North America Slewing Bearing Market is expected to reach US$ 1,300.35 million by 2028


PRESS RELEASE BY The Insight Partners 07 Sep 2021

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Ball Segment to Dominate North America Slewing Bearing Market during 2020–2028

According to The Insight Partners market research study on “North America 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$ 1,300.35 million by 2028 from US$ 968.03 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the North America slewing bearing market along with the drivers and restraints pertaining to the market growth. Increasing defense budgets is the major factor driving the growth of the North America slewing bearing market. However, fluctuating raw material prices hinder the growth of North America slewing bearing market.

The increasing number of COVID-19 cases has led governments of North American countries to shut down nation’s borders during Q2 of 2021. Manufacturing facilities are either temporarily shut or are operating with limited staff strength. Moreover, the supply chains of components and parts are disrupted. The US is the largest market for slewing bearings, especially due to its technologically advanced aerospace & defense and manufacturing sectors. However, the COVID-19 outbreak has severely affected production and revenue generation due to lowered production volumes. Thus, the COVID-19 pandemic continues to have a negative impact on the growth of the slewing bearings market in North America

The North America slewing bearing market is segmented on the bases 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 North America 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 North America slewing bearing market. Based on country market is segmented into US, Canada and Mexico. US accounted for a major share of the North America slewing bearing market in 2020

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, and Emerson Bearing Company are among the leading companies in the North America 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 2021, Liebherr advances into new dimensions with the world's largest slewing drive units.

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