New , Aug. 31, 2021 (GLOBE NEWSWIRE) -- Slewing Bearings Market: Key Insights
According to our new research study on “Slewing Bearings Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Rolling Element, Gear Type, Application, and Geography,” the Slewing Bearing Market is projected to reach US$ 5,831.2 million by 2028 from US$ 3,903.3 million in 2020; it is expected to register a CAGR of 5.4% during 2021–2028.
Slewing Bearings Market: Competitive Landscape and Key Developments
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 are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global slewing bearings market and its ecosystem.
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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.
Manufacturers worldwide are adopting automation solutions for the optimization of business operations. Industrial automation involves implementation of robotic systems and advanced technologies to perform various manufacturing and distribution processes. Industrial automation benefits plant operators through high productivity, information accuracy, output quality, safety, and flexibility. The rise in industrial automation along with the advent of new technologies such as computer-aided manufacturing (CAM), computer numerical control (CNC), Servo Drive technology-based automation, and rapid prototyping are subsequently contributing to the adoption of slewing bearings. Slewing bearings are widely used in the automated industrial robots and machinery. Thus, the rise in automation in the manufacturing sector is encouraging the emergence of new future trends in the slewing bearing market.
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 several 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 number of oil refineries, and significant investments in infrastructure and automotive sector are factors contributing to the growth of the 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.
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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 the production of slewing bearings intermittently.
Owing to the increasing concerns about national security, governments across the world are allocating greater funds to strong-arm their defense forces. According to the Stockholm International Peace Research Institute (SIPRI), the global military spending reached US$ 1,981 billion in 2020, with an increase of 2.6% on that in 2019. Currently, the 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 turrets of combat tanks, missile launchers, precision radar antennas, communication antennae, and gun mounts. Thus, increasing defense budgets in different countries worldwide are driving the slewing bearing market growth.
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Slewing Bearings Market: Application Overview
Based on application, the slewing bearing market is segmented into wind & solar energy, aerospace & defense, medical, industrial machinery, oil & gas, mining, and others. The wind is among the cleanest source of energy as the energy generation process is not associated with any residue production. Growing focus on attaining sustainability and increasing emphasis on Paris Agreement to combat climate change are providing huge impetus to the wind industry. Solar energy is one of the widely used clean energy in the world. Photovoltaic cells are used to convert the sun's radiations and light into energy. The slewing bearings are used in the altitude-azimuth mountings and gear boxes of solar panels. Owing to the falling prices of solar technologies, backed by government incentives in the form of subsidiaries and taxes, corporates and households are implementing solar technologies for energy generation. With the world becoming more conscious about carbon emissions, the escalating adoption of clean energy is projected to drive the slewing bearing market.
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