The railway bearings market is set to grow at a 5.7% CAGR, reaching $4.5 billion by 2030, driven by infrastructure investments and innovation.
Future Market Insights (FMI) projects that the global railway bearings market will grow in value at a CAGR of 5.7% between 2020 and 2030. According to the study, as governments invest significantly to improve railway infrastructure, demand for locomotive components, including railway bearings is likely to grow. Moreover, the availability of a wide range of railway bearings – such as cylindrical, tapered, angular contact, etc. – enables adoption based on diverse application-specific requirements.
Owing to the expansion of railway networks, there is a high demand for high-reliability and low-maintenance bearings that can withstand harsh physical conditions. According to the study, market players are directing their focus towards the innovation of advanced bearings. Manufacturers are coating bearings with ceramic or polymers to give insulation properties and are opting for other innovations.
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The report opines that the growth of the market will behold fluctuations during the COVID-19 pandemic owing to hindered operations in the railway sector. However, governments and private railway network operators are introducing policies and investments to cover lost revenue opportunities, and this is likely to alleviate the impact to an extent.
Key Takeaways
“Market players are focusing on developing advanced yet cost-effective railway bearings that require minimal maintenance in order to build a loyal consumer base,” remarks FMI analyst.
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COVID-19 Impact
COVID-19 pandemic is expected to adversely impact the growth of the market as operations in the railway sector, including maintenance and production, come to a screeching halt. Moreover, hampered productions and travel restrictions are decelerating the demand for railway bearings during the pandemic and the downtrend is likely to prevail through 2020.
However, governments are investing in the railway sector to lower the long-term impact. For instance, China’s Zhejiang provincial government increased its spending on railways in the first half of 2020 to cope up with the losses caused by COVID-19. Such initiatives will alleviate the impact to an extent.
Who is Winning?
Railway bearings manufacturers are focusing on developing innovative and cost-effective products and are entering strategic partnerships to achieve the same. On these lines:
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FMI’s report includes profiles of some of the most prominent names in the market including NSK Ltd., The Timken Company, JTEKT Corporation, National Engineering Industries Limited, Amsted Rail Company, NTN Corporation, Schaeffler Group, SKF AB among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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The article discusses the growth of the railway bearings market, projected to reach $4.5 billion by 2030.
COVID-19 is expected to slow market growth due to halted operations, but investments aim to mitigate long-term effects.
Europe leads the market with a 40% share, followed by significant growth in East Asia, South Asia, and the Pacific.
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