Global Railway Maintenance Machinery Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global railway maintenance machinery market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.

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Technavio has published a new report on the global railway maintenance machinery market from 2017-20 ...

Technavio has published a new report on the global railway maintenance machinery market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global railway maintenance machinery market for 2017-2021. The market is segmented based on product (work vehicles and small equipment) and geography (EMEA, the Americas, and APAC).

Increasing investments toward the development of rail infrastructure by developing countries have resulted in the increased demand for rolling stocks, urban transit systems, and thus a larger route network. This will result in the growth of the global railway maintenance machinery. Economic growth leads to the development of infrastructure, and railway, being a crucial part of it, receives a good share of the investment. Also, the growth in the rail supply market, which includes rail control services and rail infrastructure, leads to the development of the global railway maintenance machinery market.

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Technavio heavy industry research analysts highlight the following three factors that are contributing to the growth of the global railway maintenance machinery market:

  • Growing electrification of railways
  • Increased investments across major countries to tap railway potential
  • Rising demand from overhaul service

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Growing electrification of railways

The electrification of railways is economically more viable and environmentally friendlier than diesel-powered trains. The electrification of railways results in a significant reduction in emissions. Emissions associated with electric trains are highly variable and depend on the source of electricity generation. The reduction in emissions due to the absence of fuel burning during transit also prevents pollution.

Gaurav Mohindru, a lead engineering tools research analyst at Technavio, says, “Countries, such as India, which is home to one of the largest railway networks has just one-third of its railway line electrified. Therefore, the Government of India is investing heavily in the electrification of railways. Similarly, there are several big and small-scale electrification projects taking place in European countries, such as Germany, the UK, and Spain.”

Increased investments across major countries to tap railway potential

Several countries across the world have invested significantly in public transit systems, which has resulted in propelling the demand for rolling stock and long rail networks. Electric train networks have proved to be an excellent alternative to airways and road transport as the latter are prone to congestion. Moreover, the rising fuel prices have further encouraged people to prefer rail transport over road and air transport.

“The developing countries in APAC, such as China and India, are increasingly investing in high-speed railway networks. With huge investment in high-speed rails, the rolling stock market, as well as new track length, are expected to increase, which, in turn, will drive the global railway maintenance machinery market,” adds Gaurav.

Rising demand from overhaul service

The demand for large railway track machines is directly dependent on the length of the rail line. The expansion of rail line route-km will result in the high demand for railway track machines. The global rail line witnessed a significant growth between 2005 and 2006 and continues to grow at a steady pace at present.

The sudden increase in the length of the rail line in 2004-2006 resulted in the augmented demand for track maintenance machinery. A typical rail maintenance machine has a service life of 10-12 years. Therefore, it is expected that during the forecast period, many machines will reach their overhaul periods, resulting in the demand for new machines.

Top vendors:

  • CRCC High-Tech Equipment
  • Harsco
  • Loram Maintenance of Way
  • Plasser & Theurer
  • ROBEL Bahnbaumaschinen
  • Speno

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