Persistence Market Research (PMR) has published a new research report on rail wheel and axle market. The report has been titled, “Rail Wheel and Axle Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026.” The market is highly fragmented with industry players all over the globe and trying to keep up in the competition.
The global rail industry is under consolidation pressure given the large overcapacity issues that it has long been plagued by. The report profiles some of the key companies in the global market for rail wheel and axle, including Amsted Rail Company, Inc., CAF, Construcciones y Auxiliar de Ferrocarriles, S.A., Nippon Steel & Sumitomo Metal Corporation, and Bombardier Inc. The profitability of individual companies depends on efficient operations and controlling maintenance expenses. Amsted Rail Company, Inc. has surfaced as the dominant market player across most segments and provides global product at a highly competitive price level.
According to the report, the global rail wheel and axle market is expected to witness a CAGR of 5.6% from 2018 to 2026. The market was US$ 3,408.7 Mn in 2017 and is expected to touch a valuation of US$ 5,533.8 Mn by the end of 2026.
Growing Number of Solar Trains to Increase Adoption in Coming Years
Solar-powered trains have many benefits over diesel-powered train. Generally, diesel-powered trains have two engine compartments, whereas in case of solar-powered trains, one compartment is substituted by the solar equipment. Solar plates are installed on the roof of the train and batteries and electric motors are connected in the other diesel compartment.
Solar energy produces voltages from 600 V to 800 V and a railway engine also needs 750 V to 800 V to propel the rail. The global railway industry is employing renewable energy resources, particularly for some of the fixed railway networks, to meet its goal of supplying 25% of the total power demand using renewable energy sources by the end of 2025.
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Moreover, the rising population in metropolitan areas and increasing number of office workers, particularly in emerging economies, are anticipated to drive the global market during the forecast period. Railways are a crucial part of the public transportation system across the globe and will play a key role in future due to increasing public density, urbanization and changing travel behavior across the world. In urban economies, governments are focusing on investing hefty money to promote the introduction of large-scale transport infrastructure, such as high speed rails and bullet trains, to make passenger transport faster.
Government investments on railways will directly increase the OEM market for rail wheel and axle. Over the last few years, smart railway stations have cropped up in many countries. Governments are also concentrating more on renovating their rail transport hubs for making their railway stations more attractive. These factors, together, are likely to bode well for the global rail wheel and axle market in the course of the forecast period.
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Availability of Substitutes to Deter Market Progress
Emerging countries such as South Korea, China, and Japan are anticipated to make the transition to magnetic rail systems due to the fact that these particular trains incur less time for reaching their respective destinations in comparison to the other conventional trains. Moreover, these trains also have no frictional parts, thereby, the tear of the parts and the maintenance cost are extremely low. One such train is the Maglev train, and the availability of it is likely to slow down the growth of the global rail wheel and axle market in the forthcoming years.