Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Railway Automated Inspection Equipment Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
The Global Railway Automated Inspection Equipment Market is expected to grow at a CAGR of around 5.2% from 2020 to 2027 and reach the market value of over US$ 3,458 Mn by 2027.
North America holds the dominating share for the railway automated inspection equipment market
Several North American governments are implementing revised track inspection standards in order to improve the operational efficiency of railway activities. For example, in August 2020, the U.S. Department of Transportation’s (DoT’s) Federal Railroad Administration (FRA) submitted to the Federal Register a final rule stating the use of ultrasonic inspection technology allowing railroads to perform continuous rail testing activities, which was improved with GPS technology. These updated regulations make it easier to conduct frequent railroad testing and identify rail line issues before the railroad deteriorates, thereby improving safety. Continuous rail testing entails using rail inspection vehicles to internally inspect rail without stopping. In the coming years, the railway automated inspection equipment market is expected to grow due to increased use of ultrasonic inspection technology. Factors such as rising demand for passenger and freight capacity, as well as an increase in the number of railway projects in North America, are expected to drive the growth of the railway automated inspection equipment market.
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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the railway automated inspection equipment market. Rising adoption of advanced technology, favorable government policies pertaining to the adoption of such advanced equipments, and an increase in budget approvals for railway maintenance all contribute significantly to the growth of the railway automated inspection equipment market.
Technological innovations support the growth of global railway automated inspection equipment market
Companies dealing in railway automated inspection equipment are incorporating cutting-edge technologies into their products, such as GPS, various data gathering and processing software, and others. When compared to older railway inspection machinery products, these railway automated inspection equipment is technologically advanced. The changing inspection frequency of railroads, as well as the requirement for minimizing inspection time duration and ensuring error-free inspection activities, necessitates the use of high-end technology-enabled equipment.
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Rising concerns related to railroad transportation and maintenance activities fuel the growth of global railway inspection equipment maintenance market
In the railway industry, railway inspection and maintenance equipment is used for track inspection, maintenance, repair, and ballast cleaning. Because of features such as ensuring safety, saving time, maximizing travel speed, and improving railway track performance, this equipment is used in railroad inspection applications. Inspection activities are always aligned with future maintenance and repair activities to ensure optimum performance level of railroad tracks to avoid accidents and railway asset losses resulting in changing mobility outlook globally.
COVID-19 impact on railway automated inspection equipment market
During COVID-19, autonomous track geometry measurement systems around the world are ensuring the continuity of track inspection operations, assisting railways in identifying defects earlier and improving rail network safety and efficiency. The greatest impact is felt by public transportation, as people are encouraged to stay at home and work from home whenever possible. From March 2020, public transportation in the majority of North America’s major cities was completely or partially shut down. Public mobility restrictions have been partially lifted since June 2020; however, major cities in North America are experiencing a 70% to 90% decrease in public transportation ridership.
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The global railway automated inspection equipment market is segmented as inspection system, inspection tools, inspection vehicles, and offering. Inspection system is segmented as Track Geometry Measurement System (TGMS), Rail Profile Measurement System, Third-rail (Power Rail), Measurement System (TRMS), and others. Further, inspection tool is bifurcated into Portable Track Loading Fixture (PTLF) and Digital Track Notebook 3.0 (DTN). Moreover, inspection vehicle is segregated as self-propelled vehicle, towed coaches, and hi-rail vehicles. Offering is classified into solution or equipment and services.
Key companies profiled in this report involve Alstom SA, Bombardier Inc., MERMEC S.p.A., Siemens AG, Trimble Inc., Per Aarsleff A/S, Rail Vision., and among others
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Content Source: https://www.globenewswire.com/news-release/2021/07/01/2256184/0/en/Railway-Automated-Inspection-Equipment-Market-Value-Projected-To-Reach-US-3-458-Million-By-2027-Covering-Covid-19-Analysis-Acumen-Research-and-Consulting.html