A rise in the adoption of internet of things (IoT) technology in the railway maintenance industry drives the market growth.
PORTLAND, OR, UNITED STATES, October 10, 2021 /EINPresswire.com/ — The railway maintenance machinery market has witnessed significant growth over the past decade, owing to growth in construction of railway projects, and increasing number of railway electrification projects. In addition, growing adoption of internet of things (IoT) to monitor operations of railway tracks fuels the growth of the railway maintenance machinery market.
The global railway maintenance machinery market size was valued at $3.74 billion in 2019, and is projected to reach $5.52 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.
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However, high cost associated with railway maintenance machinery is anticipated to hamper the market growth in some developing countries. On the other hand, technological innovation in the railway maintenance machinery products is anticipated to provide lucrative opportunities for growth of the railway maintenance machinery market.
An increase in construction of new rail projects fuels the railway maintenance machinery market growth. For instance, Iraq government spent around $2.5 billion on new railway project named as Baghdad Metro. The railway project will be completed by 2025. In addition, rise in number of railway electrification projects owing to reduced carbon emission is anticipated to drive the market growth. In addition, several governments are focusing on developing carbon emission free railway lines, which in turn is estimated to cater to the industry growth.
Key Market Players
China Railway Construction Corporation Limited (CRCC High- Tech Equipment Co. Ltd), China State Railway Group Co Ltd. (Gemac Engineering Machinery Co Ltd), System 7- Railsupport GmbH, Harsco Corporation, MER MEC s.p.A., Geatech Group s.r.l., Plasser & Theurer, Export von Bahnbaumaschinen, Gesellschaft m.b.H., Sinara-Transport Machines Holding, Fluor Corporation (American Equipment Company, Inc), and Coril Holdings Ltd (Loram Maintenance of Way, Inc).
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Key Market Segmentation
By Product Type
Rail Handling Machinery
Ballast Cleaning Machine
By Sales Type
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