The global slewing bearing market is expected to grow from US$ 4,025.1 million in 2021 to US$ 5,831.2 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.

Slewing bearings, also known as slew ring bearings, are plain bearings with a rotational or rolling component. The bearings are typically meant to support heavy but slowly oscillating or slow-turning loads. Growing focus on renewable energy and increasing infrastructural development are the key factors contributing to the global slewing bearings market growth. Further, a wide range of applications of slewing bearings in wind turbines, construction and mining equipment, medical equipment, industrial machinery, cranes, and robots, is also fueling the market growth. Further, low-noise and cost-effective operations, precise positioning, and heavy load handling capacity are among the key benefits of slewing bearings that drive their adoption in various applications. Moreover, rise in inclination toward factory automation and rapid industrialization in emerging economies are among the other factors likely to drive the slewing bearings market during the forecast period.

The slewing bearing market is segmented based on gear type, rolling element, application, and geography. Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of global slewing bearing market throughout the forecast period. Based on rolling element, the slewing bearing market is segmented into ball and roller. The ball segment held a larger market share throughout the forecast period. Based on application, the slewing bearing market is segmented into wind and solar energy, aerospace and defense, medical, industrial machinery, oil and gas, mining, and others. The industrial machinery segment accounted for a major share of the global slewing bearing market.

Impact of COVID-19 Pandemic on Slewing Bearing Market

The COVID-19 outbreak has created disruptions in industries such as mining, manufacturing, healthcare, energy and power, aerospace and defense, and construction in 2020 and led to significant decline in revenues. The implementation of containments measures such as travel restrictions, trade bans, and workforce limitation at workplaces has impacted manufacturing, supply, and sales of various businesses, including industrial equipment such as slewing bearings.

The overall slewing bearings market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the slewing bearings market with respect to all the segments. It also provides the overview and forecast for the global slewing bearings market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the slewing bearings market. Major players operating 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.