PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555567
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555567
The market for Slewing Bearing was projected to reach USD 4,351.6 million in 2023 and expand at a CAGR of 6.50% between 2024 - 2032.
Slewing bearings are composed of inner and outer rings that are mostly used to sustain the massive yet slowly rotating loads of swing yarders and conventional crawler cranes. Excavators and aerial platform vehicles can also be used for a variety of purposes. In the sphere of rolling bearing technology, slewing bearings are also recognizable items. Thin-section slewing bearings are primarily well-known in the diameter range of 800 to 7,500 mm. The axial moment of loads and tilting radially may be dependable and supported by this bearing. The primary components of slewing bearings are two rows of rolling elements, such as inner ring "halves" and two outer rings, and three race elements that clamp together axially.
Slewing Bearing Market- Market Dynamics
Growing Use of Slewing Bearings in Offshore Wind Farms
The last few years have seen a large global investment by businesses in the construction of offshore wind farms. By 2019, offshore wind farms accounted for more than 10% of the world's installed capacity, up from 1% in 2009. In 2019, there was an addition of about 6.0 GW of new offshore wind capacity; the majority of this was located in China, accounting for nearly 37% of the total; the U.K. (29%) and Germany (18%) saw the most of the development in capacity. The offshore market is expected to grow dramatically over the next three decades, according to the International Renewable Energy Agency (IRENA). From barely 29 GW in 2019 to 228 GW in 2030 and over 1,000 GW in 2050, the installed offshore wind capacity will have increased by nearly ten times. By 2050, offshore wind is predicted to account for over 17% of the world's 6,044 GW installed wind capacity. Therefore, it is anticipated that the growth of offshore wind farms will soon boost the wind turbine slewing bearing market. In a wind farm, slewing bearings enable the necessary oscillation to regulate the wind turbine's power and load. The slewing bearing market for wind turbines is expanding due in large part to this application of slewing bearing in wind farms.
Slewing Bearing Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 6.50% during the forecast period of 2024-2032.
The internal gear type category was projected to have the largest market share based on type segmentation in 2023.
The cross roller category emerged as the top segment based on application segmentation in 2023.
Asia Pacific held the largest revenue share by region in 2023.
The Global Slewing Bearing Market is segmented into Type, Application, Design, and Region.
On the basis of type, the market is segmented into Non-Gear Type, External Gear Type, and Internal Gear Type. With the highest compound annual growth rate, internal gear type category is predicted to provide a sizable amount of revenue over the estimated time frame. The performance of pitch and turbine control can be improved, and friction can be reduced by using an internal gear-type slewing bearing. Moreover, the decreased friction of these bearings contributes to the production of more energy. These bearings also have cheap running and maintenance expenses. Furthermore, it is anticipated that longer seal and bearing service lives, enhanced turbine dependability, and better pitch control would boost the expansion of the worldwide slewing bearings market.
The market is divided into Radar, Construction, Mining, Wind Turbines (Onshore, Offshore), and Others, based on design. It is anticipated to have notable expansion in the wind turbine segment, owing to the growing demand for sustainable energy sources and the requirement for wind turbines that are dependable and efficient. In order to monitor the direction of the wind and rotate the blades, which is essential for producing electricity, wind turbines require slewing bearings. Slewing bearing demand is fueled by the rising demand for wind energy and the corresponding need for more dependable and efficient wind turbines. This market is expanding because slewing bearings have become more resilient, effective, and affordable as a result of technological and material improvements.
Slewing Bearing Market- Geographical Insights
The Slewing Bearing market is widely distributed geographically in North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. These areas are further separated based on the countries that provide business.
Over the forecast period, the Asia Pacific Slewing Bearings market is expected to grow at a phenomenal rate in the global market. Well-known businesses that operate in this sector, like Kaydon Bearings, an SKF Group Company, have strengthened their presence in these areas through a number of strategic initiatives. Furthermore, slewing bearings play a significant part in applications like wind power and building projects. As a result, it is anticipated that growing project activity in Asian nations like China, India, and South Korea will increase demand for slewing bearings in the region. For instance, China's wind power capacity expanded by 22 times in 2018, according to studies done by the International Renewable Energy Agency (IRENA).
With its well-established industrial base, strict regulatory frameworks, and increased emphasis on sustainability and renewable energy, Europe is another important market for slewing bearings. European slewing bearing producers use their sophisticated engineering know-how, business alliances, and R&D expenditures to create cutting-edge products for a wide range of industrial uses, propelling their industry's expansion and competitiveness on a worldwide level. Strong demand for slewing bearings is also driven by the region's developing mining, construction, and renewable energy industries. As a result, both local and foreign manufacturers have increased their production capacities, improved their product offerings, and formed strategic alliances in order to take advantage of these growth opportunities.
Among the major companies in the Slewing Bearings market are WaFangDian Rolling Bearing Manufacturing CO., LTD., Universal Industrial Products, NSK Ltd., THE TIMKEN COMPANY, and Thyssenkrupp Rothe Erdde Germany GmbH. To enter local markets, market players typically choose inorganic expansion techniques. Top firms use strategies like product development, mergers and acquisitions, technological adoption, partnerships, joint ventures, and collaborations to strengthen their market positions in the worldwide slewing bearings business.
October 2022: The first smart energy and carbon management system was constructed at SKF's Dalian factory in China in collaboration with Goldwind, a Chinese wind turbine manufacturer, as part of a bigger sustainability-focused commitment. Additionally, to further enhance sustainability and support intelligent, green wind power, SKF and Goldwind are anticipated to collaborate on models for bearing operation and maintenance diagnosis, encourage the use of intelligent rollers in test development, and advance digital collaboration.
May 2021: Schaeffler AG inaugurated a 22,000-square-meter plant in Jiangsu Province, Eastern China, to increase the company's capacity to produce wind energy. The major focus of the Nanjing site is the production of large-size bearings with a diameter of more than 800 millimeters, which are commonly used in wind turbines, gearboxes, and heavy industry.
September 2022: To improve its competitiveness and manufacturing capacity in North America, SKF Group invested about US$ 50 million. In its manufacturing site in Sumter, South Carolina, the company is investing about US$ 28 million to expand and automate manufacturing processes.