Portland, OR, April 15, 2021 (GLOBE NEWSWIRE) —
According to the report published by Allied Market Research, the global railway maintenance machinery market was estimated at $3.73 billion in 2019 and is expected to hit at $5.52 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in government expenditure on construction of railway projects and rising number of railway electrification projects fuel the growth of the global railway maintenance machinery market. On the other hand, dearth of skilled staff, lack of reimbursement in developing countries, and high machine costs restrain the growth to some extent. Nevertheless, high technological innovation is expected to create lucrative opportunities in the future.
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- Extended lockdowns, band in international trade, and deranged practices in the railway sector affected the global market of railway maintenance machinery market.
- Nevertheless, the global situation is being ameliorated at a slow and steady pace, which is expected to be beneficial for the market in terms of revival.
The global railway maintenance machinery market report is analyzed across product type, application, sales type, and region. By product type, the tamping machinery segment accounted for nearly half of the total market share in 2019, and is anticipated to lead the trail by the end of 2027. The rail handling machinery segment, on the other hand, would exhibit the fastest CAGR of 8.2% during the forecast period.
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By application, the ballast track segment contributed to nearly three-fifths of the total market revenue in 2019, and is expected to dominate by 2027. At the same time, the non-ballast track segment would showcase the fastest CAGR of 7.7% throughout the forecast period.
By region, Europe held the major share in 2019, generating around two-fifths of the global market. Simultaneously, the market across Asia-Pacific would register the fastest CAGR of 8.2% from 2020 to 2027. The other two provinces discussed in the report include North America and LAMEA.
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The key market players analyzed in the global railway maintenance machinery market report include China State Railway Group Co Ltd. (Gemac Engineering Machinery Co Ltd), System 7- Railsupport GmbH, Harsco Corporation, Coril Holdings Ltd (Loram Maintenance of Way, Inc)., MER MEC s.p.A., Geatech Group s.r.l., Plasser & Theurer, Export von Bahnbaumaschinen, Gesellschaft m.b.H., Sinara-Transport Machines Holding, China Railway Construction Corporation Limited (CRCC High- Tech Equipment Co. Ltd), and Fluor Corporation (American Equipment Company, Inc). These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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