Slewing bearing is a rotational bearing component which is usually used in machines that require heavy and bulk handling. These bearings help in developing to and fro movements as well as rotational movements. They are used for simple applications such as to facilitate the movement of winches to complex applications such as in drilling and excavator machines and offshore machines. They work based on the axial and radical forces, which results in tilting moments. Slewing bearing has many advantageous over traditional bearings such as the ability to support both horizontal and vertical arrangements. The market for slewing bearings is huge in APAC, particularly in countries such as Japan, South Korea and China where it is being used extensively. The market for slewing bearings in China has been increasing rapidly due to the numerous solar investments made by the government as well as the growing medical sector. Higher cost and lack of inappropriate resources restrain the growth of the market.
COVID-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and had a big impact on the slewing bearings in 2020.
- The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the slewing bearings market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
Top Impacting Factors
Currently, slewing bearings are witnessing a significant demand due to its increase in applications in the infrastructure industry and renewable energy and the trend is expected to continue in the near future due to the significant investments made by various governments in this sector. Slewing bearings are one of the main components of a windmill turbine and hence the market for slewing bearings is also expected to grow in the near future. The importance of infrastructure industry is being recognized by governments all over the world. Automobile industry requires material handling equipment such as cranes and forklifts of which slewing bearings are one of the main important components. Hence the slewing bearings market is expected to grow with increased investments in the infrastructure industry.
- Cost Effectiveness and Versatile Applications of Slewing Bearings Expected to Drive Global Slewing Bearings Market
- This significantly growing prominence of the infrastructure industry, which needs equipment like cranes and forklifts, is anticipated to boost the demand for the market. These bearings have the ability to high load carrying capacity, have versatile range of applications, and are highly cost-effective. Moreover, factory automation along with the rise in the expansion and hike of end-use industries like renewable energy and healthcare are also projected to drive the growth of the market.
- Application in Forest Machinery Project to Create Enormous Responsibilities for Market
- Forest machineries need strong components for timber harvesting and wood processing activities. These bearings have optimized designs, and it has the capacity to work in rough environmental conditions. Also, the highly advanced bearing balls absorbs the shock and the high rotating speed of the breakers and the temperature of the snow forests. These trends are anticipated to create opportunities in the global slewing bearing market.
- Rise in Urbanization and Industrialization Act as Important Aspect for Market Growth
- The expansion and growth of the end-user industries such as healthcare, solar energy, increase the demand for wind turbine with respect to robust design and advantages of slewing bearings, the market is expanding. Moreover, owing today features like less noise cost-effective and heavy-duty applications the adoption rate of the bearings is very high.
Key Benefits of Report
- This study presents the analytical depiction of the slewing bearings industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the slewing bearings market share.
- The current market is quantitatively analyzed to highlight the slewing bearings market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed slewing bearings market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in Slewing Bearing Market Report
- Who are the leading market players active in the slewing bearing market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Slewing Bearing Market Report Highlights
Key Market Players
Rotis, NTN Corporation, IMO Group, NSK Ltd., SKF, Fortigal Group S.p.a, Kinematics Manufacturing Inc., Schaeffler Group, ThyssenKrupp Group, Timken Company