The slewing bearings market is predicted to experience remarkable growth in the upcoming years. The growing demand for slewing bearings in the construction sector and in forest machineries is boosting the growth of the market. The external gear type sub-segment and renewable equipment sub-segment are expected to be at the prime position in the forecast period. The Asia Pacific market is expected to gain significant growth in the near future.
Research Dive has added a new report to its offering on the global slewing bearings market. As per the report, the market is anticipated to surpass $4596.4 million by 2027, growing at a CAGR of 3.90% from 2020 to 2027. This report caters thorough insights on the current position and future scope of the industry. The report is a reliable research study, providing scrupulous market insights for new entrants, investors, prevailing market players, stakeholders, shareholders, etc.
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• Factors Impacting the Market Growth:
The rising growth of the construction industry which requires equipment such as forklifts and cranes is propelling the growth of the global slewing bearings market. Moreover, advantages of slewing bearings such as the potential to lift heavy loads, wide array of applications, and affordable costs are contributing toward the market growth. Moreover, the growing need for slewing bearings in the forest machinery due to their ability to work in rough environmental circumstances is likely to create novel opportunities for the market growth.
The report segments the global slewing bearings market into product, design, application, and region.
• External Gear Type Slewing Bearings to Grab Highest Market Share in the Forecast Period
Among product segment, the external gear type slewing bearings is expected to seize highest market share and garner significant revenue during the forecast period. This is mainly because the specific gear ratio of this type of bearings significantly reduces the circumferential force and torque on the pinion.
• Renewable Equipment Segment to Observe Significant Growth in the Forecast Period
Among application segment, the renewable equipment sub-segment is projected to witness noteworthy growth during the forecast period. This growth is mostly due to the ability of eight-point and four-point bearings to position turbine blades in such a way that they can optimize blade angle, based on the velocity of the wind.
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• Asia-Pacific Region to Unlock Rewarding Market Opportunities
The report evaluates the global slewing bearings market across several regions such as Asia Pacific, Europe, North America, and LAMEA. Among these, the Asia-Pacific region is anticipated to experience greatest growth and unlock several rewarding opportunities mainly owing to the growing renewable energy and construction projects in Asian nations including India, China, and South Korea.
• Major Players in the Market:
The leading players listed in the report are Antex corp, WaFangDian Rolling Bearing Manufacturing CO., LTD., thyssenkrupp rothe erde Germany GmbH, Xuzhou Helin Slewing Bearing Co., Ltd., Universal Industrial Products., NSK Ltd., Zhejiang Tianma Bearing Group Co., Ltd., Schaeffler India Limited, THE TIMKEN COMPANY, LA LEONESSA SpA, and others. The report furnishes numerous industry-top approaches and strategies like winning tactical moves & developments, product/service line, business performance, and SWOT analysis of the leading players, active in the global market.
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