LONDON--(BUSINESS WIRE)--The global railway maintenance machinery market is poised to grow by USD 2.44 billion during 2020-2024, progressing at a CAGR of about 10% during the forecast period. Request Free Sample Pages
Read the 120-page research report with TOC on "Railway Maintenance Machinery Market Analysis Report by Product (Work vehicles and Small equipment) and by Geography (APAC, North America, Europe, MEA, and South America), and Segment Forecasts, 2020 – 2024."
The market is driven by the increasing number of railway electrification projects. In addition, IoT-based remote monitoring of train and tracks is anticipated to drive the railway maintenance machinery market growth during the forecast period.
Electric trains are more economical when compared to fuel-powered trains. Thus, there is an increase in the number of railway electrification projects across the globe. The major factors promoting the growth of electric engines are significant reduction in emissions and faster acceleration and deceleration of the engines when compared with diesel engines. Furthermore, the growing adoption of Internet and IoT across several industries has proven beneficial to the market growth as it helps in increasing the operational efficiency of the entire business process. Each railway network consists of several components including stations and staff. These components must work coherently for the efficient functioning of the railway network. The adoption of IoT technologies with analytics helps in managing these components efficiently. Thus, factors such as the increasing number of railway electrification projects and the growing adoption of Internet and IoT across several industries will drive the railway maintenance machinery market growth during the forecast period.
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Major Five Railway Maintenance Machinery Market Companies:
American Equipment Co.
American Equipment Co. offers track maintenance products, locomotive workshop tools, rail and wheel flaw detection, trackside equipment, and other rail machinery. The company offers a wide range of railway maintenance machinery such as track maintenance equipment, trackside equipment, locomotive workshop tools, turbine engine spare parts, and other equipment.
Speno International SA
Speno International SA operates in key segments including Machinery and Services. The company offers tools and machinery for railways, LGV, metros and trams, and mining lines. In addition, the company also offers repair and maintenance services, machinery supply, technical assistance, and machine modernization services.
GEATECH Group Srl
Through its mechanical machining segment, GEATECH Group Srl offers a wide range of products such as gearboxes, power take-offs, hydraulic components, and finished mechanical parts. The company offers design and construction of maintenance equipment for railway, tramway, and metro lines.
Harsco Corp. offers a varied range of products and services through key business segments including Harsco Metal & Minerals, Harsco Industrial, and Harsco Rail. The company offers surfacing equipment, grinders, tie equipment, and ballast maintenance equipment.
The company manufacturers a range of track machines for laying, overall repair, and current maintenance of railway track, and wagons and spare parts. RPM Group offers railway maintenance machinery such as flattering, tamping and levelling machines, ballast cleaning machines, motor rail cars and motor locomotives, special rolling stock, track-laying cranes, machines for continuous welded rail laying complex, machines for track consolidation, and other machines.
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Railway Maintenance Machinery Product Outlook (Revenue, USD Million, 2020 – 2024)
- Work vehicles
- Small equipment
Railway Maintenance Machinery Regional Outlook (Revenue, USD Million, 2020 – 2024)
- North America
- South America
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