Track Digital Axle Counter Market Expected to Reach $903.5 Million by 2032
WILMINGTON, DELAWARE, January 16, 2024 /EINPresswire.com/ — Track digital axle counter is a newer railway signaling technology that analyses the occupancy on a section of track by a train and signals accordingly. There are primarily two component types of track digital axle counter; wayside axle counter, and on-rail axle counter, these types are categorized as two segments in the report. Out of these two segments, the on-rail digital axle counter segment accounted for a higher market share in 2022, and is expected to grow with a higher CAGR during the forecast period.
On-rail digital axle counter is further categorized into single-section and multi-section. Multi-section digital axle counter is an advanced signaling solution that extends the capabilities of axle counting to multiple lines within a station or yard. Single-section digital axle counter is a signaling system designed to detect the presence or absence of axles on a single track.
The track digital axle counter market size was valued at $345.2 million in 2022, and is estimated to reach $903.5 million by 2032, growing at a CAGR of 10.1% from 2023 to 2032.
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Moreover, on the basis of the application of track digital axle counter, the market is categorized as railway and urban rail transit. The railway segment registered a high market share in 2022, in terms of revenue. Railways play a pivotal role in the progress of any nation, serving as a cost-effective and time-efficient mode of transportation for both goods and passengers. Countries such as the U.S., China, and India boast extensive and bustling rail networks, with India’s railway system experiencing notable growth. This is expected to be a major factor in the growth of this segment. However, the urban rail transit segment which includes railways meant for inter-city transportation is expected to dominate the track digital axle counter market forecast by growing with a higher CAGR during the analysis period.
The market is mainly driven by growth in railway infrastructure, especially in developing and developed countries. Moreover, railway safety is a paramount concern in the transportation industry, and the implementation of advanced technologies including digital axle counter is playing a crucial role in achieving and maintaining a high level of safety standards; thereby, driving the market demand.
In addition, Digital Axle Counters (DACs) are superior to various advantages over similar other yet older technologies such as track circuits. DACs are known for their high precision, which accurately counts the number of axles passing over sensors. However, high upfront cost of specialized digital axle counters is expected to restrain the track digital axle counter market growth in the coming years.
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Competitive analysis and profiles of the major players in the track digital axle counter market are provided in the report. Major companies in the report include 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., Kernex Microsystems (India) Ltd., HBL Power Systems 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, and Nippon Signal Co., Ltd. (Nippon Signal India Private Limited).
Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging track digital axle counter market trends and dynamics.
• Depending on the component, the on-rail counter segment dominated the track digital axle counter market, in terms of revenue in 2022 and the same
segment is projected to grow at a significant CAGR during the forecast period.
• By application, the railway segment dominated the track digital axle counter market share in terms of revenue generated in 2022. However, the urban
rail transit segment is anticipated to grow with a higher CAGR during the forecast period.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the track digital axle counter market are profiled in this report, and their strategies are analyzed thoroughly, which help
understand competitive outlook of the track digital axle counter industry.
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