The railway bearing market is projected to display healthy growth with a CAGR of more than 5.7% in the assessment period from 2020-2030. A new FMI report has stated that the Covid-19 pandemic is expected to affect the market adversely as railway sector operations, production and maintenance has come to a halt.
“Market players focus on advancements in infrastructure and need for cost-efficient solutions. Railway bearings that require minimal maintenance falls under the priority list,” states the FMI analyst.
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Railway Bearings Market – Important Highlights
Freight trains will account for 40% of global value due to advanced rail network operators and up gradation.Roller bearings will remain top-selling category accounting for 3/5th of market value.Europe will reign supremacy over the regional landscape with 2/5th of the market share.Aftermarket segment will channel 65% of revenue owing to increased spending on aftermarket servicing.
Railway Bearings Market – Drivers
Steady increases in terms of worldwide railway infrastructure spending remains the primary market driver.Availability of wide-range of roller and ball-bearings such as cylindrical, angular, tapered, facilitates usage in different sites and applications.Increased investment in railway infrastructure coupled with advanced railway systems are expected to remain key growth attributes.Bearings are essential in railway operations as it avoids friction, collision and separation.
Railway Bearings Market – Restraints
Limiting direct contact between moving parts reduces friction, thereby, acting as a hindrance to adoption of railway bearings.High costs of purchase and adoption rates, restraints market growth.
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Coronavirus Impact on Railway Bearings Market
Government spending on railway infrastructure around the world has impacted sales and demand during the covid-19 pandemic. Despite sustained orders, shortage of cash flow remains a major concern for market players.
In order to build environment-friendly transportation, Rail ton mileage would exceed that of trucks by 20% in US as announced by Federal Highway Construction while Europe will continue cover 2/5th of the global value due to the presence of largest rail network. Demand is expected to recover towards 2021 with relaxation of lockdown regulations in the near term.
Key Questions Answered by the Report
- What is the global railway bearing market size?
The global railway bearings market is expected to reach a valuation of US$ 4.5 Bn by 2030.
- Which is the largest regional market for railway bearings?
Europe is expected to maintain hegemony over the regional landscape through the course of the forecast period
- Which are the top companies in the railway bearings market?
Key players operating in the market include NSK Ltd., The Timken Company, JTEKT Corporation, National Engineering Industries Limited, Amsted Rail Company, NTN Corporation, Schaeffler Group, SKF AB among others.