Slewing Bearing Market Size, Trends and Growth Analysis by 2027

The global slewing bearing market is projected to expand from US$ 4,025.1 million in 2021 to US$ 5,831.2 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.4% during the period from 2021 to 2028.

Slewing bearings, often referred to as slew ring bearings, are a type of plain bearing designed to accommodate rotational or rolling movements. These bearings are primarily utilized to support substantial loads that oscillate slowly or rotate at a low speed. The increasing emphasis on renewable energy sources and the surge in infrastructure development are pivotal factors driving the growth of the global slewing bearings market. Additionally, the diverse applications of slewing bearings in sectors such as wind energy, construction and mining machinery, medical devices, industrial equipment, cranes, and robotics are further propelling market expansion. The advantages of slewing bearings, including their low noise operation, cost efficiency, precise positioning capabilities, and ability to handle heavy loads, significantly contribute to their widespread adoption across various industries. Furthermore, the growing trend towards factory automation and the rapid industrialization in developing nations are expected to further stimulate the slewing bearings market throughout the forecast period.

The slewing bearing market is categorized based on gear type, rolling element, application, and geographical region. In terms of gear type, the market is divided into external, internal, and ungeared categories. Notably, the internal gear segment has consistently maintained the largest share of the global slewing bearing market during the forecast period. When considering the rolling element, the market is segmented into ball and roller types, with the ball segment holding a more significant market share throughout the forecast period. Regarding applications, the slewing bearing market encompasses sectors such as wind and solar energy, aerospace and defense, medical, industrial machinery, oil and gas, mining, and others. The industrial machinery segment has been a major contributor to the overall market share of slewing bearings globally.

Impact of COVID-19 Pandemic on the Slewing Bearing Market

The COVID-19 pandemic has caused considerable disruptions across various industries, including mining, manufacturing, healthcare, energy and power, aerospace and defense, and construction, particularly in 2020. These disruptions have led to a notable decline in revenues. The enforcement of containment measures, such as travel restrictions, trade bans, and limitations on workforce presence at workplaces, has adversely affected the manufacturing, supply, and sales processes of numerous businesses, including those involved in the production of industrial equipment like slewing bearings.

The overall size of the slewing bearings market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data pertinent to the market. This approach also aimed to provide an overview and forecast of the slewing bearings market across all segments. Furthermore, it offers insights and projections for the global slewing bearings market segmented by five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. To enhance the accuracy of the data, primary interviews were conducted with industry participants and experts to validate findings and gain deeper analytical insights. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the slewing bearings sector.

Key players in the global slewing bearings market include Antex Corp., IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr, NTN Corporation, Schaeffler Technologies AG and Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY, and Emerson Bearing Company.