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Global Slewing Bearings Market Research Report – Segmented by Type (Single Row Slewing Bearings, Double Row Slewing Bearings, Cross Roller Slewing Bearings, Three Row Roller Slewing Bearings); By Outer Diameter (Small Diameter Slewing Bearings (< 1 meter), Medium Diameter Slewing Bearings (1-3 meters), Large Diameter Slewing Bearings (> 3 meters)); By Application (Construction Machinery, Renewable Energy (Wind Turbines, Solar Tracking Systems), Mining Equipment, Industrial Machinery, Aerospace and Defense, Marine Equipment, Others); and Region - Size, Share, Growth Analysis | Forecast (2024 – 2030)

Slewing Bearings Market Size (2024 – 2030)

The Global Slewing Bearings Market was valued at USD 3.9 billion and is projected to reach a market size of USD 6.14 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.7%.

SLEWING

Slewing bearings are also known as slewing rings or turntable bearings. These bearings are used for smooth rotational movement between structural components. Slewing bearings are used in heavy machinery and equipment. Slewing bearings are used in various industries such as construction, mining, renewable energy, aerospace, and material handling. The Slewing Bearings Market is expected to grow significantly in the coming years due to increasing demand from various industries such as construction, renewable energy, mining, and aerospace. The major well-established key players in the Slewing Bearings Market are SKF Group, Liebherr Group, ThyssenKrupp Rothe Erde, The Timken Company, and NSK Ltd.

Key Market Insights:

Slewing bearings consist of two concentric rings. An inner ring attaches to a stationary component and an outer ring attaches to a rotating component. Between these rings, multiple rows of rolling elements (such as balls or rollers) are arranged in a raceway. This enables smooth and controlled rotation under axial, radial, and moment loads. Renewable energy expansion, infrastructure development, mining industry growth, technological advancements, aerospace and defense applications, increasing automation, and replacement demand are propelling the Slewing Bearings Market. Ongoing advancements in technology have led to the adoption of lightweight and corrosion-resistant materials. The restraints to the Slewing Bearings Market include the high manufacturing costs, volatility in raw material prices, intense competition, slow adoption of advanced technologies, regulatory challenges, the impact of economic downturns, and supply chain disruptions. Asia-Pacific occupies the highest share of the Slewing Bearings Market. Asia-Pacific is also the fastest-growing segment during the forecast period.

Slewing Bearings Market Drivers:

Renewable Energy Sector Growth Drive the Demand for Slewing Bearings Market

The renewable energy sector is expanding. This drives the slewing bearings market. Wind Turbines and Solar Tracking Systems have a larger application of slewing bearings. In wind turbines, slewing bearings enable the rotor to rotate smoothly. This allows the blades to adjust to wind direction. Many countries are investing in renewable energy. This is to reduce carbon emissions and achieve sustainability goals. The demand for slewing bearings in wind turbines continues to grow in the coming years. In solar tracking systems, slewing bearings are used for orienting solar panels. This maximizes sunlight exposure throughout the day. This also enhances energy generation and efficiency. Thus, the expansion and growth of the renewable energy sector present significant opportunities for slewing bearing market.

Infrastructure Development and Construction Activities are propelling the Slewing Bearings Market

The infrastructure development and construction activities are driving the slewing bearings market. Slewing bearings are primary components in construction machinery and equipment. This includes cranes, excavators, concrete pumps, and tunnel-boring machines. Urbanization and government investment in infrastructure projects such as roads, bridges, railways, and buildings are increasing. Thus the demand for slewing bearings increases for construction. Mining activities are also expanding. Heavy-duty equipment that is used for excavation purposes is fitted with slewing bearings. Infrastructure development and construction activities worldwide present significant opportunities for the Slewing Bearings Market.

Slewing Bearings Market Restraints and Challenges

The major challenge faced by the Slewing Bearings Market is the high manufacturing costs. Slewing bearings require precision engineering and high-cost specialized materials. This can be challenging for slewing-bearing manufacturers. Another challenge is the disruptions in the global supply chain caused by geopolitical tensions, natural disasters, or pandemics like COVID-19. This disrupts raw material sourcing, production, and distribution channels. The other restraints to the Slewing Bearings Market include intense competition, slow adoption of advanced technologies, regulatory challenges, and the impact of economic downturns.

