New York, June 22, 2022 (GLOBE NEWSWIRE) -- According to in-depth industry analysis by Persistence Market Research, the global railway sleepers market is estimated to increase at a value CAGR of 5.7% during the forecast period of 2022-2032 to reach a valuation of US$ 19.3 Bn by the end of 2032.
Increasing investments in railway track expansion across regions is a key factor that is driving the demand for railway sleepers. Increasing number of metro projects & high speed railway projects are also expected to augment market across the world.
Since the last decade, the railway industry has been undergoing the most dramatic and disruptive technological breakthroughs. This has had a significant impact on all track components, including railway sleepers. Significant advancements in railway sleeper designs, techniques, and materials have been made to meet changing market requirements, address tough laws on fuel efficiency & carbon emissions, and to also remain competitive in the marketplace.
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Key Takeaways from Market Study
- By material type, the wood segment is projected to hold a market share of around 50% by the end of 2032. However, the composite segment is expected to expand at a faster CAGR of 7.8% through 2032.
- The tangents segment is anticipated to hold the largest market share of around two-third, of track type.
- By line type, the main line (passenger and freight) segment is projected to create an absolute $ opportunity of nearly US$ 3.5 Bn by 2032.
- By region, North America is expected to account for the largest share of more than one-third by 2032.
- The U.S and China are projected to collectively register an absolute $ opportunity of nearly US$ 3 Bn over the decade.
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“Government Initiatives & investments to expand railways infrastructure & high-speed railway networks are expected to drive demand for railway sleepers through the forecasted period,” says a Persistence Market Research analyst.
Market Landscape
To enhance the durability of railway sleepers, manufacturers are involved in research activities to develop new products & materials and meet industry demand. Businesses have been increasing their footprint by opening additional operations to manufacture sustainable railway sleepers.
Some of the key railway sleeper manufacturers profiled in the report are Kirchdorfer Group, Daya Engineering Works, Patil Group, The Indian Hume Pipe, Juli Railway Track, Weihai Ruihe Railway Sleeper, RailWorks Corporation (NARTSCO), Axion Structural Innovation, IntegriCo Composites, L.B. Foster Company, Vossloh AG, PCM RAIL.ONE AG, and Wegh Group
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Conclusion
Over the forecast period, rising product demand from the railway industry, owing to high investments for new railway projects by governments, is expected to drive market expansion.
Because of increasing population and high traffic congestion around the world, the railway sector is predicted to rise rapidly. With increased awareness about deforestation due to wood cutting for railway sleepers, demand for concrete railway sleepers is expected to increase.
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the railway sleepers market that contains global industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, material, track type, line type, load capacity, and region.
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