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North America Railway Automated Inspection Equipment Market
Rising passenger and freight demand, new railway projects, and increased focus on inspection and maintenance drive North America's automated inspection market.
WILMINGTON, DE, UNITED STATES, December 13, 2024 /EINPresswire / -- According to the report published by Allied
market Research, the global North America railway automated inspection equipment market was pegged at $643.6 million in 2019 and is estimated to hit $831.6 million by 2027, registering a CAGR of 4.9% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The North America railway automated inspection equipment market was valued at $643.6 million in 2019, and is projected to reach $831.6 million by 2027, registering a CAGR of 4.9%.
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By inspection system, the track geometry measurement system segment dominated the North America railway automated inspection equipment market in 2019 in terms of revenue. However, the rail profile measurement system segment is expected to lead the market growth during the forecast period. Depending on offering, the solution or equipment segment registers a higher share. By inspection vehicle, the self-propelled vehicle segment dominated the market in 2019 in terms of revenue. However, the hi-rail vehicles segment is expected to lead the market growth over the forecast period. The U.S. was the highest revenue contributor in 2019, and is expected to maintain its dominance by the end of the forecast period.
To reduce high maintenance cost of rail roads and improve the quality & safety of rail road transportation in North America, railway automated inspection equipment is anticipated to witness increased demand over the forecast period. In addition, track geometry measurement system is a popular inspection system amongst the end users of railway automated inspection equipment, and is expected to maintain its dominance over the forecast period, owing to its frequency of usage across rail road inspection activities.
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In terms of value share, the U.S. holds the leading position in the market, followed by Canada and Mexico. Technological innovation at railway transportation front is expected to introduce a new era in the railway automated inspection equipment industry. The North America railway automated inspection equipment market is fairly consolidated in nature as key market participants are holding major share in the North America market.
The overall production activities of the railway automated inspection equipment market participants have declined, owing to operations with limited workforce capacity and inadequate health safety measures. This expected weak business performance directly impacts the overall sales of the system and service of railway automated inspection equipment. However, in 2021, majority of the governments have focused on infrastructural development in the second wave of COVID-19 health crisis. Therefore, such infrastructure developments planned in the rail industry front for 2021 are anticipated to support the growth of the railway automated inspection equipment market.
The key players profiled in the report are Ensco, Inc., Geismar Corporation, Harsco Corporation, Holland LP, Loram Maintenance of Way, Inc., MER MEC S.p.A., Nordco, Inc., Pavemetrics, Plasser & Theurer, and Sperry Rail Inc.
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Key Findings Of The Study
1. By inspection system, the rail profile measurement system segment is expected to register significant growth during the forecast period.
2. On the basis of offering, the solution or equipment segment is projected to lead the market, in terms of market share, by the end of the forecast period.
3. Depending on inspection vehicle, the hi-rail vehicles segment is expected to register significant CAGR during the forecast period.
4. The U.S. dominated the market in 2019, and is expected to maintain its dominance and also lead the market growth by the end of the forecast period, owing to the U.S. rail transportation outlook.
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