Bearings are mechanical elements that control the motion of the components they are attached to, allowing only the desired motion. It is an essential element in railway operations to maintain the friction between moving parts in railway systems, ensuring various components stay intact without colliding or separating. An antifriction bearing is a bearing that contains moving elements to provide a low friction support surface for rotating or sliding surfaces. It is commonly made with hardened rolling elements (balls and rollers) and races. A race is the bearing surface in an antifriction bearing that supports rolling elements during rotation. A separator is an antifriction bearing component used to maintain the position and alignment of rolling elements. Moreover, antifriction bearings reduce lubrication requirements and decrease starting and operating friction. Reduced friction results in less power required to rotate engine components and increases overall engine output. Furthermore, the antifriction bearings are used in the engine, rolling stock, wheels, and others to reduce the risk of a component moving away from its axis of rotation, the whole system.
COVID-19 Impact Analysis
- Due to COVID-19, the government across all countries declared lockdown and various other restrictions. The lockdown had disrupted railway manufacturing and the demand for transportation via railway. Moreover, due to social distancing norms and other restrictions led to the unavailability of labor delayed the manufacturing process. Since the manufacturing of railway is halted the demand for railway antifriction bearing. Furthermore, the raw material required for the manufacturing of railway antifriction bearing was also unavailable which disrupted the whole operation. Globally railway is an evolving sector that was disrupted by COVID-19, but it is expected to revive in the post-pandemic phase. High demand for the product for railway will drive the growth of the product market.
Top Impacting Factors
Rise in government investment in railways, increase in passenger travel by railways, and surge in demand for safe & secure transportation are expected to drive the growth of the market.
However, bearing defects and rise in development of maglev train cost hamper growth of the market.
Moreover, rise in demand for cost effective transportation, increase in freight transportation via railway, and surge in R&D for high-speed trains can act as an opportunity for growth of the market.
Government investment in railways
- Governments from all around the world are spending a lot of money on upgrading the existing rail infrastructure.
- For instance, in India, according to NITI Aayog, the capital expenditure by the Indian government on railways grew from $7.4 billion in 2018 to $10 billion in 2019 (40 % growth). Moreover, by the end of 2025, around 15 new cities in India are expected to have metro trains. Currently, 10 cities in India have metro rail services. Furthermore, the Indian government is looking at the privatization of railways. With the introduction of new trains such as the Tejas express, there will be new train bogies and engine requirements in the country which will drive the demand for antifriction bearings.
- In 2017, U.S. freight rail network contributed $219 billion in economic activity, indicating the enormous dependence on these freight rails. The freight rail network is majorly owned by private, and the Association of American Railroads estimates that over $26 billion is spent annually on capital expenditures and maintenance expenses.
- In addition, in 2019, UK rail industry committed to introduce 8,000 new carriages per week from 2020 as part of a new investment program launched by the Rail Delivery Group (RDG). All this development in railways and government investment will boost the railway industry which is expected to drive the growth of the railway antifriction bearing market.
Development of maglev train
- Recently, a gradual shift towards high-speed magnetic levitation (maglev) railway networks has been observed. Maglev trains use two sets of magnets one set to repel and push the train up off the track and make it levitate and the other set to move the train at a great speed. Since there is no direct contact between two moving objects, there is no need for components that minimizes the friction thus affecting the need for bearings.
- For instance, Japan currently has maglev trains and China's Zhejiang provincial government announced plans to build a 400 km long maglev network in April 2020, costing $14.1 billion. Thus, the growing inclination towards maglev trains can hamper the growth of the railway antifriction bearing market.
Key Benefits of the Report
- This study presents the analytical depiction of the railway antifriction bearing market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the railway antifriction bearing market.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the railway antifriction-bearing market growth scenario.
- The report provides detailed railway antifriction bearing market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Report
- Which are the leading market players active in the railway antifriction bearing market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the railway antifriction bearing market?
- What are the projections for the future that would help in taking further strategic steps?
Railway Antifriction Bearing Market Report Highlights
By Product Type
By Train Type
By Sales Channel
Key Market Players
AB SKF, GGB, Amsted Rail Company, NSK Ltd, National Engineering Industries Limited, The Timken Company, JTEKT Corporation, Schaeffler Group, NKE Bearing, NTN Corporation