According to FMI, the railway bearing market is going to thrive at a CAGR of 9.00% from 2023 to 2033, from USD 1.32 billion in 2023 to USD 3.12 billion in 2033.
Bearings are critical components in railway operations because they maintain the friction between moving parts in railway systems, ensuring that various components do not collide or separate. The bearings used in rails are used in a variety of applications, including the engine, wheels, interiors, and exteriors. Although the components they connect at various locations vary, the functionality of railway railway plain bearing is to enable the smooth motion of diverse components, which contributes to the overall system's smooth operation.
Bearings have become an essential component of railway systems due to their function in guaranteeing the smooth operation of multiple elements.
Rising investments to enhance railway infrastructure around the world, along with the development of modern railway systems, are likely to be the primary growth drivers of the railway-bearing market over the forecast period.
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Governments around the world, both in developing and wealthy countries, are investing heavily in railway infrastructure, creating a need for systems and parts used in freight and passenger trains. As railway system manufacturing is predicted to increase, railway plain bearings may be used more frequently.
United States provided USD 248.5 million in grants in March 2020 to fund multiple state and local railroad infrastructure projects through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program. Improving railway network and system safety is the funding's goal.
The funding is to enhance the industry because railway plain bearing indirectly impacts the safety of railway networks. The freight rail network in the United States plays an important part in the nation's economy by delivering diverse raw materials and completed commodities.
The United States freight rail network alone produced USD 219 billion in economic activity in 2017, demonstrating the country's reliance on these railroads. Private companies primarily own the freight rail network, and the Association of American Railroads estimates that more than USD 26 billion is spent yearly on construction and maintenance expenses.
Similarly, the United Kingdom rail industry pledged in November 2019 to introduce 8,000 new cars per week beginning in 2020 as part of a new investment programme introduced by the Rail Delivery Group (RDG). This is going to have a direct impact on the rail-bearing demand to accommodate the increased number of carriers. Such investments can result in the adoption of various railway components, including railway plain bearing, providing market participants with lucrative potential.
| Attributes | Details |
|---|---|
| Railway Bearing Market CAGR (From 2023 to 2033) | 9% |
| Railway Bearing Market Size (2023) | USD 1.32 billion |
| Railway Bearing Market Size (2033) | USD 3.12 billion |
Mechanical components used in railway carriers should resist such extreme physical circumstances because they are constantly in motion and frequently encounter adverse weather conditions, including rain, freezing temperatures, and excessive heat. As a result, there is a significant rail bearing demand for durable, high-quality bearings.
In this regard, RCT (Rotating End Cap Tapered) roller bearings are gaining popularity among end-users due to their capacity to function in demanding conditions. Roller bearings serve as a seal by preventing water or other foreign objects from entering the systems, hence preventing degradation and grease leaks. The global roller bearings market is well-developed and attracts significant investments from both public and private players.
Market manufacturers are focused on producing bearings that can resist such harsh climatic conditions to capitalise on the expanding railway bearing demand. Manufacturers coat the bearings with ceramic or polymers to improve insulation and promote safety.
Similarly, the availability of a diverse range of roller and ball bearings, including cylindrical, tapered, angular contact, four-point contact, electrically insulated, deep groove, and so on, simplifies utilisation in a variety of sites and applications, boosting market revenue.
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Magnetic levitation (maglev) train networks have taken over in recent years. Maglev trains move without wheels and axles, in contrast to conventional railways.
Instead, maglev technology employs two sets of magnets: push the train off the track and into levitation and propel it quickly. There is no need for components that reduce friction because there is no direct contact between the two moving objects.
As a result, there is no longer a railway-bearing demand, somewhat limiting railway plain-bearing market expansion. Some countries are looking at the idea of maglev trains to shorten commute times and improve the entire rail transportation systems, even if it is still in the early phases of development and widespread adoption is quite far in the future.
Many nations are hopping on the maglev train bandwagon even though Japan currently possesses them. The Zhejiang province government in China revealed intentions to erect a 400 km long maglev network for USD 14.1 billion. The increased preference for maglev trains inversely impacts the railway bearing demand.
By product type, roller bearings remain in high rail bearing demand and hold more than 3/5 of the market by the end of the forecast period. Early market penetration and the availability of numerous versions that satisfy various application-specific needs are credited with the high popularity of these goods.
The railway plain bearing is most commonly used in wheels, making up roughly half the market value worldwide. The requirement to maintain the integrity of the various wheel plates while the locomotive is in motion led to the adoption of bearings used in rails in wheels.
| Category | Market Share |
|---|---|
| Freight Trains | 2/5 of the market's value |
According to train type, the adoption of freight trains brings in the most money, accounting for more than 2/5 of the market's overall value. The segment's dominance is attributable to substantial spending by private operators to guarantee the systems' smooth operation, which in turn necessitates prompt component upgrades.
