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The Global Railway Maintenance Machinery Market size is estimated to grow by USD 1,442.03 million at a CAGR of 6.4% between 2022 and 2027. The growth of the market depends on several factors, including the increasing number of railway electrification projects, the growth in the upgradation of railway networks in developing countries, and the increasing adoption of railway maintenance machinery.
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This report extensively covers market segmentation by application (ballast track and non-ballast track), product (work vehicles and small equipment), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the ballast track segment will be significant during the forecast period. Ballast tracks are the traditional and old type of railway tracks. These railway tracks are generally composed of railway fasteners, steel rails, ballast beds, and railroad ties.
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The ballast track segment showed a gradual increase in market share with USD 2,328.71 million in 2017 and continued to grow by 2021. Ballast tracks are easy to lay and require low investments. helps monitor and maintain ballast tracks and improves operational safety. is used to carry out all the necessary track maintenance tasks such as tamping and cleaning the ballast, removing and inserting ties, tightening rail bolts, excavating and replacing worn ballast, and aligning the ballast tracks. Some types of maintenance machinery are also designed to carry out more than one task. For instance, ballast tamping machines are combined with track lining and levelling functionalities. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of Railway Maintenance Machinery, which is driven by an increase in the global demand for the Industry.
The increasing number of railway electrification projects is notably driving the market growth, although factors such as the high cost of equipment and the availability of refurbished products may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Market Driver
The increasing number of railway electrification projects is the key factor driving the global market growth. Globally, there is an increase in railway electrification projects, as electric trains are economically more viable and sustainable than fuel-powered trains. Significant reductions in the emissions in train operations and faster acceleration and deceleration of the engines compared with diesel engines are the key drivers for the growth of electric engines. However, a large proportion of the railway tracks in various countries do not have electric lines for powering electric trains.
The governments of various countries are planning to increase the electrification of railways during the forecast period. Similarly, many other countries, such as the US, use diesel engines for railroads. With the rising environmental concerns and regulations, these countries are also expected to switch to electric railway networks during the forecast period. These electrification projects require for their fast and efficient completion, which will drive the growth of the global market during the forecast period.
Key Market Trend
The IoT-based remote monitoring of trains and tracks will fuel the global market growth. The adoption of the Internet and IoT has been beneficial across a wide range of industries, as it helps in increasing the operational efficiency of the entire business process. Each railway network consists of thousands of components, such as signalling infrastructure, rolling stock, stations, and staff.
The effective management of all these components is significant, as they must work coherently for the efficient functioning of a railway network. All these components can be managed efficiently by adopting IoT technologies along with analytics. In the near future, railway maintenance processes are estimated to find increasing applications of IoT with the goal of business process optimization. Preventive maintenance is one of the key benefits of adopting IoT in the railway industry. Such factors will boost the growth of the market during the forecast period.
Key Market Challenge
The high cost of equipment and the availability of refurbished products are major challenges to the global market growth. The high cost of is one of the major challenges to market growth. There are various types of railway maintenance machinery, such as tamping machines, stabilizing machines, rail handling machines, and ballast cleaning machines.
The price of each of these machines varies according to their efficiency and needs. Also, refurbished railway maintenance machines, which are of lower cost than new machines, are available in the market. Countries with a low budget for railway maintenance projects prefer refurbished machines, which hinders market growth in the future. Hence, the high cost of equipment and the availability of refurbished products will hinder the growth of the market during the forecast period.
Key Market Customer Landscape
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, China, the UK, Germany, and France. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
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We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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North America is projected to contribute 42% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The US accounts for the major share of the market in North America. The country has a large network of railways, which has experienced stagnating growth over the past few years. The need for carrying out upgradation and maintenance work on the existing railway networks will provide growth opportunities to the market vendors in the region during the forecast period.
The railway maintenance machinery market is crucial for ensuring the smooth operation and safety of railway infrastructure worldwide. With increasing government investments and railway construction projects, demand for railway maintenance equipment and rail handling machinery is on the rise. Technologies such as the Internet of Things (IoT) are revolutionizing maintenance practices, enabling predictive maintenance and efficient utilization of resources. Key players like System7 Rail Holding GmbH and CRRC Corporation Limited are leading the market with innovative solutions.
The CRISI grant program by the Indian government targets railway infrastructure, including catenary systems, switches, bridges, and tunnels. It aims to modernize and enhance safety in rail networks, ensuring efficient power distribution, seamless track transitions, and structural integrity. This program represents a significant investment in India's railways, fostering innovation and economic growth.However, challenges such as skilled workforce shortages and geopolitical uncertainties like the Ukraine-Russia war impact market dynamics. Market growth strategies focus on leveraging IoT technology and expanding into emerging regions like LAMEA (Latin America, Middle East, and Africa) to capitalize on opportunities in the evolving railway maintenance machinery sector.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by application, product, and region.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2022 |
Historical year |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.4% |
Market growth 2023-2027 |
USD 1442.03 million |
Market structure |
Fragmented |
YoY growth (%) |
5.5 |
Regional analysis |
Europe, North America, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Alamo Group Inc., American Equipment Co., BBM Railway Equipment LLC, China Railway Construction Corp. Ltd., CRRC Corp. Ltd., Dipsa Technes Srl, GEATECH Group Srl, Harsco Corp., Jinzhou Tiegong Co. Ltd., Loram Maintenance of Way Inc., MATISA MATERIEL INDUSTRIEL SA, Pandrol SAS, Plasser & Theurer, Export von Bahnbaumaschinen GmbH, ROBEL Bahnbaumaschinen GmbH, Siemens AG, Sinara Transport Machines Holding, Speno International SA, Strukton Groep NV, Teraspyora Steelwheel Oy, and United Industrial Pty Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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