Slewing Bearings Market Opportunities:

The Slewing Bearings Market has various opportunities in the market. Expansion in the renewable energy sector presents significant opportunities. Capitalizing on the growing demand for slewing bearings in wind turbines and solar tracking systems can fuel the Slewing Bearings Market. With the integration of AI and other latest technologies, the Slewing Bearings Market is anticipated to witness significant growth in the coming years. Ongoing research and development leads to advanced Slewing Bearings with improved efficiency, durability, and performance. Other Opportunities in the Slewing Bearings Market include emerging markets, aftermarket services, sustainability initiatives, digitalization, customization, and partnerships.

SLEWING BEARINGS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 - 2030

Base Year

2023

Forecast Period

2024 - 2030

CAGR

6.7%

Segments Covered

By Type, Outer Diameter, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

SKF Group, Liebherr Group, ThyssenKrupp Rothe Erde, Antex Corporation, IMO Group, The Timken Company, RKB Group, Kaydon Corporation, NSK Ltd., Rotek Inc.

Slewing Bearings Market Segmentation: By Type

  • Single Row Slewing Bearings

  • Double Row Slewing Bearings

  • Cross Roller Slewing Bearings

  • Three Row Roller Slewing Bearings

In 2023, based on market segmentation by type, Single Row Slewing Bearings occupy the highest share of the Slewing Bearings Market. This is mainly due to their widespread use across various industries such as construction, mining, and industrial machinery.

However, Cross Roller Slewing Bearings is the fastest-growing segment during the forecast period and is projected to grow at a CAGR of 15%. This is due to the increasing demand for renewable energy projects like wind turbines and solar tracking systems. Cross Roller Slewing Bearings are often used in applications that require high precision, compact design, and exceptional load-carrying capacity, such as robotics, medical equipment, and machine tools.

Slewing Bearings Market Segmentation: By Outer Diameter

  • Small Diameter Slewing Bearings (< 1 meter),

  • Medium Diameter Slewing Bearings (1-3 meters)

  • Large Diameter Slewing Bearings (> 3 meters)

In 2023, based on market segmentation by outer diameter, the Medium Diameter Slewing Bearings (1-3 meters) segment occupies the highest share of the Slewing Bearings Market. This is mainly due to their applications in various heavy machinery and equipment across multiple industries such as construction, mining, and material handling.

However, Small Diameter Slewing Bearings (< 1 meter) are the fastest-growing segment during the forecast period. This is mainly due to the increasing demand for compact and lightweight machinery in applications such as robotics, medical equipment, and precision manufacturing. Small-diameter slewing bearings are adopted in renewable energy projects, particularly in small-scale wind turbines and solar tracking systems.

Slewing Bearings Market Segmentation: By Application

    • Construction Machinery

    • Renewable Energy (Wind Turbines, Solar Tracking Systems)

    • Mining Equipment

    • Industrial Machinery

    • Aerospace and Defense

    • Marine Equipment

    • Others

In 2023, based on market segmentation by the application, the Construction Machinery segment occupies the highest share of the Slewing Bearings Market. This is mainly due to the extensive use of slewing bearings in various construction equipment such as excavators, cranes, and concrete pumps.

However, Renewable Energy (Wind Turbines, Solar Tracking Systems) is the fastest-growing segment during the forecast period. This growth is driven by an increasing global focus on renewable energy sources and the expansion of wind and solar power generation capacity. A significant number of slewing bearings are required for turbine and solar panel movement.

The Aerospace and Defense sector is also growing significantly and is expected to increase by 10%. The growth is fueled by the demand for slewing bearings in applications like aircraft landing gear, satellite antennas, and radar systems

Slewing Bearings Market Segmentation: Regional Analysis

  • North America

  • Asia-Pacific

  • Europe

  • South America

  • Middle East and Africa

In 2023, based on market segmentation by region, Asia-Pacific occupies the highest share of the Slewing Bearings Market. This growth is due to the robust industrialization, infrastructure development, and the presence of major manufacturing hubs.

Asia-Pacific is also the fastest-growing segment during the forecast period. This is mainly due to the significant expansion in their industrial and infrastructure sectors, leading to heightened demand for heavy machinery and equipment. Countries like China, India, Japan, and South Korea, have significant market shares due to the increasing adoption of advanced technologies and automation in various industries.

North America and Europe are mature markets. This is mainly due to ongoing replacement needs in established industries and infrastructure projects.

South America and Middle East and Africa also have growth potential. Infrastructure development initiatives and increasing investments in sectors like mining and renewable energy contribute to the growth.