Due to increased spending by railway operators on aftermarket servicing activities, the aftermarket segment is predicted to channel the bulk of railway-bearing sales, accounting for about two-thirds of value.
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| Region | Market Share |
|---|---|
| Europe | 1/5th of global share |
With a projected 1/5th share of the global railway bearings industry, Europe is predicted to remain the leading regional market. The foremost railway network in the world, which is present in the European Union, is credited with the region's hegemony. As a result, various locomotive parts, and bearings used in rails, are required.
Developing railway networks is a priority for European nations, helping fuel the railway bearings industry. The German government declared in June 2020 it would double its yearly expenditure on new buildings and track expansion. This can increase demand for new carriers and freights, providing a lucrative opportunity for railway bearing producers to expand their railway bearings businesses. The United Kingdom announced in July 2020 a £590 million investment to upgrade Northern Britain's railway infrastructure. The region's railway-bearing demand may get pushed by such investments.
| Region | Market Share |
|---|---|
| East Asia | 2/5th of global share |
More than two-fifth of the world's value is produced in East Asia, which can continue to be the second-leading region, led by China. Similar to Europe, the lucrativeness of the area is attributable to the presence of a sizable railway network that frequently calls for locomotive parts during production and maintenance.
Macroeconomic variables like rising investments in the development and expansion of railroad infrastructure can positively impact rail-bearing demand. To offset the output losses brought on by the pandemic, China invested more than USD 46.3 billion in the railway industry in the first half of 2020. The rail bearing demand may continue to be driven by Japan's extensive private rail infrastructure and the region's expanding carrier industry.
With growing economies like Singapore and China as neighbors, South Asia & Pacific is to continue to play a significant role in the global economy over the coming years. The fourth-leading railway system in the world, India, continues to attract funding for development and improvement.
The Indian Railway Ministry stated that it is looking into the possibility of having passenger trains operated by private companies and anticipates receiving over USD 7.5 billion in investment by 2025. Such activities may eventually favorably impact the market's overall growth and the railway bearing demand.
Railway bearing manufacturers are concentrating on creating products with novel features, including improved durability, greater lightness, minimal maintenance requirements, and cost-effectiveness. Railway bearing manufacturers are focusing on research and development activities to attain the same.
Railway bearing manufacturers are collaborating to raise their profile and strengthen their distribution capabilities.
Recent Development:
| Date | Mar-20 |
|---|---|
| Strategy | Introduction |
| Details | NSK Ltd. created high-reliability, low-maintenance gearbox bearings in March 2020 that can be applied to both large and small gears. |
| Date | Sep-20 |
|---|---|
| Strategy | Declaration |
| Details | NSK Ltd. declared in September 2020 that Japan's Shinkansen fast train was using its bearings. |
| Date | 2018 |
|---|---|
| Strategy | Collaboration |
| Details | Important advancements on this theory include AB SKF's relationship with Siemens to distribute its wireless bearing products in 2018. |
| Date | Sep-20 |
|---|---|
| Strategy | Expansion |
| Details | NTN Corporation said in September 2020 that it can increase the manufacturing and distribution of deep groove ball bearings designed exclusively for electric vehicles (EVs) and hybrid electric cars (HEVs). |
| Date | Jun-21 |
|---|---|
| Strategy | New Launch |
| Details | For agricultural machinery, JTEKT Company created ball bearings with high muddy water-resistance seals in June 2021. With these developments, these machines can now function under challenging working conditions as well. |
A CAGR of 9% is predicted for the coming years.
The market was valued at USD 1.21 billion in 2022.
Roller bearing type is expected to grow the market.
In 2023, the market accounted for 1/5th of the global share.
NSK Ltd., JTEKT Corporation, and The Timken Company.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Roller Bearing 5.2. Ball Bearing 5.3. Plain Bearing 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Train Type 6.1. Very High-Speed Train 6.2. Mainline Train 6.3. Metro Train 6.4. Freight Train 6.5. Special Train 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Engine 7.2. Wheel 7.3. Interior 7.4. Exterior 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. OEM 8.2. Aftermarket 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. NSK Ltd. 17.2. The Timken Company 17.3. JTEKT Corporation 17.4. National Engineering Industries Limited 17.5. Amsted Rail Company 17.6. NTN Corporation 17.7. Schaeffler Group 17.8. SKF AB 17.9. Harbin Bearing Manufacturing Co., Ltd. 17.10. Rexnord Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
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Railway Bearing Market
