Portland, OR, June 13, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global railway maintenance machinery market was estimated at $3.63 billion in 2020 and is expected to reach $7.23 billion. by 2030, registering a CAGR of 7.0% from 2021 to 2030. The report provides an in-depth analysis of the main investment pockets, the most winning strategies, drivers and opportunities, market size and estimates. market, the competitive scenario and hesitant trends in the market.
Rising government expenditure for the construction of railway projects and growing number of railway electrification projects are fueling the growth of the global railway maintenance machinery market. On the other hand, shortage of qualified personnel, lack of reimbursement in developing countries and high cost of machinery are restraining the growth to some extent. Nevertheless, cutting-edge technological innovation is expected to pave the way for lucrative opportunities in the future.
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- Prolonged shutdowns, ban on international trade and disrupted services in the railway sector have negatively impacted the global railway maintenance machinery market.
- However, the global situation is improving at a slow and steady pace, and the market has almost recovered as well.
The global Railway Maintenance Machinery market report is analyzed by product type, application, sales type, and region. By product type, tamping machine segment accounted for almost half of the total market share in 2020 and is expected to lead by the end of 2030. Stabilizing machine segment, on the other hand, would show CAGR the fastest of 7.6% over the forecast period.
Get a detailed analysis of the impact of COVID-19 on the global Railway Maintenance Machinery Market Request here
By application, the ballast track segment contributed almost three-fifths of the total market revenue in 2020 and is expected to dominate by 2030. Meanwhile, the ballastless track segment would exhibit the fastest CAGR of 7 .3% throughout the forecast period.
By region, Europe held the largest share in 2020, generating around two-fifths of the global market. Simultaneously, LAMEA market would register the fastest CAGR of 9.2% from 2021 to 2030. The other two provinces discussed in the report include North America and LAMEA.
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Major market players analyzed in the Global Rail Maintenance Machinery Market report are System 7- Railsupport GmbH, Harsco Corporation, Coril Holdings Ltd (Loram Maintenance of Way, Inc), MER MEC spA, Geatech Group srl, Sinara- Transport Machinery Holding, China State Railway Group Co Ltd. (Gemac Engineering Machinery Co Ltd), Export von Bahnbaumaschinen, Gesellschaft mbH, China Railway Construction Corporation Limited (CRCC High-Tech Equipment Co. Ltd), Fluor Corporation (American Equipment Company, Inc) and Plasser & Théurer. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures and others to strengthen their position in the industry.
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