Slewing Bearing Market is expected to reach US$ 5,831.2 million by 2028

Growing Preference for Renewable Energy to Provide Growth Opportunities for Slewing Bearing Market During 2021–2028

According to our latest market study on “Slewing Bearing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Rolling Element, Gear Type, and Application,” the market was valued at US$ 4,025.1 million in 2021 and is projected to reach US$ 5,831.2 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.

Owing to the increasing concerns about climate change, governments and corporates are taking various initiatives for fostering sustainable practices. Such initiatives include promoting recyclable products and harnessing clean energy. For instance, the European Union has formalized the target of becoming carbon neutral by 2050. The California-based and Nevada-based facilities of Apple Inc. and Tesla Inc., respectively, are running completely on clean energy. Currently, solar and wind energy, together, account for a substantial share of the overall clean energy market. These energy sources are considered the cheapest sources of clean energy as the operational & maintenance cost of them is restively less. Slewing bearings are used in altitude-azimuth mountings and gear boxes of solar panels, as well as in wind turbines of windmill. Thus, the increasing importance of clean energy, coupled with growing deployment of onshore and offshore solar and wind farms, is expected to bolster the slewing bearings market growth during the forecast period.

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 main raw material used to manufacture slewing bearing is steel, and China is a chief producer of steel. The market growth in North America is credited to the presence of a large number of slewing bearing manufacturers and service providers. In Europe, the demand for slewing bearings is increasing among end users with the growing focus on machine efficiency to improve overall productivity and profit. The market growth in North America is credited to the presence of a large number of slewing bearing manufacturers and service providers. The MEA and SAM are also contributing significantly to the global slewing bearing market growth. The presence of a large number of oil refineries and significant investments in infrastructure and automotive sectors are contributing to the growth of slewing bearing market in the MEA. Further, continuous growth in the world's population is compelling countries to invest actively in defense and medical industries.

Impact of COVID-19 Pandemic on Slewing Bearing Market

The increasing number of COVID-19 infected individuals has led governments of North American countries to shut down their 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 one of the largest markets for slewing bearings, especially due to its technologically advanced aerospace and defense and manufacturing sectors. However, the outbreak has severely affected the 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.

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, and Emerson Bearing Company are among the key slewing bearing market players profiled during this market study. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.

The slewing bearing market is segmented on the bases of gear type, rolling element, application, and geography. Based on gear type, the market is segmented into external, internal, and ungeared; the internal gear segment held the largest share of global 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 global slewing bearing market in 2020. Based on geography, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, Asia Pacific held the largest market share, followed by Europe and North America, respectively. APAC is also projected record the highest CAGR in the slewing bearing market from 2021 to 2028.

Slewing Bearing Market – by Geography, 2020

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Slewing Bearing Market Size, Share, Growth Outlook Analysis 2028

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Slewing Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Rolling Element (Ball and Roller), Gear Type (Internal Gear, Ungeared, and External Gear), and Application (Wind and Solar Energy, Aerospace and Defense, Medical, Industrial Machinery, Oil and Gas, Mining, and Others)