PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1679273
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1679273
According to Stratistics MRC, the Global Slewing Bearing Market is accounted for $4.5 billion in 2024 and is expected to reach $6.5 billion by 2030 growing at a CAGR of 6.3% during the forecast period. A slewing bearing, also known as a turntable bearing, is a large, specialized bearing designed to support rotational movement between two components. It allows a heavy load to rotate with minimal friction, typically in applications requiring slow, controlled movement like cranes, excavators, wind turbines, and radar systems. Slewing bearings consist of an inner and outer ring, rolling elements (such as balls or rollers), and a raceway. Their unique design enables them to handle combined loads, including axial, radial, and moment loads, making them essential for machinery that needs precision and stability during rotation.
According to the International Renewable Energy Agency, Asia Pacific is expected to grow its share of installed capacity for onshore wind from 230 Gigawatt (GW) in 2018 to over 2600 GW by 2050. The region is likely to account for more than 50% of global onshore wind power installations by 2050, followed by North America (23%) and Europe (10%).
Increased industrial machinery usage
The increasing use of industrial machinery across sectors like construction, mining, and renewable energy is driving growth in the slewing bearing market. As industries demand more efficient and heavy-duty equipment, slewing bearings provide critical support for machinery that requires precise, stable rotational movement. With applications in cranes, excavators, and wind turbines, the rise in automation and infrastructure development further fuels the demand for these specialized bearings, expanding their market presence.
Environmental concerns
Environmental concerns are negatively impacting the market, as increasing pressure for sustainability drives industries to adopt greener technologies. This results in stricter regulations on manufacturing processes, material sourcing, and waste management. Companies face challenges in balancing performance with eco-friendly practices, leading to higher production costs. Additionally, the growing emphasis on reducing carbon footprints can slow the adoption of slewing bearings in certain sectors, hindering market growth.
Expansion of infrastructure and construction
The expansion of infrastructure and construction projects globally is significantly boosting the market. As large-scale developments such as bridges, high-rise buildings, and transportation networks grow, the demand for machinery like cranes, excavators, and earth movers increases. Slewing bearings, essential for stable and efficient rotation in these heavy machines, are crucial to these operations. This surge in infrastructure projects accelerates the market growth for slewing bearings, driving innovation and demand.
High production costs
High production costs are a significant challenge for the market, as they can lead to increased prices for end-users. Factors such as the cost of raw materials, advanced manufacturing techniques, and labor contribute to these elevated expenses. As a result, manufacturers may face pressure to balance quality and cost-effectiveness, potentially limiting their competitive edge. This can also deter small and medium-sized enterprises from adopting slewing bearings in their machinery.
The COVID-19 pandemic had a considerable impact on the market, disrupting supply chains and halting production in many industries. Reduced demand from sectors like construction, automotive, and renewable energy due to lockdowns and economic slowdowns slowed market growth. Additionally, delays in manufacturing, material shortages, and labor shortages further affected the timely delivery of slewing bearings. However, recovery in infrastructure and industrial sectors is gradually driving market rebound.
The ball bearings segment is expected to be the largest market share during the forecast period
The ball bearings segment is expected to account for the largest market share during the forecast period due to their ability to reduce friction and enable smooth rotational movement. In slewing bearings, ball bearings are used between the inner and outer rings, providing support for axial, radial, and moment loads. Their compact design, high load capacity, and durability make them ideal for heavy machinery applications like cranes, excavators, and wind turbines, contributing significantly to the market's growth.
The industrial equipment segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the industrial equipment segment is predicted to witness the highest growth rate as these bearings are essential for machinery that requires precise, stable rotational movement. Applications in cranes, excavators, and earth movers demand slewing bearings for their ability to handle heavy loads and provide durability. As industries like construction, mining, and material handling expand, the need for reliable slewing bearings in industrial equipment grows, supporting market growth.
During the forecast period, the North America region is expected to hold the largest market share. The region's focus on infrastructure development and automation further boosts market expansion. Additionally, the growing adoption of wind turbines and advanced industrial equipment requires high-performance slewing bearings. Key manufacturers in the U.S. and Canada are investing in innovation, enhancing the market's competitiveness and growth potential.
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR. The region's growing renewable energy sector, especially wind energy, is a major driver, as slewing bearings are critical components in wind turbine generators. In addition, the expanding construction and mining sectors, which require heavy machinery for large-scale projects, are also boosting the market's expansion. Additionally, the growing investments in infrastructure and transportation networks in emerging economies are expected to propel the market's growth.
Key players in the market
Some of the key players in Slewing Bearing market include SKF Group, Schaeffler AG, The Timken Company, Kaydon Corporation, Emerson Bearing Company, Liebherr Group, Thyssenkrupp AG, RKB Bearings, SPM Instrument, TGB Group, Rexnord Corporation, IMO Group, NSK Ltd., Potesta & Company, LLC and Galperti Group.
In October 2024, Thyssenkrupp and TITAN Group today in the Greek capital Athens a Front-End Engineering Design (FEED) contract for the Carbon Capture Project IFESTOS. IFESTOS is one of the largest carbon capture projects in Europe, enabling the production of zero-carbon cement and concrete.
In September 2024, Schaeffler and Alstom signed strategic partnership agreement for further development in area of rail transport. Schaeffler is a partner for rolling bearing technology in the Alstom Alliance(TM) program. Schaeffler has supplied Alstom for many years with axlebox bearings along with housings, drive bearings for rail vehicle gearboxes and motors, and slewing rings for metro trains and trams.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.