The railway bearing market is gearing up for substantial growth, with projections indicating a significant boost to reach a value of USD 3.12 Billion by 2033. This expansion is anticipated to be driven by a robust CAGR of 9.00%. Railway bearings play a crucial role in ensuring smooth operations and safety within the rail industry, supporting the movement of trains by reducing friction between moving parts.
With increasing investments in railway infrastructure worldwide and a growing emphasis on efficiency and reliability, the demand for high-quality railway bearings is expected to soar in the coming years. This promising outlook underscores the pivotal role of railway bearings in sustaining the momentum of the global rail sector.
Governments both in developing and wealthy nations are making significant investments in railway infrastructure, which is jacking up for the components, used in freight and passenger trains. The bearings used in rails utilization is to rise together with the planned growth in railway system output.
Via the CRISI Program, the United States provided USD 248.5 million in grants in March 2020 to finance a number of municipal and state railroad infrastructure projects.
The purpose of the grant is to increase the safety of railway networks and systems. Since roller bearings have an indirect impact on the safety of railway networks, the money is aimed at encouraging the railway bearing market.
Industry Participants are Concentrating on Developing Bearings To Capitalise on Demand:
As railway carriers are continuously in motion and frequently exposed to harsh physical conditions such as rain, freezing temperatures, and extreme heat, mechanical components utilized in them must be resistant to such extreme physical conditions. As a result, long-lasting roller bearings are in high demand.
To capitalize on the increased rail bearing demand, market participants are focused on producing bearings that can resist such harsh climatic conditions. Bearings are coated with ceramics or polymers to improve insulation and safety.
The availability of a diversified range of roller bearing and ball bearings, including cylindrical, tapered, angular contact, four-point contact, electrically insulated, deep groove, and so on, makes them suitable for use in a wide range of sites and applications, hence boosting market revenue.
Opportunities for Growth:
The demand for plain bearings in energy-efficient cars increased usage of high-capacity bearings in wind turbines, and rail bearing demand in the railway and other industries are some of the key factors driving the railway bearing market. The market may see new growth potential as electro-mechanical features are incorporated into ball bearings for medical purposes.
Regional Evaluation:
Throughout the projected period, the Asia-Pacific region is anticipated to be a strong and swift railway bearing market. The presence of large-to-small-scale railway operators, builders, and suppliers has made China and Japan the top two marketplaces in the area.
India is to experience significant growth during the projected period, largely as a result of the nation’s expanding transportation infrastructure, quick urbanization, and massive population expansion.
Competitive Landscape:
Market competitors are concentrating on creating products with novel features including improved durability, greater lightness, minimal maintenance requirements, and cost-effectiveness.
Several of the top contributors, including NSK Ltd., The Timken Company, JTEKT Corporation, National Engineering Industries Limited, Amsted Rail Company, NTN Corporation, Schaeffler Group, and SKF AB among others, control the railway sliding bearing market, which is very concentrated. Among these, SKF, Schaeffler, and NTN hold a sizeable market share of the railway bearing market.
Product Advancements Pivotal for Railway Bearings Manufacturers:
- NSK Ltd. created high-reliability, low-maintenance gearbox bearings in March 2020 that can be applied to both large and small gears. Similarly, NSK Ltd. declared in September 2020 that Japan’s Shinkansen fast train was using its bearings.
- Players in the market are collaborating with one another to raise their profiles and strengthen their distribution capabilities.
- Important advancements in this theory include AB SKF’s relationship with Siemens to distribute its wireless bearing products in 2018.
Railway Bearing Market Segmentation:
By Product Type:
- Roller Bearing
- Ball Bearing
- Plain Bearing
By Train Type:
- Very High-Speed Train
- Mainline Train
- Metro Train
- Freight Train
- Special Train
By Application:
- Engine
- Wheel
- Interior
- Exterior
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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