Growth in railway infrastructure, rise in safety concerns, and superiority of digital axle counters drive the growth of the global track digital axle counter market.
WILMINGTON, Del., Nov. 25, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Track Digital Axle Counter Market by Type (Wayside Axle Counter, and On-rail Axle Counter), Application (Railway, and Urban Rail Transit): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global track digital axle counter industry generated $345.2 million in 2022 and is anticipated to generate $903.5 billion by 2032, witnessing a CAGR of 10.1% from 2023 to 2032.
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Prime determinants of growth
Growth in railway infrastructure, rise in safety concerns, and superiority of digital axle counters drive the growth of the global track digital axle counter market. However, the High upfront cost of specialized digital axle counters and vulnerability to faults restrict the market growth. Moreover, advancements in technology present new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$345.2 million |
|
Market Size in 2032 |
$903.5 million |
|
CAGR |
10.1 % |
|
No. of Pages in Report |
230 |
|
Segments covered |
Component, Application, and Region. |
|
Drivers |
Growth in railway infrastructure Rise in safety concerns Superiority of digital axle counters |
|
Opportunities |
Integration of technology |
|
Restraints |
Vulnerability to faults High upfront cost of specialized digital axle counters |
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global track digital axle counter market, owing to a temporary closure of the manufacturing firms during the lockdown.
Not only the production but also the sale was hampered due to the closure of various railway projects across the world, especially in the initial period of the pandemic.
The on-rail counter segment to maintain its leadership status throughout the forecast period
On the basis of component, the on-rail counter segment held the highest market share in 2022, accounting for nearly nine-tenths of the global track digital axle counter market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest a higher CAGR of 10.1% from 2023 to 2032. Over the years Axle counters have become a crucial component of railway track that provides accurate and reliable track occupancy information for a single-track section and multiple track section, contributing to the overall safety and efficiency of railway operations. Growing concerns over safety of the railways has driven the growth of this segment.
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The railway segment to maintain its leadership status throughout the forecast period
On the basis of application, the railway segment held the highest market share in 2022, accounting for more than four-fifths of the global track digital axle counter market, and is estimated to maintain its leadership status throughout the forecast period. Railways play a crucial role in the development of any country. It is responsible for the transportation of goods as well as passengers at a significantly lower cost and in a less time frame. In various countries, governments are investing heavily to enhance the railway infrastructure; thereby, driving the growth of this segment. However, the urban rail transit segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032. High rate of urbanization is a major driver of this segment.
Europe to maintain its dominance by 2032
On the basis of region, Europe held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global track digital axle counter market revenue, and is likely to dominate the market during the forecast period. Europe is a high per capita income region, and witnesses a large investments in new, advanced, and relatively expensive technology. These scenarios in the region, drive the market growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.2% from 2023 to 2032. Asia-Pacific includes large developing nations such as India, and China. These and other countries are investing heavily in developing their railway infrastructure; thereby positively affecting the growth of the market in the region.
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Leading Market Players: –
ALTPRO
CLEARSY
Eldyne Electro Systems Pvt. Ltd.
Frauscher Sensor Technology Group
Schaltbau Holding AG
Voestalpine AG
Siemens AG
Thales Group
Applied Electro Magnetics
G.G.Tronics India Pvt. Ltd.
HBL Power Systems Ltd
Kernex Microsystems (India) Ltd.
Central Electronics Ltd.
Scheidt and Bachmann GmbH
Alstom SA (Alstom Transport India Limited)
Medha Servo Drives Private Limited
Lab to Market Innovations Private Limited
Ircon International Limited
Argenia Railway Technologies
Nippon Signal Co., Ltd. (Nippon Signal India Private Limited).
The report provides a detailed analysis of these key players in the global track digital axle counter market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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