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The Global Rail Flaw Detection Market is Projected to Register a CAGR of 7.1% to 2028

Research and Markets
·6-min read

Dublin, Oct. 20, 2021 (GLOBE NEWSWIRE) -- The "Rail Flaw Detection Market - Market Size & Forecasting (2017-2028)" report has been added to ResearchAndMarkets.com's offering.

The global rail flaw detection market size was estimated to be USD 4,317.1 thousand in 2020 and is projected to register a CAGR of 7.1% over the forecast period.

The market research report studies the market for the forecast period that provides a detailed outlook of the market related to the drivers, opportunities, challenges and trends and the vital aspects that could influence the market result of the targeted years.

The market research report covered the key market player of the Rail flaw detection market and the market position held by them along with the functionality through the recent years.

It contains a thorough insight into the most recent business approaches like partnerships, mergers, acquisitions, product launching, collaboration as well as the growth of production components. Within this period, the report explains the important investment in research and development actions from key market players that helps in enlarging their current business operations and geographic reach. Apart from this, the report examines the reach of expansion as well as the market chances of new market players.

The market research report provides a succinct summary of the segment as well as sub-segments like application, players, areas and areas to extend the important facets of the market. The market research report aims to focus on the COVID-19 outbreak as well as its influence on the present market and provides a detailed explanation related to the market position in the upcoming several years. The analysis analyzes the information in a detailed way related to the market dynamics and the stream of the worldwide supply chain of the market that is affected by the rising pandemic. All this important information of this market research report intend to present a strong principle for those readers to take needful business decisions related to the investment on the market as it analyzes the things that are going to influence the current and future market scenario.

The market research report offers a comprehensive analysis of the segments of the Rail flaw detection market. But it also provides a wide Outlook related to the functionality, expansions, opportunities and the market evaluation of every segment together with the anticipated CAGR including the different types of a sub segment of every segment throughout the forecast period. Apart from this the segmentation part contains controlling and driving factors to describe the possible growth of the market. The study is important for businesses that broadly use the product due to the respective applications. A detailed explanation and provided related to the regions of application that explain what the item is used by the businesses to leverage their company portfolio.

The global rail flaw detection market has been segmented as product type and railway type.

Based on the product type, this market is classified into ultrasonic inspection, electromagnetic inspection, and others. The ultrasonic inspection segment is anticipated to account for the largest share of around 62% in the global rail flaw detection market in 2020. This segment is estimated to be valued at USD 2,681.3 thousand in 2020 and is projected to grow at a CAGR of 7.0% during the forecast period to reach USD 4,596.6 thousand by 2028.

But due to the impact of COVID-19 on the market, the estimated value of the ultrasonic inspection segment has fallen down to USD 2,639.2 thousand in 2020 and is projected to register a CAGR of 4.5% during the forecast period to hit USD 3,763.5 thousand by 2028. However, the electromagnetic inspection segment is expected to grow with the fastest CAGR of 5.4% over the forecast period.

Based on the railway type, the global rail flaw detection market is segmented into monorail, bullet train, heavy rails, metro rails, and others. The heavy rails segment is anticipated to account for the largest share of around 30% in the global rail flaw detection market in 2020. This segment is estimated to be valued at USD 1,299.7 thousand in 2020 and is projected to grow at a CAGR of 7.0% during the forecast period to reach USD 2,233.6 thousand by 2028.

But due to the impact of COVID-19 on the market, the estimated value of the heavy rails segment has fallen down to USD 1,279.3 thousand in 2020 and is projected to register a CAGR of 4.6% during the forecast period to hit USD 1,828.8 thousand by 2028. However, the bullet train segment is expected to grow with the fastest CAGR of 5.9% over the forecast period.

By region, the global rail flaw detection market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is anticipated to account for the largest share of around 40.5 % in the global rail flaw detection market in 2020. This region is estimated to be valued at USD 1,749.9 thousand in 2020 and is projected to grow at a CAGR of 8.3% during the forecast period to reach USD 3,316.4 thousand by 2028.

But due to the COVID-19 impact, the estimated value of the Asia Pacific region has fallen down to USD 1,722.5 thousand in 2020 and is projected to register a CAGR of 5.9% during the forecast period to hit USD 2,715.3 thousand by 2028. However, over the forecast period, the South America region is expected to emerge as the second fastest growing region in the market with a CAGR of 4.9%.

Key Topics Covered:

1 Market Abstract

2 Market Introduction

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3 Research Practice

4 Key Related Data

5 Impact Factor Analysis

6 Market Development Analysis

7 Rail Flaw Detection Market, by Product Type

8 Rail Flaw Detection Market, by Railway Type

9 Rail Flaw Detection Market, Regional Analysis

10 Company Profiles

Companies Mentioned

  • Tokyo Keiki Inc.

  • Sperry Rail Service Inc.

  • Rail Technology International

  • Okondt Group

  • American Equipment Company

  • Xingtai Xianfeng Ultrasonic Electronics Company Limited

  • Speno International Sa

  • Mer Mec S.P.A.

  • Nordco Inc.

  • Electronic & Engineering Company (I) P. Ltd.

  • Ndt Supply.Com Inc.

  • Herzog

  • Pruftechnik

For more information about this report visit https://www.researchandmarkets.com/r/xp13da

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900