The track geometry measurement system market (TGMS) is expected to be valued at USD 2.8 billion in 2019 and is likely to reach USD 3.7 billion by 2024, at a CAGR of 6.00% during the forecast period. The use of track geometry measurement systems by the companies operating in the railway industry for complying with various standards and regulations is among the key factors driving the TGMS market. Moreover, the high popularity of no contact track geometry measurement system is another factor expected to considerably boost the growth of the TGMS market in the coming years.

Browse 97 market data Tables and 45 Figures spread through 143 Pages and in-depth TOC on "Track Geometry Measurement System Market - Global Forecast to 2024"

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By operation type, no contact segment to account for largest market share during forecast period

The track geometry measurement system market, by operation type, is segmented into no contact and contact based track geometry measurement systems. The no contact based TGMS market is expected to witness significant growth during the forecast period. The major benefit of this operation type is that it is suitable for high and low speed. Also, it ensures high accuracy with the help of advanced technologies such as imaging technologies and optical laser sensors. Therefore, this type of operation method is gaining popularity for track geometry measurement.

By measurement type, vertical profile segment to grow at highest CAGR during forecast period

The track geometry measurement system market for vertical profile measurement type is expected to witness significant growth during the forecast period. Vertical profile is the track layout on the vertical plane. It is defined as the average height of left and right rails, which is calculated from the mid-point of these rails. The track class and permissible vehicle speed limit are determined by the railroad administration bodies by using these parameters as these are crucial for the operational efficiency of a rail.

APAC to account for largest market share during forecast period

APAC is expected to account for the largest share of the track geometry measurement system market during the forecast period. The market in this region is also expected to witness significant growth during 2019–2024. One of the major reasons for the leading position of APAC is the rapid expansion of high-speed rails and mass transit system in the APAC countries such as China and India.

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Key Market Players

Key players in the track geometry measurement system market include ENSCO (US), Fugro (Netherlands), MER MEC (Italy), Balfour Beatty (UK), Plasser & Theurer (Austria), Siemens (Germany), R. Bance & Co. (UK), Bentley Systems (US), Goldschmidt Thermit Group (Germany), and Egis (France). ENSCO is a well-known player in the TGMS market.

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