Global Railway Maintenance Machinery Market to Reach $7.61 Billion by 2031: Allied Market Research
Allied Market Research
Updated 5 min read
Allied Market Research
Exponential growth in global population along with the rise in urbanization, increase in traffic congestion of roads, delay in time for the transportation of goods, and prevalence of better, cheaper, and safer mode of transport in railways are expected to drive the growth of the global railway maintenance machinery market. Presence of social distancing restrictions and stoppage of train various train services during the pandemic had a negative impact on the growth of the global market.
Portland,OR, Sept. 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global railway maintenance machinery market generated $3.94 billion in 2021, and is projected to reach $7.61 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Product Type, Application, Sales Type, And Region.
Drivers
Exponential growth in global population
Increase in traffic congestion of roads in densely populated countries
Opportunities
Delay in time for the transportation of goods
Rise in investment for the development of railway infrastructure
COVID-19 Scenario:
The COVID-19 pandemic has had a negative impact on the growth of the global railway maintenance market, owing to the presence of stringent regulatory mandates as imposed by the governments of various countries around the world.
Strict social distancing restrictions are imposed by the government so as to significantly curb the spread of the virus during the pandemic.
There was ban on all sorts of transportation, including buses, railways, and flight, which adversely impacted the growth of the market.
In addition, all sorts of transportation and logistics services were halted, in turn reduced the maintenance of tracks. However, the market is expected to recoup with eased travelling restrictions and increase in investment for better railway infrastructure.
The report offers detailed segmentation of the global railway maintenance machinery market based on product type, application, sales type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on product type, the tamping machine market held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segments of the market such as stabilizing machinery, rail handling machinery, ballast cleaning machine, and others.
Based on application, the ballast track segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The non-ballast track segment, on the other hand, is expected to cite the fastest CAGR of 7.0% during the forecast period.
Based on sales type, the aftermarket sales segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.8% during the forecast period.
Based on region, the market across Europe held the largest market share in 2021, holding two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 8.9% during the forecast period.
The key players analyzed in the global railway maintenance machinery market report include China Railway Construction Corporation Limited (CRCC High-Tech Equipment Corporation Limited.), CRRC Corporation Limited, System7 Rail Holding GmbH, Harsco Corporation, MER MEC S.p.A., Geatech Group Srl, Plasser & Theurer, Export von Bahnbaumaschinen, Gesellschaft m.b.H., SinaraTransport Vehicles, Fluor Corporation (American Equipment Company, Inc.), and Coril Holdings Ltd. (Loram Maintenance of Way, Inc.).
The report analyzes these key players in the global railway maintenance machinery market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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