Insights on the Railway Maintenance Machinery Global Market to 2031 - Increasing Number of Railway Electrification Projects Worldwide Fuels Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 19, 2022--
The “Railway Maintenance Machinery Market By Product Type, By Application, By Sales Type: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The global railway maintenance machinery market was valued at $3,945.2 million in 2021, and is projected to reach $7,613.8 million by 2031, registering a CAGR of 6.6% from 2022 to 2031.
Railway maintenance machinery consists of vehicles and machines, such as tamping machine and stabilizing machines, that are used to maintain railway tracks. These machineries are used in applications such as weld shear, rail drill, rail saw, and clipping machines. In addition, they are used for maintenance of railway tracks so that there is efficient and smooth operation of railway transport.
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 2020, Germany’s Federal Railway Authority (EBA) approved Unimat 09-32/4S Dynamic E3 hybrid tamping machine for railway track operations in Kreuznach (Germany) and Bern (Switzerland).
Growth in number of railway construction projects leads to expansion of the railway maintenance machinery market. In addition, rise in government spending on building new railway projects is anticipated to provide a boost to this market. For instance, the Indian government plans to spend $704.16 million on railway projects till 2023.
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 machineries is likely 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.
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the railway maintenance machinery market analysis from 2021 to 2031 to identify the prevailing railway maintenance machinery market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the railway maintenance machinery market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global railway maintenance machinery market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Tamping machine
- Stabilizing machinery
- Rail handling machinery
- Ballast cleaning machine
- Ballast track
- Non-ballast Track
By Sales Type
- New sales
- Aftermarket sales
- North America
- Rest of Europe
- South Korea
- Rest Of Asia Pacific
- Middle East
- Latin America
Key Market Players
- China Railway Construction Corporation Limited (CRCC High- Tech Equipment Co. Ltd)
- China State Railway Group Co Ltd. (Gemac Engineering Machinery Co Ltd)
- System 7- Railsupport GmbH
- Harsco Corporation
- MER MEC s.p.A.
- Geatech Group s.r.l.
- PLASSER & THEURER
- Sinara Transport Machines Holding
- Fluor Corporation
- CORIL HOLDINGS LTD
For more information about this report visit https://www.researchandmarkets.com/r/cg1kvv
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INDUSTRY KEYWORD: TRANSPORT RAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/19/2022 08:24 AM/DISC: 12/19/2022 08:24 AM