May 25, 2023 09:31 ET | Source: Zion Market Research Zion Market Research
Houston, TX, May 25, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Slewing Bearings Market By Product (Internal Gear Type Slewing Bearings, External Gear Type Slewing Bearings, And Non-Gear Type Slewing Bearings), By Rolling Element (Roller And Ball), By Applications (Construction & Transit Equipment, Renewable Equipment, Industrial Equipment, And Medical Equipment), By Design (Double-Row Ball Slewing Ring Bearings, Cross Roller Slewing Ring Bearing, Four & Eight Point Contact Ball, Single-Row Four Point Contact Ball Slewing Ring Bearing, Double-Row Ball Slewing Ring Bearings, And Bi-Angular Roller Or Taper), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Electric Tool Bearing
“According to the latest research study, the demand of global Slewing Bearings Market size & share in terms of revenue was valued at USD 4.27 billion in 2022 and it is expected to surpass around USD 6.74 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.90% during the forecast period 2023 to 2030.”
What is Slewing Bearings? How big is the Slewing Bearings Industry?
The global slewing bearings market size was worth around USD 4.27 Billion in 2022 and is predicted to grow to around USD 6.74 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.90% between 2023 and 2030.
Slewing bearings are large bearings that provide the rotation of heavy machinery components of equipment such as cranes, excavators, wind turbines, and medical equipment. They are sometimes also known as turntable bearings or rotary bearings. Their special design allows them to handle the moment, axial, and radial loads simultaneously, which makes them an ideal choice for applications that require precise and smooth rotation. Slewing bearings consist of two rings, one of them is the inner ring and the other is the outer ring. They are connected with rolling elements or raceways. They may either be balls or rollers. Depending on the type of slewing bearing, the raceways may either be placed on the inner ring or the outer ring. The market refers to the production and distribution of slewing bearings across end-user verticals.
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Global Slewing Bearings Market: Growth Factors
The global slewing bearings market is projected to grow owing to the increasing investment in improving and enhancing the performance & efficiency of slewing bearings. The modern age designs allow them to be used in a wider range of applications as an investment toward specialized machinery and components. In addition to this, the increasing advancements in materials science, manufacturing technologies, and design software have helped in further improvement of the industry.
The growing demand for such bearings in emerging economies such as China, India, and other nations that are witnessing a surge in construction and infrastructure projects could lead to higher revenue. These countries have significantly increased their demand for heavy machinery due to the rising end needs. Moreover, the market has been registering growth in government initiatives and regulations, especially toward reducing carbon footprinting by promoting the adoption of renewable energy which could drive the need and use of slewing bearings during the forecast period.
The slewing bearings industry is also plagued with several growth restrictions. One of the major reasons is the intense competition in the industry which is saturated with a number of established players along with a surging rate of new entrants. This is expected to become a leading cause of pricing pressures which translates to reduced profit margins for manufacturers. Furthermore, the environmental concerns surrounding the production of slewing bearings could cause growth to halt since consumers are becoming increasingly aware of the negative impact of slewing beating production on a large scale.
The increasing investment in the renewable energy sector could provide growth opportunities whereas the supply chain disruptions may challenge market growth.
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Slewing Bearings Market: Segmentation Analysis
The global slewing bearings market is segmented based on product, rolling element, applications, design, and others.
Based on product, the global market segments are internal gear type slewing bearings, external gear type slewing bearings, and non-gear gear type slewing bearings.
Based on rolling element, the slewing bearings industry divisions are roller and ball. In 2022, the highest CAGR was observed in the latter segment. Ball bearings have higher application in activities that require high speeds but low speeds such as electric motors, machine tools, and vehicles. Since they are less expensive and require low maintenance, ball bearings are highly preferred in the end markets. Roll bearings, on the other hand, are used in applications where higher load capacities and shock resistance are required. For instance in heavy machinery and construction equipment. These types of bearings can handle misalignment better than ball bearings. Steel is one of the most commonly used materials used in slewing bearings production and more than 1,864.0 million tonnes of crude steel was produced in 2020.
Based on applications, the global market segments are construction & transit equipment, renewable equipment, industrial equipment, and medical equipment.
Based on design, the slewing bearings industry segments are double-row ball slewing rings bearings, cross roller slewing ring bearing, four & eight point contact ball, single-row four point contact ball slewing ring bearing, double-row ball slewing ring bearing, and bi-angular roller or taper. The most commonly used design is the cross roller slewing ring bearing due to its properties such as high stiffness, accuracy, and load capacity.
The design includes two sets of crossed rollers that are arranged at right angles to each other. This design is needed for the required high axial and radial stiffness which allows for precise positioning and movement. The single-row four point contact ball slewing ring bearing is another significant segment of the industry. The US construction industry contributed approximately $802 billion in 2020 as per the Bureau of Economic Analysis.
The global Slewing Bearings market is segmented as follows:
Browse the full “Slewing Bearings Market By Product (Internal Gear Type Slewing Bearings, External Gear Type Slewing Bearings, and Non-gear Type Slewing Bearings), By Rolling Element (Roller and Ball), By Applications (Construction & Transit Equipment, Renewable Equipment, Industrial Equipment, and Medical Equipment), By Design (Double-Row Ball Slewing Ring Bearings, Cross Roller Slewing Ring Bearing, Four & Eight Point Contact Ball, Single-row Four Point Contact Ball Slewing Ring Bearing, Double-Row Ball Slewing Ring Bearings, and Bi-Angular Roller or Taper), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”-Report at https://www.zionmarketresearch.com/report/slewing-bearings-market
Some of the main competitors dominating the global Slewing Bearings market include -
Key Insights from Primary Research:
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The global slewing bearings market is projected to register the highest CAGR in North America due to existing consumer databases across several end-user verticals such as construction and mining. The US is projected to lead with the highest regional market share. In Europe, the growth is likely to be driven by the increasing investment in renewable energy which is one of the largest consumers of slewing bearings. Countries such as the UK, France, and Germany are moving toward reducing dependence on nonrenewable sources of energy and the ongoing impact of the Russia-Ukraine market has further accelerated the intention of the regional ruling governments to move toward green energy. Other factors such as high demand in the construction sector are also beneficial to European revenue. In Asia-Pacific, China, Inda, Japan, Singapore, and South Korea are projected to stay ahead in terms of growth with increasing requirements of heavy machinery and components.
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