The North America Railway Maintenance Machinery Market Size was valued at $774.0 million in 2019 and is projected to reach $1,163.1 million by 2028, registering a CAGR of 6.1% from 2021 to 2028. Railway maintenance is a process of preserving the working condition of railway track. Tamping machine, tampers, ballast regulators, dynamic track stabilizers, ballast cleaners, and ballast under cutters are some of the machineries used in railway maintenance applications. Maintenance is very important in every industry for smooth and effective functioning.
Exponential population growth coupled with rapid urbanization has resulted in the amount of traffic on roads and transportation of goods from one place to another. Hence, railways are a better, cheaper, and safer mode of transport. A rise in government investment on railway infrastructure development in countries such as U.S., Canada, and Mexico fuel the growth of the North America railway maintenance machinery market. For instance, in April 2021, according to the Federal Budget of 2021, Canada government planned to spend $4.4 million in 2021 to 2022 and invested around $491.2 million by 2027, for improvement of railway infrastructure. In addition, various countries across the North America are continuously spending on expanding railway road lines.
For instance, in 2020, U.S. government spent around $2.0 billion on new railway line project named as Purple Line Light Rail Project based in Bethesda, Maryland, U.S. The project will be completed by 2022. A rise in demand for secure, safe, and efficient transportation railway systems fuels the North America railway maintenance machinery market growth. A rise in road accidents globally is expected to lead to the growth of the railway maintenance machinery market. For instance, according to the World Health Organization (WHO), around 1.25 million deaths are registered every year in road accidents. Hence, rise in need of secure, safe, and efficient transportation systems is anticipated to drive the demands for the market.
Market Dynamics
A rise in adoption of internet of things (IoT) technology in railway maintenance industry, due to features associated with systems such as scalability, available for 24/7, and cloud-based systems, drives the growth of the railway maintenance machinery market.
However, railway maintenance machines are heavy machines coupled with high costs, which may hinder the development of the market in countries such as U.S., Canada, and Mexico. Conversely, technological integration in the railway maintenance machinery, is anticipated to provide lucrative opportunities for growth of the railway maintenance machinery.
The COVID-19 pandemic has forced many companies in the railway maintenance machinery market to stop their business activities with a new government regulation for reducing the spread of COVID-19. This stop in operations directly impacts the revenue flow of the North America railway maintenance machinery manufacturers. For instance, Fluor Corporation suffered a net loss of $27 million from financial year 2019 to 2020. However, a halt in manufacturing activities and lockdowns for several months have affected the North America railway maintenance machinery market, with slow recovery anticipated during 2021. This is further projected to the re-opening of railway maintenance machinery industry at their full-scale capacities, which in turn, is expected to help the market recover by the start of 2022.
By Product Type
Tamping Machine segment holds dominant position in 2019
The North America railway maintenance machinery market is segmented on the basis of product type, application, sales type, and region. Based on product type, the railway maintenance machinery market is fragmented into tamping machine, stabilizing machinery, rail handling machinery, ballast cleaning machine, and others. Tamping machine segment dominated the North America railway maintenance machinery market. Based on application, the market is categorized into ballast track, and non-ballast track. Ballast track segment dominated the market. Based on sales type, the market is divided into new sales, and aftermarket sales. Aftermarket sales segment further bifurcated into parts and services. Aftermarket sales segment dominated the market.
Country wise, the North America railway maintenance machinery market has been analyzed across U.S., Canada, and Mexico. U.S. country generated the highest revenue in the market.
By Sales Type
Aftermarket Sales segment is expected to grow at a significant CAGR
Competition Analysis
Key companies profiled in the report includes 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 m.b.H., ROBEL Bahnbaumaschinen GmbH, Wabtec Corporation (Nordco Inc).
The key players in this market adopted product launch, agreement and acquisition as their key strategies to meet the change in consumer demands. For instance, in October 2019, Progress Rail Service Corporation, a subsidiary of Caterpillar Inc, acquired Cleaveland Track Material, Inc, based in U.S. deals in rail equipment, and rolling stack systems. The acquisition aimed to improve the product portfolio of railway equipment.
By Country
U.S. Country is expected to dominate the market during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging North America railway maintenance machinery market trends and dynamics.
