Wilmington, Delaware, United States, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global slewing ring bearings market is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% during the forecast period between 2022 and 2031.
Slew ring bearings have witnessed increased usage in different machinery such as cranes since they have proven beneficial in improving power transfer and load capacity. Machinery that contain slewing ring bearings have shown an ability to withstand axial and radial loads efficiently.
Prominent players are looking to generate revenue and gain an edge over competitors by launching new products. Additionally, leading players are also looking to expand their market presence by collaborating with other players.
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Key Findings of Market Study
- Increase in Usage in Wind Turbines Boosts Global Slewing Ring Bearings Market: The last decade has seen a rise in concern about global warming and its impact on the environment. As a result, governments worldwide have increased their focus on promoting the use of renewable energy sources such as wind energy. Slew ring bearings have been extensively used in wind turbines in the last few years since they have helped in increasing the operating life of the product and lowered downtime as well, which has helped increase wind energy production and in turn contributed to growth in the slewing ring bearings market.
- Rise in Demand for Construction Machinery Augments Industry Growth: Based on application, the global market is classified into industrial machinery, renewable energy, construction machinery, mining, metals, aerospace & defense, medical systems, robotics, and machine tool. Construction machinery emerged as the dominant segment in 2021 and is estimated to make significant contribution in terms of revenue during the forecast timeline. Rise in investments in the construction industry globally has fueled the demand for construction machinery and helped in the expansion of the segment.
- Increase in Demand for Ball Slew Bearings Likely to Propel Overall Market during Forecast Period: Based on category, the global market is classified into ball and roller. The ball segment is projected to account for dominant share during the forecast timeline since these products can function with reduced friction and improved energy efficiency, thereby making them a suitable fit in different machinery and equipment.
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Slewing Ring Bearings Market-Key Drivers
- Continuous expansion in the aerospace and defense industry worldwide is one of the key driving factors of the global market
- Increase in product demand to achieve smooth functioning of different industrial equipment is stimulating market development
Slewing Ring Bearings Market-Regional Insights
- Asia Pacific is projected to hold the largest market share between 2022 and 2031. Increase in investments in the mining industry and a continuous push toward the usage of renewable energy sources in countries such as China and India are anticipated to play key roles in market growth in the region
- North America is projected to witness significant growth during the forecast timeline because of rise in investments in the construction industry in the U.S. and Canada
Slewing Ring Bearings Market-Key Players
The global market is competitive with the presence of several international and regional players. New players entering the market during the forecast period are likely to intensify the competition.
Some of the key players in the market include SKF Group, Emerson Bearing Company, Galperti Group, Potesta and Co., and TGB Group.
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The global slewing ring bearings market is segmented as follows:
By Category
- Ball
- Roller
By Slew Type
- Precision Slew
- Standard Slew
By Type
- Customized Solution
- Catalogue Standard
By Slewing Ring Size
- Below 400 mm Bore
- 400 mm-1000 mm Bore
- Greater than 1000 mm Bore
By Application
- Industrial Machinery
- Renewable Energy
- Construction Machinery
- Mining
- Metals
- Aerospace & Defense
- Medical Systems
- Robotics
- Machine Tools
By Distribution Channel
- Direct Sales
- Indirect Sales
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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