During the projected period, the global railway sliding bearing market is anticipated to expand at a reasonable CAGR of 6.4%. The overall market share is predicted to grow from a total value of USD 1,061.1 Million in 2022 to about USD 1,973.2 Million by 2033.
Expanding railroad construction projects and rising urbanization-related demand for light rail and metro trains are also expected to boost the global railway sliding-bearing market. Moreover, the establishment of trans-border railway services for freight movement between the nations is touted to strengthen the railway component manufacturing industries further. These developments are anticipated to necessitate the manufacturing of more trains and increase the consumption of railway sliding bearings in the coming days.
The growing demand for better components with increased efficiency has forced many players to come up with new designs and alternate materials. Furthermore, the need for specially made sliding bearings has arisen as new types of trains, such as monorails and high-speed trains, are getting popular.
Additionally, the growing demand for custom-designed wagons and locomotives has been stimulated by the expanding possibility for freight movement between the nations. To support such enormous weights, the many train components need to be modified, creating further railway sliding-bearing market growth opportunities. New changes may also necessitate the use of additional railway sliding bearings, which would further boost the emerging trends in the market.
These bearings are frequently made of metal alloys or high-grade steel, exposing the sector to the erratic nature of global steel pricing. Moreover, the progressive switchover from internal combustion engines to electric locomotives also poses a serious danger to the market's key trends and opportunities.
| Attributes | Details |
|---|---|
| Railway Sliding Bearing Market Share (2022) | USD 992.6 Million |
| Railway Sliding Bearing Market Size Value (2023) | USD 1,061.1 Million |
| Railway Sliding Bearing Market Size Value (2033) | USD 1,973.2 MIllion |
| Railway Sliding Bearing Market Growth Rate (2023 to 2033) | 6.4% |
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As per the previous railway component industry survey, the net worth of total railway sliding bearings sold in the year 2018 was USD 835.3 Million. Until the preceding year, 2022, the overall market experienced a growth rate of 4.4% and concluded at a valuation of USD 992.6 Million.
The global market during the years 2018 to 2022 was dominated by the rolling railway-bearing market segment. However, the necessary changes adopted by most of the railway rolling stock manufacturers have increased the demand for railway sliding bearing recently.
An efficient sliding bearing is designed using a galvanic connection and water lubrication to avoid tribocorrosion and insulates electricity. And yet so, a significant barrier for the market is the corrosive nature of metal components once they come into touch with water. The opposing railway bearings that can withstand loads from every direction might pose a challenge to the railway sliding bearing business.
Several components and subsystems, including steering systems, engines, axles, stabilizers, shock absorbers, and doors, still use radial sliding bearings. So, plain radial bearings constituted the largest portion of the market, as per the FMI insights. During the upcoming years, the need for radial railway sliding bearings would be significantly affected by the growing demand for metro or light trains, as well as high-speed trains.
However, thrust-type bearings are getting more popular nowadays because of their numerous benefits. Their ability to handle large radial and axial loads, besides lubrication-free design, makes them superior to the former. Moreover, its durability for a longer lifespan and abrasion resistance has made it an affordable choice for many of its end users.
Based on the application of the railway sliding bearings, the market is currently being led by the Bogie category, with up to 50% of the revenue share. A typical bogie contains 10 -12 sliding bearing units in total that are expected to retain the dominance of this segment in the future. Several parts, including a wheel assembly, stabilizer, bolster supports, absorbers, swing links, and tilting mechanisms, are used in a railway bogie.
According to estimates, from 2023 to 2033, the market for sliding bearings would be dominated by metallic-type bearings against non-metal materials. Since metallic sliding bearings can endure high loads and temperatures, they are predicted to remain the proffered choice for end users. Furthermore. as its utilization in high-stakes applications is irreplaceable, it would lead the railway sliding bearing industry over the projected period. Some external parts like wheel sets and internal engine parts such as the crankshaft, camshaft, and valves are expected to retain their dominance.
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Almost 17.2% of the total railway sliding bearings produced in the global market are achieved in the USA, making it the largest regional market.
The United States is home to one of the greatest railway networks in the world, which makes it necessary to produce all railway parts domestically. Moreover, by virtue of the presence of many manufacturers of original equipment like railway bearings and others contribute to the region's dominance. Additionally, the market players in the USA are concentrating on R&D to expand their railway sliding-bearing business, thereby boosting the market.
Germany is the largest railway sliding bearings market in the European Union and held a global market share of 5.1% in 2022. It is anticipated to follow an average CAGR between 2023 and 2033 and reach a valuation of USD 100 Million by its end. The presence of many OEM Companies has immensely contributed to the expansion of the sliding bearing market in the country.
However, the demand for railway sliding bearings is increasing more quickly in the United Kingdom than it is in Germany or any other. According to the global railway sliding bearing market analysis report, The United Kingdom is to develop at a 3.4% annual pace until 2033. Additionally, several regional and national governments' intentions to expand their rail networks have stoked interest in locomotive engines, carriages, and bogies further.
Owing to its greater domestic need for railway services, China is predicted to lead the global railway sliding-bearing market throughout the anticipated period. Over the next ten years, the country's need for railway sliding bearings is anticipated to increase at a 4.6% annual rate.
The demand for railway sliding bearings is anticipated to profit indirectly as a result of national-level initiatives to make public transit more comfortable. One such is the projected USD 148 Million spent by Chinese authorities to expand the metro systems in three major cities.
India, Japan, and Thailand are a few more Asian nations that have made similar efforts collaterally strengthen their railway component manufacturing industries. With rising demand for railway sliding bearings in Asia Pacific, Japan has acquired a share of 5.6% of the global market. By 2033, the total valuation of the Japan railway sliding bearings market is expected to reach USD 110.5 Million.
For now, India is the country with the fastest-growing demand and market for railway sliding bearings than any other part of the world. Manufacturing and sales of railway sliding bearing in this country are anticipated to grow at a rate of 5.1% through 2033.
Owing to supportive governmental measures for the establishment of original equipment manufacturers (OEMs), India is anticipated to have substantial growth throughout the anticipated period. Additionally, a strong economy, cutting-edge technology, and increased demand for sliding bearings across many industry verticals are projected to propel the market in India.
Many of the key railway sliding-bearing manufacturing companies, including SKF, Schaeffler, and NTN, control the global market, which is very concentrated. Of these, SKF, Schaeffler, Fujian Longxi, NTN, and others with an extensive supply chain have a sizable share of the market internationally.
To stay on top of the competition, businesses are forming new strategic alliances and partnerships with regional players to strengthen their product end-user base. For example, SKF collaborated with Siemens' MindSphere internet of things platform and Railigent application suite in the near past.
Making significant investments in Research and Development (R&D) initiatives, and releasing brand-new items on the market is the other major strategy adopted by these market players. In engineering and mechanics, the term hybrid is used to describe a system that combines two different technologies. With the introduction of a new kind of affordable hybrid roll and linear slide bearing, Igus® has finally succeeded in creating one.
Locally produced current insulated sliding bearings were officially launched by Schaeffler India Limited setting a new precedent for the sector. As a result of the introduction, it became the first and only railway sliding bearing manufacturer in India to locally create currently insulated bearings.
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A CAGR of 6.4% is predicted for upcoming years.
The market expanded at a CAGR of 4.4% from 2018 to 2022.
Metallic material type is expected to grow the market.
The market acquired a 5.6% market share in 2023.
NSK Ltd., JTEKT Corporation, GGB Bearing, and The Timken Company.
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Railway Sliding Bearing Market
