CAGR: 5%Current Market Size: USD 4.6 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global slewing bearings market is expected to grow from USD 4.6 billion in 2022 to USD 6.7 billion by 2030, at a CAGR of 5% during the Projection period 2023-2030. Technological advancements mainly drive the growth of the slewing bearings market.
Turntable bearings, also known as slewing ring bearings, are ball or roller bearings made of two concentric rings, one of which may have a gear. In other words, slewing bearings consist of an outer ring and an inner ring, usually with a gear included in the outer ring. They provide rapid and simple connections between nearby machine parts while providing the best possible power transfer. The bearing and its associated rolling parts are made to support one or more loads acting in any direction. The slewing bearing can fulfill the needs of the main engine function with varying degrees of manufacturing accuracy thanks to various structural kinds. This type of bearing, frequently used to sustain heavy loads for slow applications and large machinery like earth excavators and construction cranes, improves load support and power transfer in all directions. For heavy-duty applications needing high load-carrying capability, designs where accurate placement is crucial, and special requirements of wind turbines, they offer the perfect answer. Aerospace and defense, heavy equipment, industrial machinery, medical systems, mining, oil & gas, renewable energy, robotics, and semiconductor production equipment are just a few applications where slewing bearings can provide answers.
Sample Request: - Global Slewing Bearings Market
Market Dynamics:
Drivers:
The tower and accompanying structures, including generators, gearboxes, and others, are supported by slewing bearings in renewable energy systems. Slewing bearings in wind turbine generators (WTG) are primarily used to support the rotor of the WTG at its working temperature. Additionally, it aids in the absorption of radial and axial loads operating on the shafts due to the gravitational influence brought on by the distorted positioning of heavy components like the generator and blades. A significant factor that is anticipated to contribute to the growth of the global wind turbine market during the projected period is an increase in the installation of wind turbines to meet the rising power demand.
Restraints:
In addition to bearing maintenance costs, including lubrication, pollution, depreciation, and overloading, the slew bearings operate on an expensive structure. These elements might prompt customers to look for different choices, decreasing demand and shrinking the market. The cost and lead time increase as the bearing size increases. Additionally, the raw material supply gap has hindered the market's expansion. According to a World Bank report on Gulf countries, the market expansion in the Middle Eastern countries fell behind the slow development period in 2018 that later picked up in 2019.
Opportunities:
For activities such as wood processing and timber harvesting, forest machinery needs sturdy components. Slewing bearings have cutting-edge designs and can function under challenging environmental conditions. Additionally, these highly developed slewing bearing balls can withstand shocks, the fast rotating speed of debarkers, and the chilly temperatures of boreal or snow woods. The global market is expected to experience tremendous growth due to these contemporary slewing-bearing trends. Additionally, expanding slewing bearings used in excavators, truck cranes, and other equipment is predicted to accelerate market expansion. Other elements include the availability of manufacturers on the market, advancements in bearing design, and increased R&D expenditures are some of the critical elements that will generate enormous prospects.
Challenges:
The growth of the Gulf Cooperation Council construction (GCC) industry in the middle-east countries is predicted to slow down due to a fiercely competitive and cost-conscious construction market. As a result, it is anticipated that the middle-east countries' demand for slewing bearings will be muted, eventually restricting market expansion.
Segmentation Analysis:
The global slewing bearings market has been segmented based on category, product, application, and region.
By Category
The category segment is roller and ball. The ball segment led the largest share of the slewing bearings market with a market share of around 55% in 2022. Ball bearings are perfect for use in a variety of machinery and equipment because they run with less friction and more efficiently, this is expected to drive the segment’s growth.
By Product
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 led the largest share of the slewing bearings market with a market share of around 55% in 2022. The internal gear type slewing bearing can improve turbine and pitch control performance by reducing friction. Additionally, the lower friction in these bearings contributes to higher energy output. These bearings also have inexpensive operation and maintenance costs. Additionally, greater turbine reliability, enhanced pitch control, and prolonged seal and bearing service life are anticipated to fuel the growth of the worldwide slewing bearings market.
By Application
The application segment is renewable energy, metals, machine tools, industrial machinery, mining, robotics, medical systems, construction machinery, and aerospace & defense. The construction machinery segment led the largest share of the slewing bearings market with a market share of around 38.3% in 2022. The industry was dominated by the construction machinery application category in 2021, and by 2031, it is anticipated to reach US$ 1.5 Bn. The increase in investment in the infrastructure and construction industries can be attributed to the segment's growth. In excavators, backhoes, and dragline excavators, angular contact ball bearings, needle roller bearings, and tapered roller bearings are frequently employed.
Global Slewing Bearings Market - Sales Analysis.
The sale of the slewing bearings market expanded at a CAGR of 4% from 2016 to 2022.
The interest in renewable energy has grown significantly during the last two decades. Some of the important causes that have prepared the way for green technology include the changing regulatory environment, increasing worldwide pressure on different businesses to reduce their carbon footprint, and expanding government backing for the development of green energy. Wind turbines have emerged as one of the most efficient and effective energy sources worldwide in response to the growing need for clean and green energy options. This development is anticipated to directly impact the demand for the wind turbine slewing bearing market in the future.
Other factors anticipated to significantly impact the global slewing bearing market for wind turbines during the Projection period include the notable increase in wind energy projects around the world, technological advancements, and increasing focus on research and development activities to improve the efficiency of wind turbines. Large machinery, such as construction cranes, earth excavators, and slow applications commonly employ slewing bearing to carry heavy loads. The need for slewing bearings for wind turbines has increased significantly over the last few decades. As a result, the global slewing-bearing market for wind turbines is anticipated to grow favorably over the Projection period.
