North America Railway Maintenance Machinery Market Outlook 2021 – Outlook, Growth Analysis, Future Trends, Forecast to 2027
PORTLAND, OR, USA, Sept. 28, 2021 /EINPresswire.com/ – The North American market size for railway maintenance machinery was valued at $ 774.0 million in 2020 and is expected to reach 1,163.1 million dollars by 2028, registering a CAGR of 6.1% from 2021 to 2028. Rail maintenance machines are used to maintain railway tracks for smooth and efficient operation of transportation and logistics. They are used to maximize the productivity of logistics and the transportation system.
An increase in the construction of new rail projects is fueling the growth of the North American rail maintenance machinery market. For example, in March 2021, the Government of Canada planned to spend $ 55 million to build a new high-speed train project between Toronto and Quebec. In addition, the increase in the number of railway electrification projects due to the reduction in carbon emissions is expected to drive the growth of the railway maintenance machinery market in North America. In addition, several governments are focusing on developing carbon-free rail lines, which in turn are expected to meet market demand.
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Key companies described in the report include Caterpillar Inc (Progress Rail Services Corporation), Coril Holdings Ltd (Loram Maintenance of Way, Inc), Curran Group, Inc (Holland LP), Fluor Corporation (American Equipment Company, Inc), Geismar, Harsco Corporation, Knox Kershaw Inc, Plasser & Theurer, Export von Bahnbaumaschinen, Gesellschaft mbH, ROBEL Bahnbaumaschinen GmbH, Wabtec Corporation (Nordco Inc) have focused on the development of new products to strengthen their presence in the market.
The inhabitants of the region are focused on using the rail mode of transport for efficient transport of goods. In addition, according to the International Energy Agency (IEA), around 7% of global freight transport and logistics takes place via the rail network. In addition, the metro system provides cheap and convenient city transportation to around 200 cities around the world, thus propelling the growth of railway maintenance machinery.
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By product type
• Stabilization of machines
• Rail handling machines
• Ballast cleaning machine
• Ballast track
• Track without ballast
Main conclusions of the study:
• The report provides an in-depth analysis of the current and emerging trends and dynamics of the North America Railway Maintenance Machinery market.
• By product type, tamper segment was the largest revenue generating segment in 2019.
• Based on applications, the ballast track segment generated the highest revenue in 2019.
• Based on the type of sale, the after-sales segment generated the highest revenue in 2019.
• At the country level, the United States is expected to dominate the North America Railway Maintenance Machinery market share throughout the study period.
• Analysis of North America Railway Maintenance Machinery market forecast from 2021 to 2028 is included in the report.
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