The slewing bearing market size is projected to reach US$ 6,558.43 million by 2031 from US$ 4,350.13 million in 2023. The market is expected to register a CAGR of 5.3% during 2023–2031. The mounting focus on renewable energy and rising emphasis on infrastructure development is likely to remain a key trend in the market.
The growing government initiatives for supporting the manufacturing sector are one of the prime supporting factors for the slew bearing market. The rising government initiatives offer various benefits to manufacturing companies located in the region and propel the growth of the manufacturing sector in the country. Thus, influencing the market growth of slew bearings. Moreover, the development of the mining sector is among other factors contributing to the growth of the market.
The economically advanced regions like Europe and North America have a larger number of businesses in the manufacturing sector; those also have established their bases in these regions, giving rise to employment and contributing to the high GDP of the countries.. UK, Spain, Italy, France, Germany, Switzerland, Russia, Austria, Sweden, and the Netherlands are some of the countries having very high potential in the slew bearing market. Developing economies in the Asia Pacific, such as India and China, have realized the importance of a digital economy, and the government has started various projects on the path towards it, which is driving the development of the manufacturing and construction sector in the region, thus positively influencing the skew bearing market.
The governments of various developed countries like the US have taken various initiatives to support the manufacturing sector in the country. This includes programs such as Advanced Manufacturing Technology Consortia, Manufacturing USA, MForesight, SelectUSA, Investing in Manufacturing Communities Partnership, Materials Genome Initiative, National Export Initiative, Sustainable Manufacturing Clearinghouse, and The MEP National Network, among others. These initiatives provide various benefits to the manufacturing companies located in the region and propel the growth of the manufacturing sector in the country. Thus, influencing the market growth. The high presence of manufacturing companies located in Europe benefitted from the developed facilities available. Being a powerful economy allows companies to spend more on innovations that facilitate the growth of upcoming technologies. Significant investments can bring about more growth in the slew bearing market globally.
The slew bearing demonstrates a very crucial role in the renewable energy sector as it has high application in electrical load bearing machinery. The growing government focus on boosting the development of the renewable energy sector is also fueling the demand for slew bearings globally. Rising government initiatives to increase the share of renewable energy stake in the overall energy mix are also driving the development of the renewable energy sector, thus positively influencing the application of slew bearings.
Key segments that contributed to the derivation of the slewing bearing market analysis are rolling element, gear type, and application.
The geographic scope of the slewing bearing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. The rising population is heightening the demand for electricity, which is also driving the renewable energy sector, thus influencing the growth of slew bearing market positively in the region. The governments of numerous countries of the Asia Pacific region are taking steps to boost their country’s induistrial and manufacturing sector. Some of these initiatives include providing tax rebates, subsidiaries, funds, and other such provisions to support the manufacturing industry. Moreover, countries such as China, India, South Korea, and others are focusing on increasing the solar and wind contribution to their respective energy mix. Asia Pacific is a hub for manufacturing industries. This region, particularly countries including China, India, Japan, Taiwan, and Korea, among others, are of the biggest exporters of goods, products and services. For instance, China holds a lion’s share in vehicle production globally. The presence of a strong manufacturing sector will help the market to grow in the region.
The regional trends and factors influencing the Slewing Bearing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Slewing Bearing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4,350.13 Million |
| Market Size by 2031 | US$ 6,558.43 Million |
| Global CAGR (2023 - 2031) | 5.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Rolling Element
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Slewing Bearing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Slewing Bearing Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The slewing bearing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Slewing Bearing market are listed below:
The “Slewing Bearing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific dominated the slewing bearing market in 2023.
The proliferation of industrial automation is the future trend of the slewing bearing market.
Antex corp., IMO, Liebherr, NTN Corporation, Italcuscinetti S.p.A. a Socio Unico, Schaeffler Technologies AG and Co. KG, SKF, The Timken Company, ThyssenKrupp rothe erde Germany GmbH, Emerson Bearing Company are some of the leading players in the market.
US$ 6,558.43 million estimated value of the slewing bearing market by 2031.
5.3% is the expected CAGR of the slewing bearing market.