LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automatic brake pad inspection system market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automatic brake pad inspection system market will grow at a CAGR of more than 9% during the forecast period. High accuracy in identification of defects is a major factor driving the market’s growth.
The efficiency of the railcar depends on the critical inspection and maintenance process of rolling stock such as wheels, brake pads, and machinery. The inspection of brake pads helps the railway staff in performing service and maintenance tasks before the brakes wear off.
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The three emerging market trends driving the global automatic brake pad inspection system market according to Technavio research analysts are:
- Growing demand for way-side component inspection
- Thermal inspection and use of IoT in railway inspection systems
- Digitalization in railway sector
Growing demand for way-side component inspection
Wayside inspection systems make use of various sensing mechanisms and measures force, heat, visual, and sound parameters to analyze the condition of the rolling stock. The way-side inspection system inspects wheels, brake pads, spring condition, bearing adapters, wedge condition, load balance, and end cap bolts, unlike automatic brake pad inspection systems that examine only brake pads.
Though way-side component inspection systems are capital-intensive, they provide a consolidated solution for all rolling stock elements, reducing the need for any dedicated inspection system that examines only a single component.
“The challenge while inspecting brake pads in a wayside inspection system is the inefficiency in image acquisition of the brake pads. With advances in camera technology, the wayside inspection system can provide a complete solution for rail component inspection,” says a senior analyst at Technavio for research on automation.
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Global automatic brake pad inspection system market segmentation
This market research report segments the global automatic brake pad inspection system market into the following two product segments (hardware and software), two end-user segments (state-owned railways and third party service providers), and three major regions (Americas, APAC, and EMEA)
The state-owned railways end-user segment held the largest market share in 2017, accounting for more than 60% of the market. This segment is expected to observe a decline in revenue over the forecast period. The hardware segment is the major revenue contributor in the market and includes machine vision systems such as cameras.
EMEA was the leading region for the global automatic brake pad inspection system market in 2017, accounting for a market share of more than 36%. The region will continue to be a major contributor to the market during the forecast period.
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