- Increase in government spending on the construction of railway projects and advantages associated with railway maintenance machinery drive the growth of the North America railway maintenance machinery market.
PORTLAND, Ore., June 17, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "North America Railway Maintenance Machinery Market by Product Type (Tamping Machine, Stabilizing Machinery, Rail Handling Machinery, Ballast Cleaning Machine, and Others), Application (Ballast Track, and Non-ballast Track), and Sales Type (New Sales, and Aftermarket Sales): Regional Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the North America railway maintenance machinery industry was pegged at $774.0 million in 2019, and is expected to reach $1.16 billion by 2028, growing at a CAGR of 6.1% from 2021 to 2028.
Drivers, restraints, and opportunities
Increase in government spending on the construction of railway projects, rise in the number of railway electrification, and advantages associated with railway maintenance machinery drive the growth of the North America railway maintenance machinery market. However, high cost of machinery hinders the market growth. On the contrary, technological innovations are expected to open lucrative opportunities for the market players in the future.
Covid-19 pandemic forced several market players to halt their business activities to comply with government regulations to curb the spread of the virus. This affected the revenue flow of the manufacturers of North American railways maintenance machinery.
However, as the world is recovering from the pandemic and once the market reopens at its full-scale capacity, the market players will witness new opportunities.
The tamping machine segment held the lion's share
By product type, the tamping machine segment held the largest share in 2019, contributing to nearly half of the North America railway maintenance machinery market, due to rise in government spending on railway infrastructure projects. However, the rail handling machinery segment is projected to register the highest CAGR of 7.0% during the forecast period.
By application, the ballast track segment held the lion's share in 2019, accounting for more than half of the North America railway maintenance machinery market, owing to features such as quick water drainage and chances of vegetation and increase in number of railroad infrastructure along with government initiatives to reduce carbon emissions. However, the non-ballast track segment is expected to portray the highest CAGR of 6.6% from 2021 to 2028, due to increase in demand for non-ballast track maintenance machinery as they demand less maintenance.
The U.S. held the largest share
By region, the market across the U.S. held the largest share in 2019, contributing to more than three-fourths of the market, due to presence of major market players in the region. However, the North America railway maintenance machinery market across Mexico is expected to manifest the highest CAGR of 7.5% during the forecast period, owing to rise in investment from the Mexican government in expanding railway road infrastructure.
Major market players
Coril Holdings Ltd (Loram Maintenance of Way, Inc)
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