The Global Check Rails Market is projected to reach US$ 1,363.0 Mn in 2032. The growing railway network in mass transportation across the globe, reducing the wear of the rail, and preventing derailment due to flange climbing are the factors driving the demand for Check Rails.
According to FMI, the Global Check Rails Market is estimated to be valued at US$ 805.6 Mn in 2022 and is projected to increase at a CAGR of 5.4 % in the forecast period from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size (2021) | US$ 764.3 Million |
| Market Size 2022 | US$ 805.6 Million |
| Market Size 2032 | US$ 1,363.0 Million |
| Value CAGR (2022 to 2032) | 5.40 % |
Check rails or guard rails are rails that are installed perpendicular to a moving railroad track to assist wheels around bends, sharp points, and round curves. Check rails primarily minimize wear and derailment danger. These are also utilised on extremely acute curves and are installed within the inner rail in areas where there are no switches. In the event of accidents, check rails assist in reducing structural damage while facilitating simpler post-accident cleanup. On all girder bridges, big or little, check rails are employed.
The rail industry faces the challenge to maintain high performance under pressure with the growth in freight and passenger traffic. This has led to improvement in capacity and customer satisfaction while retaining the right level of safety. Check rails are considered beneficial in reducing the frequency and cost of rail replacement and hence are installed in track curves where the chances of wear are more. Using a check rail will always lessen the tendency of the leading outer wheel to climb the high rail. Owing to these factors, the demand for check rail is anticipated to witness significant growth of the market.
The analysis of Check Rails demand from 2017 to 2021 witnessed a historical growth rate of 2.8% CAGR. The significant demand for railway transport in developing countries around the globe and to prevent increasing rail accidents was the prominent factor driving the expansion of the Check Rails market during the historic period.
A study of the pandemic's effects on the transportation industry reveals that some modes of transportation experienced a more severe slowdown than others. In general, it was predicted that before the virus pandemic, passenger transport would have increased by 42% between 2010 and 2050. During the same period, a 60% increase in freight transport was anticipated. The COVID-19 situation has had a significant negative influence on the transportation industry, though, since both freight and passenger transportation have seen significant losses and therefore, significant demand drop in railway industry was witnessed.
Additionally, the global steel and alloy manufacturing industry was shut down due to a virus outbreak, owing to these check rails manufacturing process was interrupted, this negatively impacted the global market.
However, when infection intensity gets slowdown at the start of 2022, and resume in the mass transportation by railway network. FMI’s Global check rails demand projection predicts a CAGR of 5.4% by 2032.
The expansion of the global Check Rails Market is anticipated to be fueled by the rising concern of prevention of accidents like derailment of the train due to flange climbing. Additionally, increasing development and investments in rail infrastructure, rapid population growth, a growing fleet of trains, and safe mass transportation are ultimately driving the growth of the Check Rails Market.
The significant number of people around the world use the rail network as their primary form of public transit. Mass mobility is increased by routine rail maintenance because it creates safer conditions. High expenditure on rail infrastructure, such as a high-speed metro network, is expanding the demand for check rails in emerging economies and fueling its market. Also, as these, check rails are manufactured with hot-rolled steel and its alloy which is mostly rust-free and maintenance-free. Thus, low maintenance costs are among the market-shaping variables for check rails.
In the projected period, there are abundant lucrative prospects in the market for check rails as a result of numerous expanding government projects to enhance rail transportation infrastructure.
Various economies in the world are investing a high amount of capital on rail infrastructure, and several high-speed metro networks are being deployed rapidly among various countries worldwide. With growing urbanization, transport services are in high demand worldwide. Passenger and freight activity will more than double by 2050 based on current patterns. In addition to complementing other transportation modalities to offer effective mobility, high-speed rail like the metro train can be used as a short-distance travel substitute. The check rails are among the most important factor for the smooth running of this fast-moving metro train at the curve turning, which is estimated to create lucrative opportunities for their market.
Additionally, very old check rails which had deteriorated is being replace with newer ones also opens an opportunity for the check rails market growth in the global market. Also, the world population is increasing over the period, and with the increasing population, the number of global train fleets is increasing day by day. Thus, creating the opportunity of increasing the sale of check rails over the forecasted period.
Geographically, the market is sub-segmented into the regions of North America, Latin America, Europe, East Asia, South Asia, and the Middle East & Africa. Due to emerging economies and ongoing investments in railway infrastructure North America, East Asia and South Asia-Pacific are among the top regions in terms of sales of Check Rails, and they collectively account for a significant share of the global Check Rails Market in 2021.
The development of more high-speed trains and metro systems in the North American region, is expected to grow as the prominent market for check rails globally. The countries in the region have modern and advanced railway line connections. For instance, Raillinc, a division of the American Association of Railroads, is committed to improving the effectiveness and safety of the US freight rail network, a goal that is aided by the installation of check rails. Together, the region's expanding train fleet and sophisticated rail network have made it the top shareholder in the global check rails market.
Similarly, East Asia is expected to pace ahead as a lucrative market for check rail, as the region has prominent countries in the implementation of high-speed railway networks like China and Japan. As China is the second largest country for rail network after the US. Additionally, Japan is one of the major countries in high-speed rail networks and is projected to have an upsurge in the check rails market in the region.
Additionally, for South Asia Pacific region, India has prominent shareholder for targeted market growth with presence of most of the key manufacturers and having third largest railway network in the world. Growing expenditure on metro projects in the country also produce lucrative opportunities for check rails market.
Key players operating in the Global Check Rails Market include Progress Rail, Patil Group, Moxon Industries, Kimes Steel & Rail, Inc., Jindal Steel & Power Ltd, N. Mohanlal Railtrack Private Limited, Jekay International Track Pvt. Ltd., Zhongxiang Inc., ArcelorMittal, British Steel, and others.
The market for check rails is moderately fragmented, with a few large-scale suppliers holding the prominent market share. The key players in the check rails market make significant financial investments in extensive research and development, primarily to provide new and enhanced products.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.40% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Mounting position, Gauge Type, Rail track type, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, BENELUX, Italy, Spain, Russia, China, Japan, India, Turkey, South Africa, Northern Africa, GCC Countries, ANZ |
| Key Companies Profiled | Progress Rail; Patil Group; Moxon Industries; Kimes Steel & Rail, Inc.; Jindal Steel & Power Ltd; N. Mohanlal Railtrack Private Limited; Jekay International Track Pvt. Ltd.; Zhongxiang Inc.; ArcelorMittal; British Steel |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Global Check Rails Market reached over US$ 764.3 Mn.
During the forecast period, the Global Check Rails Market is estimated to expand at a CAGR of 5.40% during 2022-2032.
The Global Check Rails Market is projected to reach US$ 1,363.0 Mn by the end of 2032.
North America, East Asia and South Asia Pacific are projected to lead the Global Check Rails Market in the forecast period.
The key players operating in the Global Check Rails Market are Progress Rail, Patil Group, Moxon Industries, Kimes Steel & Rail, Inc., Jindal Steel & Power Ltd, N. Mohanlal Railtrack Private Limited, Jekay International Track Pvt. Ltd., Zhongxiang Inc., ArcelorMittal, British Steel and others.
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