According to the new research report titled “Slewing Bearing Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 5,831.2 million by 2028, registering a CAGR of 5.4% from 2021 to 2028.
Slewing bearings, also known as slew ring bearings, are plain bearings with a rotational or rolling component. The bearings are typically meant to support heavy but slowly oscillating or slow-turning loads. Growing focus on renewable energy and increasing infrastructural development are the key factors contributing to the global slewing bearings market growth. Further, a wide range of applications of slewing bearings in wind turbines, construction and mining equipment, medical equipment, industrial machinery, cranes, and robots, is also fueling the market growth. Further, low-noise and cost-effective operations, precise positioning, and heavy load handling capacity are among the key benefits of slewing bearings that drive their adoption in various applications. Moreover, rise in inclination toward factory automation and rapid industrialization in emerging economies are the among the other factors likely to drive the slewing bearings market during the forecast period.
The global slewing bearing market is segmented based on rolling element, gear type, and application. Based on rolling element, the market is segmented into ball and roller. The ball segment dominated the market in 2020. Based on gear type, the slewing bearing market is segmented into internal gear, ungeared, and external gear. The internal gear segment led the market in 2020. In terms of application, the slewing bearing market is segmented into wind and solar energy, aerospace and defense, medical, industrial machinery, oil and gas, mining, and others. The industrial machinery segment led the market in 2020. Key Findings of Study: Asia Pacific held the largest revenue share of the market, followed by Europe. 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 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 production of slewing bearings intermittently.