Rockville, MD, Jan. 28, 2025 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global V/TI Monitor (Vehicle / Track Interaction) market reached a valuation of US$ 26.2 billion in 2024 and is expected to grow at a CAGR of 10.5% during the forecast period of 2024 to 2034.
The global V/TI Monitor (Vehicle/Track Interaction) Market is witnessing robust growth, driven by increasing investments in rail infrastructure modernization and the adoption of advanced technologies like AI and IoT. With rail safety and operational efficiency becoming top priorities, governments and rail operators worldwide are deploying V/TI Monitors to enhance track monitoring and reduce maintenance costs.
Key growth factors include stringent safety regulations, expansion of high-speed rail networks, and rising demand for predictive maintenance solutions. Notably, markets like the U.S. and China are at the forefront, benefiting from significant government funding and large-scale rail projects. These trends highlight the market’s importance in addressing the challenges of modern rail systems while ensuring efficiency, safety, and sustainability in rail operations globally.
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Key Takeaways from Market Study
- The global V/TI Monitor (Vehicle / Track Interaction) market is projected to grow at 5% CAGR and reach US$ 71.1 billion by 2034
- North America is a prominent region that is estimated to hold a market share of 3% in 2034
- Predominating market players include ENSCO, Inc., and Fugro
- Autonomous Operation under Inspection Vehicle type are estimated to grow at a CAGR of 6% creating an absolute $ opportunity of US$ 19.5 billion between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 21.6 billion collectively
“As safety regulations tighten and predictive maintenance becomes a priority, the adoption of these systems will continue to expand globally” says a Fact.MR analyst.
Leading Players Driving Innovation in the V/TI Monitor Market
Key players in the V/TI monitor (vehicle / track interaction) market are Alstom SA, Amberg Technologies AG, Balfour Beatty, Bentley Systems Incorporated, ENSCO, Inc., Fugro, Harsco Corporation, KLD Labs, Inc., Kraiburg PuraSys GmbH & Co. KG, Loram Maintenance of Way, Inc., MRX Technologies, Pandrol, Plasser & Theurer, Progress Rail, Railmetrics GmbH, Siemens Mobility, Strukton Rail, Thales Group, Trimble Inc.
Market Development
The market is rapidly moving ahead due to the growing demand for enhanced rail safety and better operational efficiency. Market development strategies include entering emerging regions with developing rail networks, integrating advanced technologies like AI and IoT for real-time monitoring, and offering cost-effective solutions to cater to a larger customer base.
- In May 2024, Amsted Digital Solutions, a world leader in onboard telematics solutions, has entered into a multi-year non-exclusive Reseller Agreement with RailPulse, an industry-wide coalition aiming to hasten the uptake of telematics throughout North America.
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V/TI Monitor Industry News:
- In order to expand its capabilities in automated railway inspection technologies, ENSCO, Inc. acquired KLD Labs, Inc. in April 2023. By combining the advanced wayside inspection technology and laser profiling solutions of KLD Labs, ENSCO will be able to provide a full range of condition assessment technologies for railways. This acquisition marks a significant advancement in the Vehicle/Track Interaction (V/TI) market.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global xyz market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the Solution (Track Geometry Measurement System (TGMS), Vehicle/Track Interaction (V/TI) Monitor, Ride Quality Measurement System (RQMS), Ultrasonic Rail Flaw System (URFS), Rail Profile Measurement System (RPMS), Rail Surface Imaging System (RSIS), Rail Component Imaging System (RCIS), Rail Corrugation Measurement System (RCMS), Other), Inspection Vehicle Type (Autonomous Operation (Locomotives, Freight Cars, Passenger Cars, Custom Fabricated Vehicles), Manned Operation (Self-propelled Vehicles, Towed Coaches, Hi-rail Vehicles), Track Data Management (Track Data Management Suite, Automated Maintenance Advisor (AMA), Virtual Track Walk (VTW), Digital Track Notebook, Others), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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