- In-depth market of North America railway maintenance machinery market analysis is conducted by estimations for the key market segments between 2015 and 2028.
- Extensive analysis of North America railway maintenance machinery market share is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The North America railway maintenance machinery market forecast analysis from 2021 to 2028 is included in the report.
- The key market players within the are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the North America railway maintenance machinery market.
Market Segments
By Product Type
- Tamping Machine
- Stabilizing Machinery
- Rail Handling Machinery
- Ballast Cleaning Machine
- Others
By Application
- Ballast Track
- Non-ballast track
By Sales Type
- New Sales
- Tamping Machine
- Stabilizing Machinery
- Rail Handling Machinery
- Ballast Cleaning Machine
- Others
- Aftermarket Sales
- Parts
- Tamping Machine
- Stabilizing Machinery
- Rail Handling Machinery
- Ballast Cleaning Machine
- Others
- Services
- Tamping Machine
- Stabilizing Machinery
- Rail Handling Machinery
- Ballast Cleaning Machine
- Others
By Country
- U.S.
- Canada
- Mexico
North America Railway Maintenance Machinery Market Report Highlights
| Aspects | Details |
 By PRODUCT TYPE |
|
 By APPLICATION |
|
 By SALES TYPE |
|
 By COUNTRY |
|
 Key Market Players | CORIL HOLDINGS LTD. (LORAM MAINTENANCE OF WAY, INC.), KNOX KERSHAW INC., CATERPILLAR INC (PROGRESS RAIL SERVICES CORPORATION), HARSCO CORPORATION, GEISMAR, WABTEC CORPORATION (NORDCO INC.), CURRAN GROUP, INC. (HOLLAND LP), FLUOR CORPORATION (AMERICAN EQUIPMENT COMPANY, INC.), PLASSER & THEURER, EXPORT VON BAHNBAUMASCHINEN, GESELLSCHAFT M.B.H., ROBEL BAHNBAUMASCHINEN GmbH |
Analyst Review
According to the perspectives of CXOs of leading companies, the railway maintenance machinery is used for smooth and effective operation of railway tracks. Tamping machine, stabilizing machinery, and rail handling machinery are some of the railway maintenance machineries used in the railway industry. In addition, an increase in government spending on new railway construction projects is anticipated to drive the growth of the North America railway maintenance machinery market. For instance, Canada National Railway (CN) planned to spend $2.92 billion in Saskatchewan to improve the railway infrastructure project.
Major players are adopting agreements and product launches, as key developmental strategies to improve their product portfolio, and thereby drive the growth of the market. For instance, in September 2019, Harsco Corporation launched a new TX16 production and switch tamper at railway interchange, in Minneapolis, U.S. It has features such as improved productivity, good tamping quality, operator safety, and reliable. It is designed for lower fuel consumption per mile and also reduces carbon emission. Moreover, rise in adoption of internet of things (IoT), cloud-based system, and internet systems in railway maintenance machinery owing to features such as continuous support, high speed services, and scalability, fuels the growth of the North America railway maintenance machinery market. By using IoT in railway maintenance machinery, it improves the maintenance services of track system.
Machines used for maintenance of the railway systems are getting technologically advanced. However, the implementation of these systems could be expensive for railway departments of some countries such as Canada, and Mexico, owing to the use of advanced technology. Conversely, technological innovation in railway maintenance machinery is expected to provide lucrative opportunities for the North America railway maintenance machinery manufacturers.
The North America railway maintenance machinery market size was $744.0 million in 2019 and is projected to reach $1,163.1 million in 2028, growing at a CAGR of 6.1% from 2021 to 2028.
The forecast period considered for the North America railway maintenance machinery market is 2021 to 2028, wherein, 2020 is the base year, 2021 is the estimated year, and 2028 is the forecast year.
The base year considered in the North America railway maintenance machinery market is 2020.
The report for North America railway maintenance machinery market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
On the basis of product type, tamping machine segment is expected to be the most influencing segment growing in the North America railway maintenance machinery market report.
Based on application, the ballast track segment generated the highest revenue, accounting for over half of the market share, and is projected to grow at a CAGR of 5.8% from 2021 to 2028.
The report contains an exclusive company profile section, where the leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The key trending market based on the sales type in the North America railway maintenance machinery market is the aftermarket sales segment.
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