 

 

COVID-19 Impact Analysis on the Global Slewing Bearings Market:

The COVID-19 pandemic had a significant impact on the Slewing Bearings Market. There were lockdowns, travel restrictions, and other safety measures. This led to supply chain disruptions and resulted in challenges in the procurement of raw materials and components, impacting the manufacturing of slewing bearings. There were delays in production and fulfillment of orders. The demand for Slewing Bearings declined in certain sectors like aerospace and automotive due to reduced travel and production. However, there was an increase in demand from industries such as renewable energy. Slewing Bearings are used for maintenance and repair activities in existing installations. Thus, the pandemic accelerated certain trends in the Slewing Bearings Market.

Latest Trends/ Developments:

One of the developments, in the Slewing Bearings Market is the rise in integration of slewing bearings with Industry 4.0 technologies such as IoT (Internet of Things), AI (Artificial Intelligence), and automation. Ongoing technological innovation and research lead to advanced slewing-bearing materials, designs, and manufacturing processes. There's a growing sustainability trend across various industries. This leads to the innovation and development of eco-friendly slewing-bearing solutions. Digitalization of supply chains is another significant development. This helps in improving inventory management. This also enhances supply chain visibility for slewing bearing manufacturers and suppliers.

Key Players:

  1. SKF Group

  2. Liebherr Group

  3. ThyssenKrupp Rothe Erde

  4. Antex Corporation

  5. IMO Group

  6. The Timken Company

  7. RKB Group

  8. Kaydon Corporation

  9. NSK Ltd.

  10. Rotek Inc.

Market News:

  • In January 2023, igus® introduced a hygienically designed slewing ring bearing, featuring stainless steel and FDA-compliant plastics for easy cleaning without disassembly. Suitable for food, medical, and pharmaceutical industries, it minimizes bacterial retention areas and offers complete water drainage.

  • In February 2023, Volvo Construction Equipment unveiled its plans to broaden its electric vehicle portfolio with the introduction of a sustainable mid-size wheel loader.

  • In February 2023, Tata Hitachi, a joint venture between Hitachi Construction Machinery (HCM) and Tata Motors, showcased their robust hydraulic excavators at STONA 2023.

  • In March 2023, NSK Bearings, a leading manufacturer of high-end bearings, initiated a collaboration with the Tokyo Institute, potentially focusing on joint research and development endeavors aimed at advancing bearing technology or exploring innovative applications.

  • In April 2023, SKF, a renowned global bearings manufacturer, joined forces with Pagani S.P.A., a high-end automotive manufacturer, to collaborate on the development of lightweight and low-friction bearings for the Pagani Hyper Car vehicle. This partnership leveraged SKF's extensive expertise in bearings and Pagani's excellence in automotive engineering to deliver innovative solutions for enhanced performance.

