Track Geometry Measurement Systems Market Biggest Innovation to Witness Huge Growth by 2024
Posted by Tom C on February 21st, 2023
The Track Geometry Measurement System Market is expected to be worth USD 2.8 billion in 2019 and reach USD 3.7 billion by 2024, at a CAGR of 6.00% from 2019 to 2024.
One of the main factors propelling the TGMS market is the adoption of track geometry measurement systems by railroad firms to comply with various standards and regulations. In addition, the widespread use of no-contact track geometry measurement systems is another element that is anticipated to significantly accelerate the growth of the TGMS market in the years to come.
Top Key Players in the TGMS market:
The greatest market share for TGMS is anticipated to be held by APAC in 2019. The main nations driving the expansion of the TGMS market in APAC are China, India, and Australia. Throughout the projected period, Europe is anticipated to hold the second-largest share of the TGMS market. The primary application areas of track geometry measurement systems in this region are high-speed trains and mass transit railways.
The high-speed rail TGMS market is anticipated to grow at the fastest rate throughout the projection period. Because to its benefits over other forms of transportation, including time and energy savings as well as minimal greenhouse gas emissions, the network of high-speed railway lines is expanding significantly. These considerations also influence the government's willingness to provide extensive funding for the expansion of the high-speed rail system. The need for track geometry measuring systems during the building and upkeep of tracks for high-speed railway systems is another factor that is promoting the growth of the TGMS market.
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About the AuthorTom C
Joined: July 2nd, 2020
Articles Posted: 347
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