Slewing Bearing Market Size, Share, Growth Outlook Analysis 2028

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)

  • Report Code : TIPRE00016137
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 167
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The slewing bearing market is expected to grow from US$ 4,025.1 million in 2021 to US$ 5,831.2 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.

Owing to the increasing concerns about national security, governments across the world are allocating greater funds to strong-arm their defense forces. Countries such as the US, China, India, Saudi Arabia, and South Korea are leading defense spenders, with increasing defense spending year-on-year. Currently, communication and combat system modernization practices are peaking among most military forces as a significant percentage of defense budget is spent on procuring advanced weapons and electronic equipment such as combat tanks, missile systems, and communication systems. The slewing bearings are widely used in turrets of combat tanks, missile launchers, precision radar antennas, communication antennae, and gun mounts. Thus, the increasing defense budget in different countries worldwide is driving the slewing bearing market

Impact of COVID-19 Pandemic on Slewing Bearing Market

The COVID-19 outbreak has created disruptions in industries such as mining, manufacturing, healthcare, energy and power, aerospace and defense, and construction in 2020 and led to significant decline in revenues. The implementation of containments measures such travel restrictions, trade bans, and workforce limitation at workplaces has impacted manufacturing, supply, and sales of various businesses, including industrial equipment such as slewing bearings.

Lucrative Regional Markets for Slewing Bearing Providers

Lucrative Regional Markets for Slewing Bearing Providers
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Slewing Bearing Market Insights

Growing Preference for Renewable Energy to Fuel Growth of Slewing Bearing Market

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 and 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.

Rolling Element-Based Market Insights

Based on rolling element, the slewing bearing market is segmented into ball and roller. The ball segment led the slewing bearing market in 2020. Ball-based slewing bearings use a row of balls as rolling elements. Generally, polymer spacers are used between the rolling elements and are trapped between two annulus-shaped metal components, usually made of steel. Ball type bearings ensure low friction levels; however, the load-carrying capacity is between low to medium as there is small area of contact between the races and balls. Ball-type slewing bearings can support axial loads in two directions other than radial loads. For instance, a single-row four-point bearing is a ball-type bearing widely used for the slewing of excavators and boom movement of tower cranes; they are also used as drive elements for large rope winches.

Slewing Bearing Market, by Gear Type – 2020 and 2028           


Slewing Bearing Market, by Gear Type – 2020 and 2028           
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Slewing Bearing Market: Strategic Insights

slewing-bearings-market
Market Size Value inUS$ 4,025.1 Million in 2021
Market Size Value byUS$ 5,831.2 Million by 2028
Growth rateCAGR of 5.4% from 2021-2028
Forecast Period2021-2028
Base Year2021
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The players operating in the slewing bearing market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In 2021, Schaeffler, a major automotive and industrial supplier, is expanding its operations in China's wind power industry by launching a new 22,000-square-meter production hall in Nanjing, Jiangsu Province, eastern China.
  • In 2020, NTN Corporation opened a new sales office in Dubai (UAE), with the goal of increasing sales in the Middle East and Africa, where future market growth is anticipated. NTN will construct and strengthen its sales and technical service systems, as well as boost sales throughout the Middle East and Africa, by forming the new company.


The global slewing bearing market has been segmented as follows:


Rolling Element Market – by Rolling Element

  • Ball
  • Roller


Slewing Bearing Market – by Gear Type

  • Internal Gear
  • Ungeared
  • External Gear


Slewing Bearing Market – by Application

  • Wind and Solar Energy
  • Aerospace and Defense
  • Medical
  • Industrial Machinery
  • Oil and Gas
  • Mining
  • Others


Slewing Bearing Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Russia
    • UK
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South and Central America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Company Profiles

  • Antex corp.
  • IMO Group
  • Italcuscinetti S.p.A. a Socio Unico
  • Liebherr
  • NTN Corporation
  • Schaeffler Technologies AG and Co. KG
  • SKF
  • Thyssenkrupp rothe erde Germany GmbH
  • THE TIMKEN COMPANY
  • Emerson Bearing Company
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Rolling Element , Gear Type , and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are reasons behind slewing bearing market growth?

Increasing defense budgets in developing regions. Moreover, flourishing mining industry and growing preference for renewable energy are substantially driving the slewing bearing market.

What are market opportunities for slewing bearing market?

Owing to 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 natural 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 types, 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 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 increase in importance of clean energy, coupled with the growing deployment of onshore and offshore solar and wind farms, is expected to bolster the slewing bearings market growth during the forecast period.

Which gear type is expected to dominate the market in the forecast period?

The slewing bearing market is led by internal gear segment with highest share and is expected to dominate in the forecast period. The internal gear slewing bearings have teeth on the inner surface of the ring. These bearings are used in various rotation and oscillation applications. For instance, Torriani Gianni s.n.c. offers internal gear slewing bearings with a diameter range of 200–2,000 mm, which are widely used in hydraulic cranes, crusher pulverizes, bunker cranes, bow thrusters, welding manipulators, etc.

Which application dominated the slewing bearing market in the forecast period?

The industrial machinery segment led the slewing bearing market with a share of 25.8% in 2020. Further, it is expected to garner 22.4% share by 2028. With an intent to optimize various industrial processes by increasing the overall output, manufacturers are preferably using machinery and equipment. These machineries include robotics, cutting and bending equipment, index and rotary tables, optical scanning and photographic equipment, food, and chemical processing equipment, etc., in which various slewing bearings such as thin section radial contact bearings, thin section angular contact bearings, thin section four-point contact bearings, eight-point contact slewing ring bearings, cross roller slewing ring bearings, and three row roller slewing ring bearings are widely used. Moreover, with various government benefits inform tax incentive and subsidiaries in emerging economies for APAC offered by governments to boost manufacturing sector along with initiatives such as ‘Make in India’ and ‘Make in China’, the slewing bearing market is anticipated to witness significant growth opportunities.

Who are the key player in the slewing bearing market?

Antex Corporation, NTN-SNR, SKF Group, The Timken Company, and ThyssenKrupp Group are the five key companies in the slewing bearing market. It is not feasible to shortlist the five key global players merely based on their product revenues, as the market is highly fragmented with the presence of a large number of local and regional players, while a few of them operating in specific segments only.

Which region dominated the slewing bearing market in the forecast period?

The slewing bearing market was dominated by Asia Pacific, which accounted for 38.4% in 2020 and will continue to dominate the market by 2028 accounting for 41.0% of revenue share. Europe is the second-largest contributor to the slewing bearing market, followed by North America.

The List of Companies - Slewing Bearing Market

  1. Antex corp.
  2. IMO Group
  3. Italcuscinetti S.p.A. a Socio Unico
  4. Liebherr
  5. NTN Corporation
  6. Schaeffler Technologies AG & Co. KG
  7. SKF
  8. Thyssenkrupp rothe erde Germany GmbH
  9. THE TIMKEN COMPANY
  10. Emerson Bearing Company

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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