Thus, owing to the aforementioned factors, the global slewing bearings market is expected to grow at a CAGR of 5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the slewing bearings market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the slewing bearings market and held a 38.2% share of the market revenue in 2022.
Global Slewing Bearings Market - Country Analysis:
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. It is anticipated that a significant increase in construction activity in developed European nations like Germany will fuel the rise of the European market.
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. Because market participants are investing more money in slewing bearings. The demand for slewing bearings in the Asian market is also predicted to increase due to the expansion of projects involving renewable energy (Windpower) and building in Asian nations like China.
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. The need for slewing bearings in the Asian market is anticipated to increase as renewable energy project activities increase in Asian nations like India.
Key Industry Players Analysis:
To increase their market position in the global slewing bearings market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5% |
Market Size |
4.6 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Category, By Product, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY, SKF, Schaeffler India Limited, LA LEONESSA S.p.A, Antex corp, NSK Ltd., Zhejiang Tianma Bearing Group Co., Ltd., Fenghe Slewing Bearing, Xuzhou Helin Slewing Bearing Co., Ltd., WaFangDian Rolling Bearing Manufacturing CO.,LTD. , Kaydon Bearing, ABC Bearings, NTN-SNR, and Defontaine Group. |
By Category |
|
By Product |
|
By Application |
|
Regional scope |
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Scope of the Report
Global Slewing Bearings Market By Category:
Global Slewing Bearings Market By Product:
Global Slewing Bearings Market By Application:
Global Slewing Bearings Market By Region:
Global slewing bearings market is expected to reach USD 6.7 billion by 2030.
The slewing bearings market is projected to have a CAGR of 5%.
Leading market players active 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), and among other.
The tower and accompanying structures, including generators, gearboxes, and others, are supported by slewing bearings in renewable energy systems. Slewing bearings in wind turbine generators (WTG) are primarily used to support the rotor of the WTG at its working temperature.
Based on the application, the global slewing bearings market has been segmented into renewable energy, metals, machine tools, industrial machinery, mining, robotics, medical systems, construction machinery, and aerospace & defense.
Political Factors- As they significantly affect how regulations are produced, pressure groups, social/environment, and labor union protests should be closely examined by slewing bearings marketplaces. Working closely with these organizations could enhance the slewing bearings industry for civic participation and the achievement of long-term business goals. Furthermore, a strong governance framework and a politically stable environment benefit international firms like the slewing bearings industry. Both bureaucracy and corruption have a negative impact on the business environment. Due to the decreased public trust in corporate institutions and the overall political and economic system, the slewing bearings market is more unstable in countries with high levels of corruption and lax law enforcement.
Economic Factors- A country's economic development has a direct impact on organisational performance. Growing economies provide the slewing bearings sector with many opportunities for growth. In a similar vein, understanding the stage of the industrial lifecycle is crucial. Entry into mature industries may be more challenging than entry into enterprises in the growth stage due to market saturation. The amount of money the government of the host nation spends on developing necessary infrastructure also has an effect on how profitable the slewing bearings business is. A developed infrastructure makes it easier to conduct business, which also increases the possibility for the gold sector in that country to thrive. The GDP growth rate will determine if the slewing bearings market is able to achieve its long-term growth objectives.
Social Factors- The slewing bearings market must do study on this subject in order to match its marketing and communication tactics with the roles traditionally assigned to men and women. Societies with less gender stereotypes will employ different marketing and human resource strategies than traditional, patriarchal civilizations with well defined gender roles. Managers of international marketing consider culture to be a crucial factor. Every culture has its own norms and values, which play a key role in dictating how individuals behave as consumers. In order to create marketing strategies that are specifically suited to each unique cultural environment, slewing bearings marketplaces should form local alliances and teams to better grasp local perspectives and social mores.
Technological Factors- The market for slewing bearings needs to carefully analyze current technology breakthroughs in order to stay ahead of the competition. It's important to keep an eye on the 5G's potential to boost productivity by enhancing user experience, speed, and access. These technical developments have the potential to radically change an industry and rewrite the rules for market actors' success. The technology's level of growth and maturity in the pertinent industry must also be considered. The slewing bearings market can increase its market share by forging into industries where technology is still in its infancy and focusing on new technical advancements.
Environmental Factors- More people are choosing to use green or eco-friendly products. The slewing bearings sector can take advantage of the opportunity and apply green business practices to win over stakeholders. Due to regulatory organizations' emphasis on assuring compatibility with environmental requirements, priorities for product innovation are changing. Instead of focusing on their standard value propositions, the slewing bearings sector has to place more of an emphasis on marketing their goods' environmental friendliness. If the slewing bearings market uses excessive amounts of its resources, it can come under fire from the media, environmental groups, consumers, and the general public. The market for slewing bearings must examine the local environmental laws to ascertain which resources (such as water, energy, etc.) are rare or which species are endangered.
Legal Factors- The laws governing employee/labor health and safety must be followed by the slewing bearings market because certain countries have strict regulations to ensure labour safety. The slewing bearings industry has a moral and ethical obligation to provide a secure working environment for its personnel. Similarly to this, anti-discrimination laws (such as equal employment opportunity laws) must also be carefully taken into account when creating human resource practices because discriminatory lawsuits against employers harm the organization's reputation and impair its ability to attract and retain talent.
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