Railway Sleeper Market is Anticipating a 5.7% CAGR Growth, Reaching a Valuation of US$ 21.33 Billion by 2034 | Fact.MR Report
Continuous Investments in Railway Infrastructure Upgradation and Development Complementing Demand Growth for Railway Sleepers
Rockville, MD, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Latest projections by Fact.MR are that the global railway sleeper market will reach a value of US$ 12.25 billion in 2024 and is projected to expand at a CAGR of 5.7% from 2024 to 2034.
This market entails the manufacturing, distribution, and installation of sleepers, or railroad ties, which are horizontal beams supporting railway tracks. These sleepers are commonly crafted from materials like wood, concrete, steel, or composites. The market involves multiple stakeholders such as manufacturers, suppliers, contractors, and railway operators.
Governments across the world are investing in developing and upgrading railway infrastructure as well as in high-speed railway networks. Ongoing innovations aimed at enhancing the durability and safety of railway sleepers contribute to market growth.
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Key Takeaways from Market Study:
Sales of railway sleepers across the world are estimated to reach US$ 12.25 billion in 2024.
The market is forecasted to touch US$ 21.33 billion by the end of 2034.
Sales of railway sleepers in the United States are estimated at US$ 2.15 billion in 2024.
The United States is estimated to occupy 68.3% share of the North American market in 2024.
Sales of railway sleepers in China are forecasted to reach US$ 5.13 billion by the end of 2034.
The East Asia market is forecasted to expand at a CAGR of 6.9% over the next 10 years.
“Growth of the railway sleeper market is being driven by investments in infrastructure upgradation, government funding for modernization, and the shift toward sustainable practices,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Railway Sleeper Market:
Key players in the railway sleeper market are Vossloh AG, L.B. Foster Company, CRH plc, Austrak Pty Ltd., Patil Group, Kirchdorfer Group, Rocla Pty Ltd., Axion Structural Innovations, Wegh Group, The Indian Hume Pipe and BSW Timber.
Maintenance and Replacement Requirements Expanding Railway Sleeper Market Size:
Aging infrastructure of railways across several regions is necessitating regular maintenance and replacement of sleepers, which is contributing to the expansion of the market. Meanwhile, technological advancements in sleeper materials, designs, and manufacturing processes enhance durability, safety, and performance, thereby driving market demand. Demand for railway sleepers arises from infrastructure projects, maintenance, requirements, technological advancements, and government investments in railway networks.
Government-backed initiatives and funding for railway modernization, expansion, and high-speed rail projects stimulate market growth. Moreover, environmental considerations and sustainability efforts are influencing the use of materials in the production of railway sleepers.
Urbanization and population growth are driving the need for efficient and reliable transportation networks, leading to an increased demand for railway sleepers. Sustainable railway construction practices, including the use of eco-friendly sleeper materials and recycling initiatives, shape market dynamics and foster growth. The global trend towards high-speed rail networks amplifies the demand for specialized sleepers tailored to meet the requirements of high-speed trains.
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Railway Sleeper Industry News:
In October 2023, during the CII-organized International Rail Conference, which had as its theme "Innovation and Technology: Changing the Future of Railway," Railway Board secretary Milind Deouskar declared that sleeper coaches would be added to India's semi-high-speed Vande Bharat trains in order to accommodate passengers travelling long distances.
An internationally renowned construction corporation, China Railway Group Limited (CREC), built a concrete sleeper facility that is already operational in Bangladesh. The nation's first factory of its sort started producing concrete sleepers for a significant rail link project that connected to the largest bridge in Bangladesh, the Padma bridge, which is also being built by Chinese companies.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the railway sleeper market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the railway sleeper market study by material (wood, concrete, composite, steel), load capacity (below 25 tons, 25 to 35 tons, above 35 tons), track type (tangents, turnouts, bridges, tunnels), and line type (main, transit, industrial) across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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