April 07, 2022 10:44 ET | Source: Stratview Research Stratview Research
Raipur, April 07, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Railway Bearings Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Railway Bearings Market is driven by economic support proposals for the railway industry by numerous governmental authorities and also there have been several announcements regarding the investments in high-speed trains and metro rails in the major markets.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Stratview Research has segmented the market in the following 4 ways which fulfil the market data needs of multiple stakeholders across the industry value chain.
View the Report Scope and Table of Contents: https://www.stratviewresearch.com/toc/1839/railway-bearings-market.html
Market Share by Train Type
Based on the train type, the locomotive is expected to steer the market demand during the forecast period. Expansion of rail network infrastructure, rising urbanization and environmental sustainability, technological advances in design and structures of locomotives aimed at higher pulling capacities, and lower fuel consumption are some of the key factors driving the demand for bearings in the locomotive segment.
Market Share by Bearing Type
Based on the bearing type, the market is segmented as ball bearing, roller bearing, plain bearing, and others. Ball bearings are further classified as angular contact ball bearing, deep groove ball bearing, and others. In a similar way, roller bearings are further classified as tapered roller, cylindrical roller, spherical roller, and others. Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by the growing usage of tapered roller bearings, across the industry for a wide range of applications.
Market Share by Material Type
Based on the material type, Metallic bearings are expected to remain the dominant segment of the market during the forecast period. High load handling and excellent wear-resistant capacity of stainless-steel position it as a desirable material type for OEMs and bearing manufacturers. The application of hybrid bearings is limited to electric motors, where under unfavorable conditions, metallic bearings could be damaged by the passage of current.
Which Region is expected to be the fastest-growing market?
Asia-Pacific is expected to be the largest and the fastest-growing market for railway bearings during the forecast period. China and Japan are the biggest markets in the region owing to the presence of large-to-small scale railway operators, constructors, and railway-bearing suppliers. India is expected to register the highest growth during the forecast period, mainly attributable to the developing transport infrastructure, rapid urbanization, and mostly the population explosion.
COVID-19 Impact on the Railway Bearings Market
The outbreak of the COVID-19 pandemic ruthlessly impacted various industries, shattering all hopes of recovery in 2020 with huge, short as well as long-term repercussions. The two dominant industries, aerospace & defense and automotive, were among the most affected industries by the pandemic in 2020. The demand for carbon fiber textiles is highly subjected to the growth of these two above-mentioned industries. The decline in both industries resulted in the massive decline in the sales of carbon fiber textiles in 2020, taking the market below the 2016-level. However, the market is anticipated to rebound from 2021 onwards and likely to cross its 2019-sales value by 2024. Stratview Research reckons that the market is expected to recoup in the next five years with a healthy CAGR to reach a value of US$ 0.9 billion in 2026.
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Who are the Top Market Players?
The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the Railway Bearings market-
What deliverables will you get in this report?
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