Global Railway Bearing Market – Industry Trends and Forecast to 2029

Railway Bearing Market Analysis and Size

According to the study, as governments invest heavily in improving railway infrastructure, demand for locomotive components such as railway bearings is expected to rise. Furthermore, the availability of a diverse range of railway bearings - such as cylindrical, tapered, angular contact, and so on - allows for application-specific adoption.

Data Bridge Market Research analyses that the railway bearing market was valued at USD 1.11 billion in 2021 and is expected to reach the value of USD 2.21 billion by 2029, at a CAGR of 9.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Railway Bearing Market Scope and Segmentation

Market Definition

Bearings are mechanical elements that allow only the desired motion of the components to which they are attached. Due to the high torque involved in locomotive operation, there is always the risk of a component moving away from its axis of rotation, causing the entire system to fail. Bearings are critical in operations where the rotational force of certain objects must be kept within certain limits and anything unusual beyond the expected movement can cause operations to be disrupted. 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. Railway bearings are used in a variety of applications, including the engine, wheels, interiors, and exteriors.

Global Railway Bearing Market Dynamics

Drivers

• Heavy investments from governing authorities towards development of railway infrastructure

Governments around the world, both in developing and developed countries, are investing heavily in railway infrastructure, creating demand for systems and parts used in freight and passenger trains. As the production of railway systems is expected to increase, the use of railway bearings is expected to increase. For instance, the United States allocated $248.5 million in grants in March 2020 to fund several state and local railroad infrastructure projects through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program. The funding's goal is to improve the safety of railway networks and systems. Because railway bearings indirectly influence the safety of railway networks, the funding is expected to boost the market.

• Market players are focusing on developing bearings in order to capitalise growing demand

Given that railway carriers are constantly in motion and frequently subjected to harsh physical conditions such as rain, cold temperatures, and extreme heat, mechanical components used in them are expected to be resistant to such extreme physical conditions. As a result, there is a high demand for high-quality, long-lasting bearings.

Market players are focusing on developing bearings that can withstand such harsh climatic conditions in order to capitalise on the growing demand. Furthermore, manufacturers are coating the bearings with ceramic or polymers to improve insulation and increase safety. Similarly, the availability of a diverse range of roller and ball bearings, such as cylindrical, tapered, angular contact, four-point contact, electrically insulated, deep groove, and so on, facilitates usage in a variety of sites and applications, driving market revenue.

Opportunity

Among the major factors driving the railway bearing market evenly are increased use of high capacity bearings in wind turbines, growth in bearings in energy-efficient vehicles, and demand in aerospace, railway, and other applications. Furthermore, the incorporation of electro-mechanical features into bearings for medical applications will open up new opportunities for the railway bearing market.

Restraints

Counterfeit products, on the other hand, will act as a restraint and will further challenge the growth of the railway bearing market during the forecast period.

This railway bearing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the railway bearing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Railway Bearing Market

Due to advent of COVID-19, governments around the world declared lockdowns and other restrictions. The lockdown had hampered railway manufacturing as well as demand for rail transportation. Furthermore, labour shortages caused by social distancing norms and other constraints slowed the manufacturing process. The demand for railway antifriction bearing has increased since the suspension of railway manufacturing. Furthermore, the raw material required for the manufacture of railway antifriction bearings was unavailable, causing the entire operation to be disrupted. Globally, railway is a developing industry that COVID-19 disrupted, but it is expected to recover in the post-pandemic phase. The product market will grow due to high demand for railway products.

Global Railway Bearing Market Scope

The railway bearing market is segmented on the basis of type, railway type, application and sales channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Roller bearing
• Ball and plain bearing

Railway type

• Very High Speed Railway
• Mainline Railway
• Metro Railway
• Freight Railway
• Special Railway

Application

• Engine
• Wheels
• Interior
• Exterior

Sales channel

• Original equipment manufacturers (OEM)
• Aftermarket

Railway Bearing Market Regional Analysis/Insights

The railway bearing market is analysed and market size insights and trends are provided by country of type, railway type, application and sales channel as referenced above.

The countries covered in the railway bearing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The Asia-Pacific is dominating railway bearing market due to market participants in the region are focusing on developing products with innovative features such as increased durability, lightweight, low maintenance requirements, and low cost of ownership. To that end, market participants are focusing their efforts on research and development. North America is expected to grow significantly in the global market. Technological advancements, data analytics integration, and the expansion of high-speed rail networks in the region are likely to accelerate the growth of the railway bearing market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Railway Bearing Market Share Analysis

The railway bearing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to railway bearing market.

Some of the major players operating in the railway bearing market are:

• RUBIX (U.K.)
• Harbin Bearing Manufacturing Co., Ltd.(China)
• HKT BEARINGS LIMITED. (Korea)
• JTEKT Corporation (Japan)
• NBI Group (Spain)
• NSK Ltd. (Japan)
• NTN Corporation (Japan)
• RBC Bearings Incorporated (U.S.)
• Rexnord Corporation (US)
• Schaeffler AG (Germany)
• SKF (Sweden)
• THE TIMKEN COMPANY (U.S.)

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