Pune India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the slewing bearings market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the slewing bearings market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the category, product, application, and region. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below.
The significant players operating in the global slewing bearings market are Emerson Bearing Company, Luoyang JCB Bearing Technology Co., Ltd., Thyssenkrupp rothe erde Germany GmbH, Galperti Group, Potesta & Company, LLC, QCB, TGB Group, Schaeffler AG, SKF Group, and TWG, Inc. (Dover Corporation) among other. To achieve a substantial market share in the worldwide slewing bearings market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Ball or roller bearings constructed of two concentric rings, one of which may incorporate a gear, are known as turntable bearings, also referred to as slewing ring bearings. In other words, slewing bearings are made up of an inner and an outer ring, usually with an integrated gear. They offer the fastest and easiest power transfer while enabling connections between close machine elements. One or more loads acting in either direction may be supported by the bearing and its related rolling components. Thanks to a range of structural types, the slewing bearing can satisfy the requirements of the primary engine function with varied degrees of manufacturing accuracy. This kind of bearing enhances load support and power transfer in all directions. It is usually used to support big loads for slow applications and huge machineries like earth excavators and construction cranes. They provide the ideal solution for heavy-duty applications requiring great weight-carrying capacity, designs where precise placement is essential, and unique needs for wind turbines. Slewing bearings can be used in various applications, including aerospace and defense, heavy machinery, industrial equipment, medical systems, mining, oil & gas, renewable energy, robotics, and semiconductor production equipment.
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Scope of Slewing Bearings Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Category, Product, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Emerson Bearing Company, Luoyang JCB Bearing Technology Co., Ltd., Thyssenkrupp rothe erde Germany GmbH, Galperti Group, Potesta & Company, LLC, QCB, TGB Group, Schaeffler AG, SKF Group, and TWG, Inc. (Dover Corporation) among other |
Segmentation Analysis
The ball segment is expected to be the fastest-growing segment in 2022.
The category segment is roller and ball. The ball segment is expected to witness the highest growth rate during the forecast period. Because they operate with less friction and more effectively, ball bearings are ideal for use in a variety of machinery and equipment.
The internal gear type slewing bearings segment is expected to be the fastest-growing segment in 2022.
The product segment is internal gear type slewing bearings, non-gear type slewing bearings, and external gear type slewing bearings. The internal gear type slewing bearings segment is expected to witness the highest growth rate during the forecast period. By lowering friction, the internal gear type slewing bearing can enhance the performance of the turbine and pitch control. Higher energy output is also a result of these bearings' lower friction. Additionally, the cost of operation and maintenance for these bearings is low. Additionally, improved pitch control, longer seal and bearing service lives, and increased turbine reliability are predicted to drive the growth of the global slewing bearings market.
The construction machinery segment is expected to be the fastest-growing segment in 2022.
The application segment is renewable energy, metals, machine tools, industrial machinery, mining, robotics, medical systems, construction machinery, and aerospace & defense. The construction machinery segment is expected to witness the highest growth rate during the forecast period. In 2021, the construction machinery application category dominated the market; by 2031, it is predicted to reach US$ 1.5 Bn. The expansion of the segment can be ascribed to the rise in investment in the infrastructure and building sectors. Angular contact ball bearings, needle roller bearings, and tapered roller bearings are frequently used in excavators, backhoes, and dragline excavators.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the slewing bearings marketinclude the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Rising investments by major regional market participants are mostly to blame for this. The development of the targeted market is also predicted to be aided by a substantial rise in construction activity in the United States.
Country Analysis
- Germany
Germany's slewing bearings market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. The development of the European market is expected to be fueled by a major uptick in construction activity in established European countries like Germany.
- China
China’s slewing bearings market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. Due to increased slewing bearing investment by market participants. The rise of projects involving renewable energy (Windpower) and construction in Asian countries like China is also expected to raise demand for slewing bearings in the Asian market.
- India
India's slewing bearings market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. Slewing-bearing demand is expected to rise in the Asian market as renewable energy project activity rises in Asian countries like India.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the slewing bearings market is mainly driven by technological advancements.
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