According to a recent report published by Allied Market Research, titled, “North America Railway Automated Inspection Equipment Market by Inspection System, Offering, and Inspection Vehicle: Opportunity Analysis and Industry Forecast, 2020–2027,”
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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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.
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.
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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.
Key Findings Of The Study
By inspection system, the rail profile measurement system segment is expected to register significant growth during the forecast period.
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.
Depending on inspection vehicle, the hi-rail vehicles segment is expected to register significant CAGR during the forecast period.
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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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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