According to a new report published by Allied Market Research, titled, Railway Maintenance Machinery Market by Product Type (Tamping Machine, Stabilizing Machinery, Rail Handling Machinery, Ballast Cleaning Machine, and Others), Application (Ballast Track and Non-ballast Track), and Sales Type (New Sales and Aftermarket Sales): Global Opportunity Analysis and Industry Forecast, 2021–2030.
The global railway maintenance machinery market size was valued at $3.6 billion in 2020 and is projected to reach $7.2 million by 2030, registering a CAGR of 7.0% from 2021 to 2030. Railway maintenance machineries are used to maintain railway track to operate transportation and logistics smoothly and effectively. These machineries facilitate effective operations and maximize the productivity of logistics & transportation system.
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Drivers:
Increase in construction of new rail projects fuels the growth of the railway maintenance machinery market. For instance, the Iraq Government spent around $2.5 billion on a new railway project, Baghdad Metro, which is expected to be completed by 2025. In addition, rise in number of railway electrification projects due to reduced carbon emission is anticipated to drive the growth of the market. Moreover, several governments are focusing on developing carbon emission-free railway lines, which, in turn, is anticipated to escalate the growth of the market.
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Key Market Segments
- BY PRODUCT TYPE
- Tamping machine
- Stabilizing machinery
- Rail handling machinery
- Ballast cleaning machine
- Others
- BY APPLICATION
- Ballast track
- Non-ballast Track
Segment Outlook:
The global market is segmented into product type, application, sales type, and region. Region wise, the global railway maintenance machinery market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe is expected to dominate the market throughout the study period.
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Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global railway maintenance machinery market trends and dynamics.
- Depending on product type, the tamping machine segment was the largest railway maintenance machinery market share, in revenue generator, 2020.
- By application, the ballast track segment generated the highest revenue in 2020.
- Depending on sales type, the aftermarket sales segment dominated the market in 2020.
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