centers and high traffic corridors.
Rise in adoption of internet of things (IoT) and cloud-based system in railway maintenance operations, owing to features such as scalability, high speed, continuous support, and IT security services, is expected to drive the growth of the railway maintenance machinery market. However, high costs associated with railway maintenance machinery are expected to hamper the development of the market. Conversely, technological integration in the railway maintenance machinery is anticipated to provide lucrative opportunities for the growth of the market.
Furthermore, due to rise in inflation mainly driven by Ukraine -Russia war, the price of oil & gas, as well the prices of raw materials are experiencing increased volatility across the world. This has led to slow paced growth of the railway maintenance machinery market and its related industries.
The railway maintenance machinery market is segmented on the basis of product type, application, sales type, and region. By product type, the market is categorized into tamping machine, stabilizing machinery, rail handling machinery, ballast cleaning machine, catenary maintenance machine and others. Furthermore, the application segment is further categorized into ballast track and non-ballast track. Depending upon the sales type, the market is bifurcated into new sales and aftermarket sales. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, the UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Competitive analysis and profiles of the major players in the railway maintenance machinery market are provided in the report. Major companies in the report include, 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, and China Railway Construction Corporation Limited.
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