According to FMI’s analysis, the railway bearing market may grow at a CAGR of 9.00% from 2023 to 2033, from a value of US$ 1.32 billion in 2023 to US$ 3.12 billion by 2033.
Governmental Authorities Have Made Substantial Expenditures in the Construction of Rail Infrastructure
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 US$ 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.
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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.
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Freight Train Segment Occupies a Significant Market Share
According to train type, freight train adoption is predicted to channel the bulk of revenue, accounting for more than two-fifths of global market value. The segment’s dominance can be ascribed to private operators’ substantial spending to assure the smooth running of the systems, which necessitates timely component upgrades.
Growth of rail network infrastructure, increasing urbanization and environmental sustainability, technological advances in locomotive design and structure targeted at increased pulling capacity and lower fuel consumption are some of the main determinants propelling rail bearing demand.
Railway Bearings Competitive Environment
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.
To stay ahead of their competitors, businesses are forming new strategic alliances, making significant investments in research and development projects, and introducing new products to the 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.
Key Segments
Product Type (Roller Bearing, Ball Bearing, Plain Bearing) Train Type (Very High-Speed Train, Mainline Train, Metro Train, Freight Train, Special Train) Application (Engine, Wheel, Interior, Exterior) Sales Channel (OEM, Aftermarket) Region (North America, Latin America, Europe, South Asia & Pacific, East Asia, Middle East and Africa)
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.
About Future Market Insights (FMI)
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