Ball Segment to Dominate MEA Slewing Bearing Market during 2020–2028
According to The Insight Partners market research study on “MEA Slewing Bearing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Rolling Element, Gear type and Application” is expected to reach US$ 369.84 million by 2028 from US$ 252.75 million in 2021. The market is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report provides trends prevailing in the MEA slewing bearing market along with the drivers and restraints pertaining to the market growth. Flourishing mining industry is the major factor driving the growth of the MEA slewing bearing market. However, fluctuating raw material prices hinder the growth of MEA slewing bearing market.
The Middle East and Africa slewing bearings market is majorly impacted due to the COVID-19 pandemic as country borders were closed and the supply chain of several industrial equipment and components was disturbed. This has led to the decline in revenue among the slewing bearings manufacturers and distributors offering their products to manufacturing, oil & gas, and aerospace & defense industries. However, with the ease in restrictions, the manufacturing of slewing bearing gained traction and witnessed a steady adoption rate in the Q1 of 2021.
The MEA slewing bearing market is segmented on the basis of gear type, rolling element, application, and country. Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of MEA slewing bearing market throughout the forecast period. Based on rolling element, the slewing bearing market is segmented into ball and roller. The ball segment held a larger market share throughout the forecast period. Based on application, the slewing bearing market is segmented into wind and solar energy, aerospace & defense, medical, industrial machinery, oil & gas, mining, and others. The industrial machinery segment accounted for a major share of the MEA slewing bearing market. Based on country, the market is segmented into South Africa, Saudi Arabia, UAE, and the rest of MEA. UAE accounted for a major share of the MEA slewing bearing market in 2020
IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY, and Emerson Bearing Company are among the leading companies in the MEA slewing bearing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, M-series spindle bearings from Schaeffler make main spindles more robust and durable.
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