Chapter 1. Slewing Bearings Market – Scope & Methodology
1.1    Market Segmentation
1.2    Scope, Assumptions & Limitations
1.3    Research Methodology
1.4    Primary Sources
1.5    Secondary Sources 
Chapter 2. Slewing Bearings Market – Executive Summary
2.1    Market Size & Forecast – (2024 – 2030) ($M/$Bn)
2.2    Key Trends & Insights
                   2.2.1    Demand Side
                   2.2.2    Supply Side
2.3    Attractive Investment Propositions
2.4    COVID-19 Impact Analysis 
Chapter 3. Slewing Bearings Market – Competition Scenario
3.1    Market Share Analysis & Company Benchmarking
3.2    Competitive Strategy & Development Scenario
3.3    Competitive Pricing Analysis
3.4    Supplier-Distributor Analysis 
Chapter 4. Slewing Bearings Market Entry Scenario
4.1    Regulatory Scenario
4.2    Case Studies – Key Start-ups
4.3    Customer Analysis
4.4    PESTLE Analysis
4.5    Porters Five Force Model
                   4.5.1    Bargaining Power of Suppliers
                   4.5.2    Bargaining Powers of Customers
                   4.5.3    Threat of New Entrants
                   4.5.4    Rivalry among Existing Players
                   4.5.5    Threat of Substitutes 
Chapter 5. Slewing Bearings Market – Landscape
5.1    Value Chain Analysis – Key Stakeholders Impact Analysis
5.2    Market Drivers
5.3    Market Restraints/Challenges
5.4    Market Opportunities 
Chapter 6. Slewing Bearings Market – By Type
6.1    Introduction/Key Findings   
6.2    Single Row Slewing Bearings
6.3    Double Row Slewing Bearings
6.4    Cross Roller Slewing Bearings
6.5    Three Row Roller Slewing Bearings 
6.6    Y-O-Y Growth trend Analysis By Type 
6.7    Absolute $ Opportunity Analysis By Type, 2024-2030 
Chapter 7. Slewing Bearings Market – By Outer Diameter
7.1    Introduction/Key Findings   
7.2    Small Diameter Slewing Bearings (< 1 meter),
7.3    Medium Diameter Slewing Bearings (1-3 meters)
7.4    Large Diameter Slewing Bearings (> 3 meters)
7.5    Y-O-Y Growth  trend Analysis By Outer Diameter
7.6    Absolute $ Opportunity Analysis By Outer Diameter, 2024-2030 
Chapter 8. Slewing Bearings Market –  By Application
8.1    Introduction/Key Findings   
8.2    Construction Machinery
8.3    Renewable Energy (Wind Turbines, Solar Tracking Systems)
8.4    Mining Equipment
8.5    Industrial Machinery
8.6    Aerospace and Defense
8.7    Marine Equipment
8.8    Others
8.9    Y-O-Y Growth trend Analysis By Application
8.10    Absolute $ Opportunity Analysis By Application, 2024-2030 
Chapter 9. Slewing Bearings Market , By Geography – Market Size, Forecast, Trends & Insights
9.1    North America
                   9.1.1    By Country
                                      9.1.1.1    U.S.A.
                                      9.1.1.2    Canada
                                      9.1.1.3    Mexico
                   9.1.2    By Type 
                   9.1.3     By Outer Diameter
                   9.1.4    By Application
                   9.1.5    Countries & Segments - Market Attractiveness Analysis
9.2    Europe
                   9.2.1    By Country
                                      9.2.1.1    U.K
                                      9.2.1.2    Germany
                                      9.2.1.3    France
                                      9.2.1.4    Italy
                                      9.2.1.5    Spain
                                      9.2.1.6    Rest of Europe
                   9.2.2    By Type 
                   9.2.3    By Outer Diameter
                   9.2.4    By Application
                   9.2.5    Countries & Segments - Market Attractiveness Analysis
9.3    Asia Pacific
                   9.3.1    By Country
                                      9.3.1.1    China
                                      9.3.1.2    Japan
                                      9.3.1.3    South Korea
                                      9.3.1.4    India      
                                      9.3.1.5    Australia & New Zealand
                                      9.3.1.6    Rest of Asia-Pacific
                   9.3.2    By Type 
                   9.3.3    By Outer Diameter
                   9.3.4    By Application
                   9.3.5    Countries & Segments - Market Attractiveness Analysis
9.4    South America
                   9.4.1    By Country
                                      9.4.1.1    Brazil
                                      9.4.1.2    Argentina
                                      9.4.1.3    Colombia
                                      9.4.1.4    Chile
                                      9.4.1.5    Rest of South America
                   9.4.2    By Type 
                   9.4.3    By Outer Diameter
                   9.4.4    By Application
                   9.4.5    Countries & Segments - Market Attractiveness Analysis
9.5    Middle East & Africa
                   9.5.1    By Country
                                      9.5.1.1    United Arab Emirates (UAE)
                                      9.5.1.2    Saudi Arabia
                                      9.5.1.3    Qatar
                                      9.5.1.4    Israel
                                      9.5.1.5    South Africa
                                      9.5.1.6    Nigeria
                                      9.5.1.7    Kenya
                                      9.5.1.8    Egypt
                                      9.5.1.9    Rest of MEA
                   9.5.2    By Type 
                   9.5.3    By Outer Diameter
                   9.5.4    By Application
                   9.5.5    Countries & Segments - Market Attractiveness Analysis 
Chapter 10. Slewing Bearings Market – Company Profiles – (Overview, Product Portfolio, Financials, Strategies & Developments)
10.1    SKF Group
10.2    Liebherr Group
10.3    ThyssenKrupp Rothe Erde
10.4    Antex Corporation
10.5    IMO Group
10.6    The Timken Company
10.7    RKB Group
10.8    Kaydon Corporation
10.9    NSK Ltd.
10.10    Rotek Inc.

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Frequently Asked Questions

The Global Slewing Bearings Market was valued at USD 3.9 billion and is projected to reach a market size of USD 6.14 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.7%.

Renewable energy expansion, infrastructure development, mining industry growth, technological advancements, aerospace and defense applications, increasing automation, and replacement demand are the market drivers of the Global Slewing Bearings Market.

Single Row Slewing Bearings, Double Row Slewing Bearings, Cross Roller Slewing Bearings, and Three Row Roller Slewing Bearings are the segments under the Global Slewing Bearings Market by type.

Asia Pacific is the most dominant region for the Global Slewing Bearings Market.

 SKF Group, Liebherr Group, ThyssenKrupp Rothe Erde, The Timken Company, and NSK Ltd. are the key players in the Global Slewing Bearings Market.

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