Slewing Ring Bearings Market Size Projected to Grow at a CAGR of 4.4% to Attain USD 6.7 billion by 2031 | Transparency Market Research, Inc.
A miniaturization of slewing ring bearings and lightweight designs is expected to drive their demand
Wilmington, Delaware, United States, Feb. 02, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for slewing ring bearings was worth US$ 4.4 billion in 2021. A CAGR of 4.4% is estimated to be achieved from 2022 to 2031, resulting in US$ 6.7 billion in revenue. Slewing ring bearings could become more corrosion-resistant with advances in coatings and materials science. Bearing performance can be optimized and predictive maintenance can be performed based on real-time data.
In response to the growing demand for smaller and lighter gear, slewing ring bearings may become lighter, more compact, and have a higher load-bearing capacity. The expansion of automation and robotics across a range of sectors may prompt the creation of specialized slewing ring bearings for robotic applications. Precision, speed, and efficiency are some of the requirements of robotic systems for bearings.
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With the growing concern for sustainability, efforts may be made to create slewing ring bearings using eco-friendly materials and production techniques. This could involve creating bearings with better recycling processes or using recycled materials. With the increasing use of 3D printing and other advanced production techniques, customized slewing ring bearings for particular purposes could be possible. Bearings are essential for machinery to function properly. Advances in the future might focus on reducing wear, increasing energy efficiency, and reducing friction to save energy.
Key Findings of the Market Report
- Based on slew type, precision slew is expected to drive slewing ring bearing sales in the market.
- In terms of category, the ball segment is predicted to account for the largest share of the market during the forecast period.
- In 2021, the application segment for construction machinery dominated the industry, and by 2031 it is expected to reach US$ 1.5 billion.
- Increased investment in the mining industry and renewable energy sector in China and India will drive demand for the market.
- In terms of revenues, the Asia Pacific region is predicted to be the largest market for slewing bearings during the forecast period.
Global Slewing Ring Bearings Market: Key Players
The vendor employs a variety of strategies to increase its share of the global slewing ring bearings market, such as product development, collaboration, partnerships, and M&A.
- Emerson Bearing Company
- Galperti Group
- Luoyang JCB Bearing Technology Co., Ltd.
- Potesta & Company, LLC
- Schaeffler AG
- TGB Group
- SKF Group
- Thyssenkrupp rothe erde Germany GmbH
- TWG, Inc. (Dover Corporation)
- In October 2022, SKF Group collaborated with Goldwind, a wind turbine manufacturer in China, to construct the first smart energy management system for Goldwind. As part of the SKF-Goldwind partnership, intelligent rollers will be used in test development, bearing operation and maintenance diagnosis models will be developed, and digital collaboration will be improved to ensure sustainable green wind energy.
Global Slewing Ring Bearings Market: Growth Drivers
- Growing renewable energy companies, especially wind energy, have significantly driven the industry’s growth. In wind turbines, slewing rings allow the blades to rotate and capture wind energy. The need for wind turbines has increased due to the increased focus on clean and sustainable energy sources worldwide, which has helped the slewing ring bearings market.
- The building and infrastructure development sectors also contribute greatly to the industry’s expansion. With global urbanization and infrastructure initiatives, the need for construction equipment with dependable slewing ring bearings rises. Due to their durability, loadbearing capacity, and accuracy, slewing ring bearings are essential components of heavy-duty construction machinery, promoting their use and boosting their market.
- The growing need for automation and robotics in various industries drives the market for slewing ring bearings. The use of robotic systems has increased as companies adopt automation more and more to boost productivity, cut expenses, and increase accuracy. The smooth and controlled rotation of slewing ring bearings is a crucial feature of robotic joints, enabling the exact movement and synchronization of robotic arms and platforms.
- Manufacturing, logistics, and other industries increasingly rely on high-performance slewing ring bearings. In this regard, they are considered an essential part of the automation ecosystem, contributing to the upward trend in the industry.
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Global Slewing Ring Bearings Market: Regional Landscape
- Asia Pacific’s dynamic industrial landscape has made slewing ring bearings a significant market. Building and infrastructure development in developing nations like China and India continues to grow rapidly. Due to large-scale infrastructure projects and urbanization worldwide, slewing ring bearings play a critical role in heavy machinery.
- The developing wind energy industry has substantially boosted the market for slewing ring bearings in nations like China. Due to the growing interest in renewable energy sources and the installation of more wind turbines, the Asia Pacific region is experiencing a high demand for slewing ring bearings.
- Nations like South Korea and Japan have also helped to boost the market. As robotics are increasingly used in manufacturing processes, the demand for slewing ring bearings has grown significantly in Asia Pacific.
Global Slewing Ring Bearings Market: Segmentation
By Slew Type
- Precision Slew
- Standard Slew
- Customized Solution
- Catalogue Standard
By Slewing Ring Size
- Below 400 mm Bore
- 400 mm-1000 mm Bore
- Greater than 1000 mm Bore
- Industrial Machinery
- Renewable Energy
- Construction Machinery
- Aerospace & Defense
- Medical Systems
- Machine Tools
By Distribution Channel
- Direct Sales
- Indirect Sales
- North America
- Asia Pacific
- Middle East & Africa
- South America
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