Pune, India, December 08, 2021 (GLOBE NEWSWIRE) – The Peripheral Equipment Inspection Instrument Market is estimated at USD 170.3 million in 2021 and is expected to grow at a CAGR of 6.10% during the period forecast, according to a new market analysis by Quince market overview.
Peripheral equipment inspection instruments are used for complete process control systems capable of performing multiple mechanisms, process functions and downstream equipment. It provides control systems that are cost effective, safe, user friendly, thoroughly tested. Peripheral equipment inspection instruments are adaptable and can be integrated into user-friendly platforms.
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The railway industry makes extensive use of peripheral equipment inspection instruments. Railways provide a vital service to society and are the foundation of global transportation. All over the world, rail infrastructure is developing at an unprecedented rate. As society increasingly depends on rail, rail administrations around the world are focusing on finding and implementing cost-effective solutions that can improve the punctuality, safety and capacity of railways.
Rail infrastructure is difficult to maintain as it is continually subject to boarding, extreme weather conditions and other factors. These variables end up creating structural degradation and major malfunctions in the rail system, leading to safety issues, delays and financial losses.
The importance of inspecting the track and other railway infrastructure cannot be overstated. Various types of inspections may require the use of various components and solutions.
The growth in the peripheral equipment inspection instruments market is driven by the growing adoption of Internet of Things (IoT) and the digitization of the rail industry. The IoT requires train operators to provide appropriate details of the location of the train in relation to other trains, in order to ensure the safety of passengers. It also automatically controls train speed based on real-time information, which reduces the risk of collision.
However, the huge capital expenditure (CAPEX), coupled with the increase in initial installation costs, is a barrier to the adoption of rail system technologies in all regions. Integrating different rail management hardware and software devices into the existing system infrastructure can become complex, posing a challenge for the market.
Impact of COVID-19 on the Global Peripheral Equipment Inspection Instrument Market
Due to COVID-19, air and sea transportation, commerce and tourism have been halted as air and sea freight prices rise. It gave the railways a boost. Compared to other modes of transport, rail transport has several advantages, such as faster and more efficient adaptation. By using social distancing measures, railways can provide separate and secure compartments for a small number of passengers. The integration of emerging technologies such as IOT in the rail industry to improve the efficiency of operations, infrastructure management and transportation is expected to drive the market growth.
Global Peripheral Equipment Inspection Instruments Market, By Type
Based on the type, the peripheral equipment inspection instrument market is segmented into overhead line inspection, track inspection, way edge structures, and others. The wayside structures segment is expected to capture the largest share of the market. Trackside equipment means a train interface system owned and controlled by a railway and physically located at or near a railway crossing. It serves as a source of information on or about upcoming trains and their personnel. Wayside control systems require a high level of stability and safety.
Global Peripheral Equipment Inspection Instrument Market, By Railway Type
Based on the type of railway, the peripheral equipment inspection instrument market is segmented into monorail, bullet train, heavy rail, subway rail, and others. The heavy rail segment of the market is expected to represent the largest segment of the market.
Heavy rails are also known as rapid transit. These are dedicated electric rails, which carry several passengers at the same time. The tracks can be installed in subway tunnels with elevated structures or on fenced tracks at ground level that do not intersect. Modern heavy rail systems, like the metro, are one example. Heavy rail is cost effective and has a large passenger capacity, which are two key aspects of the expansion of the heavy rail segment.
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Global Peripheral Equipment Inspection Instruments Market, Based on Regional Analysis
The regional segment includes major regions such as Asia Pacific, Middle East & Africa, North America, Europe and South America.
Asia-Pacific will likely be the fastest growing regional market. In the Asia-Pacific region, there is a need for a faster and more efficient way to inspect railways due to an increase in rail traffic carrying larger loads at higher speeds.
In North America, various market players such as Mermec (Italy), Holland LP (United States), offer advanced solutions, which should propel the market. Holland LP operates a fleet of 12 TrackSTAR track test vehicles in North America and services more than 100 railways and transit systems for contract testing each year.
In Europe, the metro rail networks are one of the largest urban public transport systems, carrying millions of passengers every day. Europe is home to the oldest underground system in the world, the London Underground. The region offers growth potential for the market.
Recent Developments in the Global Peripheral Equipment Inspection Instrument Market
- September 2020 – TASI / ACI, the transit operation and maintenance contractor for the CTrail Hartford line, offers the first FRA-approved system safety program in the United States. TASI / ACI JV became the first intercity / commuter rail service provider to gain FRA approval for its System Safety Program Plan (SSPP) on the CTrail Hartford line between New Haven, CT and Springfield, MA .
- March 2020 – Sperry Rail (US) developed the AI Elmer System, an artificial intelligence system that will assess thousands of miles of ultrasound scans collected by Sperry trucks for evidence of rail defects. Elmer was created as a proof of concept by a team of just four programmers using Amazon Web Services (AWS). Sperry has partnered with Steamhaus, a DevOps and cloud consulting firm in Manchester, England, to utilize the latest capabilities, reduce costs and achieve the scale needed.
Some key points of the Peripheral Equipment Inspection Instrument market report are:
- An in-depth global analysis of the Peripheral Equipment Inspection Instrument market by segments, along with information and factor analysis based on trends.
- Major companies operating in the global peripheral equipment inspection instrument market which include Wayside Inspection Devices Inc. (Canada), Argos Systems, Inc. (US), Trimble Inc (US), RTI Group ( Sweden), American Equipment Company. (Ameco) (United States), Nordco, Inc. (United States), Herzog (United States) and others.
- Analysis of key impact factors across regions which includes analysis, along with drivers, restraints, opportunities, and challenges prevailing in the global Peripheral Equipment Inspection Instruments Market
- Impact of COVID-19 on the Global Peripheral Equipment Inspection Instrument Market
Find more information on this topic in this report, “Peripheral Equipment Inspection Instruments Market, by type (overhead line inspection, track inspection, trackside structures and others), by railway type (monorail, high-speed train, heavy rails, metro rails and others), by region ( North America, Europe, Asia-Pacific, South America, Middle East and Africa) ” an in-depth analysis with the table of contents (ToC).
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