Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The global rail flaw detection market was estimated to value USD 4,499 thousand units in 2021 and is projected to grow at a CAGR of 7.10% during the forecast period 2021 to 2030, according to a recent market study made available by Quince Market Insights.
In the railway industry, rail flaw detection techniques are generally used to check the numerous characteristics of parts, structures, and materials without causing any further damage.
The rail flaw detection is extremely useful for diagnosis and assessment of faults in components. As it offers initial identification of surface as well as subsurface flaws in work-in progress and finished components, it is one of the major quality management tools in the railway system market.
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Rail flaw detection procedures are used to detect structural and flaw integrity in railway lines. Main factors propelling the development of the industry are stringent government rules and laws on product quality and public safety and continuous developments in railways.
The efficiency of the rail inspection program depends on the proper configuration of the test equipment and the ability to accurately detect rail defects of a certain size and orientation, while at the same time ensuring that the test frequencies correspond to the critical defect growth rate.
Strict government rules and the high difficulty of rail flaw detection market and inspection methods lead to the growing requirement for skilled inspectors and testers. The shortage of skilled workforce such as ultrasonic inspectors, skilled testing engineers, and laborers are restraining the market growth.
COVID-19 Impact on Rail Flaw Detection Market
The QMI is closely observing the impact of COVID-19 on the market. The implementation of lockdown across the globe to stop the spread of the COVID-19 deadly virus led to halt in activities in several industries. In the rail flaw detection industry, supply chain interruptions are the main problem faced by manufacturers. Restrictions on the export and import of products and raw materials are included in various laws and regulations placed by governments to contain the spread of COVID-19. This has contributed to major supply chain problems worldwide, creating a shortage of raw materials that are used in the railway industry, which resulted in high demand for rail flaw detection equipment.
As rail industries cannot resume their operations, the demand for rail flaw detection equipment has also reduced. Hence, the rail flaw detection market is facing a drop in its size at present.
By Product Type
The rail flaw detection market by product is segmented as ultrasonic inspection, electromagnetic inspection, and others. The electromagnetic inspection is projected to be the fastest-growing segment during the forecast period. The growth can be attributed to government regulations on protection and maintenance in electromagnetic inspection technologies.
Furthermore, rising demand for product safety will boost the demand for electromagnetic inspection market during the forecast period.
By Railway Type
Based on railway type, the market is classified into heavy rails, metro rails, monorail, bullet train, and others.
The metro rails segment is estimated to be the fastest growing segment during the forecast period. The segment growth is attributed to metro, which is effective, comfortable, fast, and affordable means of urban transport. It is recognized for its large capacity and fast journey, which are the crucial factors for the global adoption of the metro rail system. Many metro projects work internationally and provide transport services successfully.
Rapid urbanization in developing countries has contributed to an increase in the demand for transportation systems. This has encouraged governments to improve the marginal rate of technical substitution (MRTS) infrastructure.
Additionally, MRTS production will eventually boost the demand for safety and maintenance, which in turn, is expected to increase the demand for rail flaw detection equipment during the forecast period.
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By Region
There are five major regions included in the rail flaw detection market — North America, Europe, Middle East and Africa, Asia Pacific, and South America. Europe is expected to be the fastest growing market during the forecast period. The regional growth can be on account of the increase in incidents of failure and the need to prolong the life of aging infrastructure.
In addition to this, the implementation of strict government safety legislation across European countries is the primary factor driving the growth of the rail flaw detection market. Furthermore, the presence of major market players in the region is also boosting the regional growth.
North America holds the largest market share in 2021 and is anticipated to remain the largest during the forecast period. The factor attributed to the growth of North America is the ever-rising need to internally inspect the railways at high speed to avoid track flaws and related accidents.
Key Developments
- February 2020 - Fluke Reliability, a subsidiary of US-based Fluke Group, is the latest umbrella brand of eMaint, PRUFTECHNIK Dieter Busch GmbH, and Fluke Connect, one of the major maintenance companies. These three organizations are coordinated optimally with each other and therefore, they deliver a definitive added value in the use of maintenance equipment, facilities, and software to all customers in the maintenance industry.
- February 2018 - Indian Railways opted for the latest technology to reduce its dependence on manual inspections and to improve the track maintenance system of its rail network. Automatic track geometry-cum-video inspection systems, automated multifunction track recording cars, rail grinding machines, ballast regulating machines, and ultrasonic flaw detection systems (USFD) are some of the modern equipment to be procured by the state-run transporter.
Some Major Findings of the Global Rail Flaw Detection Market Report Include:
- An in-depth global rail flaw detection market analysis by the segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global rail flaw detection market, which include American Equipment Company (AMECO) (U.S.), Tokyo Keiki (Japan), Speno (Switzerland), Sperry Rail Service (U.S.) RTI Group (Sweden), Xingtai Ultrasonic testing Machine (China), Hefei Chaoke (China), OKOndt Group (Ukraine).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global rail flaw detection market
- Impact of COVID-19 on the global rail flaw detection market
Browse key industry insights from the report, “Global Rail Flaw Detection Market, by Product Type (Ultrasonic Inspection, Electromagnetic Inspection, Others), Railway Type (Heavy Rails, Metro Rails, Monorail, Bullet Train, Others), Region — Industry Trends and Forecast to 2030” in depth analysis along with the table of contents (ToC).
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