Track Laying & Track Solutions Market: Introduction
- Rail transportation has been one of the leading modes of transport for passengers as well as goods across the globe since a long time. This can be primarily ascribed to the lower transportation cost and journey time.
- Governments across the world are promoting the construction of train traces. For instance, the Government of India is significantly investing in modernization of trains by introducing advanced and more comfortable trains for passengers. At the same time, the government is planning freight corridors that would connect the major cities and also reduce freight transportation by road in a way that would lead to a decrease in greenhouse gasses and other pollutants.
- Of late, mono rail, metro, and bullet trains have been gaining traction. Track laying & track solutions providers are also investing in advanced technologies to produce better quality of tracks, which could serve the various trains such as mono rail, metro, and bullet trains
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Key Drivers and Restraints of Track Laying & Track Solutions Market
- Rapid globalization and industrialization is one of the key drivers of the global track laying & track solutions market. Demand for track laying has been increasing significantly around the world. Various industries such as automotive, cement, steel, and oil & gas prefer transportation trough rail, as it is a faster and cheaper mode of transport. High demand for rail transportation is expected to boost the demand for track laying & track solutions.
- Governments of different countries across the globe are taking initiatives and investing in the promotion of rail transportation. This is another factor boosting the global track laying & track solutions market. Rise in environmental concerns such as global warming and greenhouse gas emissions are also leading to a rise in rail transportation, as this mode of transportation produces less amount of pollutants. This is anticipated to propel the global track laying & track solutions market during the forecast period.
- Availability of substitutes such as air and marine transportation is projected to hamper the global track laying & track solutions market. Rail transportation carries certain limitations. It cannot transport goods to different continents. Air and marine transportation are advantageous over rail transportation in such cases.
Global Track Laying & Track Solutions Market Segmentation
- The global track laying & track solutions market can be segmented based on track type and service
- Based on track type, the global track laying & track solutions market can be divided into metro, tramway, rail, bullet train, and monorail. The rail segment dominates the global track laying & track solutions market. However, the bullet train segment is expected to expand at a faster CAGR during the forecast period.
- In terms of service, the global track laying & track solutions market can be segregated into preliminary engineering, track construction, track laying, regular maintenance & repair, and others. Track construction and track laying are the major segments of the global track laying & track solutions market.
Global Track Laying & Track Solutions Market: Regional Segmentation
- Based on region, the global track laying & track solutions market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is likely to dominate the global market in the near future. The market in China and India is projected to expand at a faster pace, owing to increase in investment and supportive government policies regarding rail transportation in these countries.
- North America is estimated to follow Asia Pacific in the near future. The U.S. is anticipated to dominate the market in North America during the forecast period.
- Germany, the U.K., and France accounted for major share of the track laying & track solutions market in Europe in 2018
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Key Players in Market
- GENERALE COSTRUZIONI FERROVIARIE S.P.A.
- Encee Rail Engineers & Fabricators Pvt. Ltd
- Railtech Infraventure Pvt. Ltd.
- ISC PROJECTS PVT. LTD.
- Rahee group
- TATA Projects
- L&T Ltd.
Global Track Laying & Track Solutions Market: Research Scope
Global Track Laying & Track Solutions Market, by Track Type
- Bullet Train
Global Track Laying & Track Solutions Market, by Service
- Preliminary Engineering
- Track Construction
- Track Laying
- Regular Maintenance & Repair
Global Track Laying & Track Solutions Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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