According to the new research report titled “Slewing Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” the market is expected to reach US$ 5,831.2 million by 2028, registering a CAGR of 5.4% from 2021 to 2028.
Slewing bearings, also known as slew ring bearings, are plain bearings with a rotational or rolling component. The bearings are typically meant to support heavy but slowly oscillating or slow-turning loads. Growing focus on renewable energy and increasing infrastructural development are the key factors contributing to the global slewing bearings market growth. Further, a wide range of applications of slewing bearings in wind turbines, construction and mining equipment, medical equipment, industrial machinery, cranes, and robots, is also fueling the market growth. Further, low-noise and cost-effective operations, precise positioning, and heavy load handling capacity are among the key benefits of slewing bearings that drive their adoption in various applications. Moreover, rise in inclination toward factory automation and rapid industrialization in emerging economies are the among the other factors likely to drive the slewing bearings market during the forecast period.
The global slewing bearing market is segmented based on rolling element, gear type, and application. Based on rolling element, the market is segmented into ball and roller. The ball segment dominated the market in 2020. Based on gear type, the slewing bearing market is segmented into internal gear, ungeared, and external gear. The internal gear segment led the market in 2020. In terms of application, the slewing bearing market is segmented into wind and solar energy, aerospace and defense, medical, industrial machinery, oil and gas, mining, and others. The industrial machinery segment led the market in 2020.
Asia Pacific held the largest revenue share of the market, followed by Europe. The slewing bearings market growth in APAC is attributed to development strategies that emphasize on investing more on wind and solar energy infrastructure. Further, surge in mining activities in countries such as India and China, coupled with other infrastructure developments, is contributing to the market growth in the region.
The COVID-19 pandemic has negatively impacted the growth of the slewing bearing market. It has severely hit the mining and manufacturing sectors across the world. However, these sectors are not likely to experience long-term effects most of the projects are megaprojects. The sectors have managed to regain their normal pace of growth. Major strategic developments are taking place in the slewing bearing market. MNCs are investing more in this segment because of the increasing consumer demand. However, the imposition of lockdown by governments with the re-emergence of subsequent infection waves is likely to slower production of slewing bearings intermittently.
Reasons to Buy
Slewing bearings, also known as slew ring bearings, are plain bearings with a rotational or rolling component. The bearings are typically meant to support heavy but slowly oscillating or slow-turning loads. Growing focus on renewable energy and increasing infrastructural development are the key factors contributing to the global slewing bearings market growth. Further, a wide range of applications of slewing bearings in wind turbines, construction and mining equipment, medical equipment, industrial machinery, cranes, and robots, is also fueling the market growth. Further, low-noise and cost-effective operations, precise positioning, and heavy load handling capacity are among the key benefits of slewing bearings that drive their adoption in various applications. Moreover, rise in inclination toward factory automation and rapid industrialization in emerging economies are the among the other factors likely to drive the slewing bearings market during the forecast period.
The global slewing bearing market is segmented based on rolling element, gear type, and application. Based on rolling element, the market is segmented into ball and roller. The ball segment dominated the market in 2020. Based on gear type, the slewing bearing market is segmented into internal gear, ungeared, and external gear. The internal gear segment led the market in 2020. In terms of application, the slewing bearing market is segmented into wind and solar energy, aerospace and defense, medical, industrial machinery, oil and gas, mining, and others. The industrial machinery segment led the market in 2020.
Key Findings of Study:
Asia Pacific held the largest revenue share of the market, followed by Europe. The slewing bearings market growth in APAC is attributed to development strategies that emphasize on investing more on wind and solar energy infrastructure. Further, surge in mining activities in countries such as India and China, coupled with other infrastructure developments, is contributing to the market growth in the region.
The COVID-19 pandemic has negatively impacted the growth of the slewing bearing market. It has severely hit the mining and manufacturing sectors across the world. However, these sectors are not likely to experience long-term effects most of the projects are megaprojects. The sectors have managed to regain their normal pace of growth. Major strategic developments are taking place in the slewing bearing market. MNCs are investing more in this segment because of the increasing consumer demand. However, the imposition of lockdown by governments with the re-emergence of subsequent infection waves is likely to slower production of slewing bearings intermittently.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global slewing bearing market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global slewing bearing market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Frequently Asked Questions about the Global Slewing Bearing Market
What is the estimated value of the Global Slewing Bearing Market?
What is the growth rate of the Global Slewing Bearing Market?
What is the forecasted size of the Global Slewing Bearing Market?
Who are the key companies in the Global Slewing Bearing Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 167 |
| Published | July 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD
| USD 4025.1 Million |
| Forecasted Market Value ( USD
| USD 5831.2 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Table of Contents
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Slewing Bearing Market Landscape
5. Slewing Bearings Market - Key Market Dynamics
6. Slewing Bearing Market - Global Analysis
7. Slewing Bearing Market Analysis - By Rolling Element
8. Slewing Bearing Market Analysis - By Gear Type
9. Slewing Bearing Market Analysis - By Application
10. Slewing Bearing Market - Geographic Analysis
11. Slewing Bearings Market - COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
A selection of companies mentioned in this report includes:
- Antex corp.
- IMO Group
- Italcuscinetti S.p.A. a Socio Unico
- Liebherr
- NTN Corporation
- Schaeffler Technologies AG & Co. KG
- SKF
- Thyssenkrupp rothe erde Germany GmbH
- THE TIMKEN COMPANY
- Emerson Bearing Company
