According to our latest market research on “Slewing Bearings Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Rolling Elements, Gear Types and Applications”, the market is valued at USD 3,903.3 million in 2020 and is expected to reach a value of USD 3,903.3 million in 2028 Reaching USD 5,831.2 million; expected to grow at a CAGR of 5.4% from 2021 to 2028.
Due to growing concerns about climate change, governments and businesses are taking various initiatives to promote sustainable practices.These initiatives include promoting recyclable products and harnessing clean energy.For example, the European Union has formalized its goal of becoming carbon neutral by 2050.Apple’s and Tesla’s factories in California and Nevada, respectively, run entirely on clean energy.Currently, solar and wind power account for a sizable share of the overall clean energy market.These sources of energy are considered the cheapest clean energy sources because of their very low operating and maintenance costs.Slewing rings are used in height-azimuth supports and gearboxes for solar panels, and in wind turbines for windmills.Hence, the increasing importance of clean energy sources coupled with the increasing deployment of onshore and offshore solar and wind farms is expected to drive the growth of the slewing bearing market over the forecast period.
Governments around the world are allocating more money to bolster their defense forces amid growing national security concerns.Countries such as the United States, China, India, Saudi Arabia, and South Korea are the major countries in defense spending, and defense spending is increasing year by year.Communications and combat systems modernization practices for most militaries are currently at their peak, as a large portion of the defense budget goes to procuring advanced weapons and electronics such as battle tanks, missile systems, and communications systems.Slewing bearings are widely used in battle tank turrets, missile launchers, precision radar antennas, communication antennas, gun mounts, etc.Hence, increasing defense budgets in different countries across the globe are driving the slewing bearing market
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The growth of the slewing bearing market in Asia Pacific is attributed to development strategies that emphasize more investments in wind and solar energy infrastructure.Moreover, the surge in mining activities in countries such as India and China, coupled with other infrastructure developments, is boosting the market growth in the region.The main raw material for the manufacture of slewing bearings is steel, and my country is the main producer of steel.The growth of the North American market is attributed to the presence of a large number of slewing bearing manufacturers and service providers.In Europe, end-user demand for slewing rings is increasing, and there is a growing focus on machine efficiency to improve overall productivity and profits.The growth of the North American market is attributed to the presence of a large number of slewing bearing manufacturers and service providers.MEA and SAM are also contributing significantly to the growth of the global slewing bearing market.The presence of a large number of oil refineries and substantial investment in infrastructure and automotive industry is boosting the growth of the MEA slewing bearing market.In addition, the continued growth of the world’s population is forcing countries to aggressively invest in the defense and medical industries.
Currently, solar and wind power account for a sizable share of the overall clean energy market.These sources of energy are considered the cheapest clean energy sources because of their very low operating and maintenance costs.Slewing rings are used in height-azimuth supports and gearboxes for solar panels, and in wind turbines for windmills.Hence, the increasing importance of clean energy sources coupled with the increasing deployment of onshore and offshore solar and wind farms is expected to drive the growth of the slewing bearing market over the forecast period.
Based on rolling elements, the slewing bearing market is segmented into balls and rollers.The ball segment leads the slewing ring market in 2020.Ball-based slewing rings use a row of balls as rolling elements.Typically, polymer spacers are used between rolling elements and sandwiched between two annular metal parts, usually made of steel.Ball bearings ensure a low level of friction; however, the load carrying capacity is between low to medium due to the small contact area between the raceways and the balls.The spherical slewing bearing can bear axial loads in two directions except radial loads.For example, the single row four-point bearing is a ball bearing widely used in the slewing of excavators and the boom motion of tower cranes; they are also used as drive elements for large rope winches.
The growing number of people infected with COVID-19 has led North American governments to close their borders in the second quarter of 2021.Manufacturing facilities are either temporarily closed or operating with limited staff.In addition, the supply chain for components is disrupted.The United States is one of the largest slewing bearing markets, especially due to its technologically advanced aerospace, defense, and manufacturing industries.However, the outbreak has severely impacted production and revenue generation due to a drop in production.Hence, the COVID-19 pandemic continues to negatively impact the growth of the North American slewing bearing market.
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Antex corp., IMO Group, Italcuscinetti SpA a Socio Unico, Liebherr, NTN Corporation, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY and Emerson Bearing Company are the key players in the slewing bearing market Introduced during this market research.Apart from these players, several other important market players are also studied and analyzed in this market research process to gain a comprehensive understanding of the global market and its ecosystem.
The slewing bearing market is segmented on the basis of gear type, rolling element, application, and geography.Based on gear type, the market is segmented into external, internal, and non-gear; the internal gear segment holds the largest share in the global slewing bearing market throughout the forecast period.Based on rolling elements, the slewing bearing market is segmented into balls and rollers.Balls hold a larger market share throughout the forecast period.On the basis of application, the slewing bearing market is segmented into wind & solar, aerospace & defense, medical, industrial machinery, oil & gas, mining, and others.The industrial machinery segment accounted for a major share of the global slewing bearing market in 2020.Based on geography, the market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).In 2020, the Asia-Pacific region has the largest market share, followed by Europe and North America.Asia Pacific is also expected to record the highest CAGR for the slewing bearing market from 2021 to 2028.
Players in the slewing bearing market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their position in the market.Some of the developments by the main players are listed below:
In 2021, major automotive and industrial supplier Schaeffler will open a new 22,000-square-meter production facility in Nanjing, east China’s Jiangsu province, to expand its presence in China’s wind power industry.In 2020, NTN Corporation opened a new sales office in Dubai (UAE) with the goal of increasing sales in the Middle East and Africa, which is expected to grow in the future.NTN will build and strengthen its sales and technical service system by forming a new company, and promote sales throughout the Middle East and Africa.
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Post time: Jan-18-2022
