Slewing Bearings Market Size, Share, Growth, Forecast 2030

Industry Prospective:

The global slewing bearings market size was worth around USD 4.27 Billion in 2022 and is predicted to grow to around USD 6.74 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.90% between 2023 and 2030.

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The report analyzes the global slewing bearings market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the slewing bearings industry.

Slewing Bearings Market: Overview

Slewing bearings are rotational bearings and they are used to provide support to heavy loads. Simultaneously, they can also manage radial, axial, and moment loads, which makes them highly sought-after bearing forms in the end verticals. They are most commonly used in applications such as construction machinery, wind turbines, cranes, and military equipment. The slewing bearings industry refers to the production, design, and distribution of these bearings. It is a highly competitive market owing to the presence of multiple players at domestic and international levels. In the last decade, the market players have managed to serve a large consumer group thus generating higher revenue. During the forecast period, they can expect steady growth as the market expansion opportunities seem to be in favor of the industry. However, they may also have to deal with certain restrictions and challenges.

Key Insights: 

• As per the analysis shared by our research analyst, the global slewing bearings market is estimated to grow annually at a CAGR of around 5.90% over the forecast period (2023-2030)
• In terms of revenue, the global slewing bearings market size was valued at around USD 4.27 billion in 2022 and is projected to reach USD 6.74 billion, by 2030.
• The slewing bearings market is projected to grow at a significant rate due to the increasing demand for heavy machinery and equipment
• Based on product segmentation, external gear type slewing bearings was predicted to show maximum market share in the year 2022
• Based on application segmentation, construction & transit equipment was the leading application in 2022
• On the basis of region, North America was the leading revenue generator in 2022

Slewing Bearings Market: Growth Drivers

Increasing demand for efficient heavy machinery and equipment to propel market demand

The global slewing bearings market is projected to grow owing to the increasing demand for efficient heavy machinery and equipment across end-user verticals such as mining, construction, and material handling. The slewing bearings have a wide range of applications in these sectors. For instance, they are used to manufacture cranes, excavators, and drilling rigs, along with other forms of use. With the increasing population along with rising investment in infrastructure development projects, the construction industry has grown over the years. Along with rapid urbanization and industrialization, the demand for heavy machinery is likely to witness surging growth. For instance, according to a report submitted by Eurostat, the statistical office of the European Union, the construction sector in the EU-27 which excludes the United Kingdom was responsible for employing more than 17.4 million people in 2020. The number accounted for nearly 6.6% of the total regional population.

Slewing Bearings Market: Restraints

High cost to restrict market expansion

The global slewing bearings industry is expected to come across certain growth restrictions owing to the high cost associated with the production of slewing bearings. This is especially applicable to bearings production for machines that have heavy-duty use. In such cases, the industry becomes less accessible to smaller businesses who are then encouraged to look for alternatives in the business that justify the cost and the revenue thus generated.

Slewing Bearings Market: Opportunities

Increasing investment toward renewable energy sector to provide growth opportunities

The global slewing bearings industry players can expect high growth opportunities mainly owing to the increasing investment in the renewable energy sector, particularly in terms of wind energy. Slewing bearings are used to manufacture wind turbines, which are essential components of wind energy. For instance, in 2020, Europe installed 19.7 GW of new wind power capacity making the total regional capacity 220 GW as the region aims to achieve low-carbon economy status.

Slewing Bearings Market: Challenges

Supply chain disruptions to challenge market growth

The global slewing bearings industry is expected to witness challenges owing to the increasing events of supply chain disruptions due to several factors. In 2022, Covid-19 was the dominant reason for the significant lack in supply of slewing bearings. In subsequent years, other factors such as growing political turmoil and changing world power dynamics have weighed in further restricting the market expansion as buyers and sellers are unable to maintain a smooth flow of goods and services.

Slewing Bearings Market: Segmentation

The global slewing bearings market is segmented based on product, rolling element, applications, design, and others.

Based on product, the global market segments are internal gear type slewing bearings, external gear type slewing bearings, and non-gear gear type slewing bearings. The industry witnessed the highest growth in the external gear type slewing bearings which was led by the bearing type to handle high radial and axial loads. Furthermore, they offer a better range of applications since they can be used in a variety of industries such as construction and mining along with the renewable sector. Another type of frequently used product is the internal gear type slewing bearings which are applied in incidents where there is limited space or compact design is the main requirement. The application of non-gear gear type slewing bearings is related to the requirement of high precision and low torque such as robotics or medical equipment. In 2020, China witnessed an increase of 3% in its construction market from the previous year.

Based on rolling element, the global slewing bearings industry market divisions are roller and ball.

Based on applications, the global market segments are construction & transit equipment, renewable equipment, industrial equipment, and medical equipment. The industry registered the highest CAGR in the construction & transit equipment segment in 2022 due to the increasing demand for end products in the sectors of construction and mining. Furthermore, developing countries have witnessed dramatic growth in the construction sector in the last few years due to growing urban population and increasing infrastructure projects. In addition to this, the rising investment in renewable energy led by wind energy may lead to higher growth in the forecast period. While the application of slewing bearings is high in the medical industry and other sectors, the revenue is comparatively lower. As per estimates, the Indian medical equipment market may grow at a rate of more than 5% in the coming 5 years.

Based on design, the global slewing bearings industry market segments are double-row ball slewing rings bearings, cross roller slewing ring bearing, four & eight point contact ball, single-row four point contact ball slewing ring bearing, double-row ball slewing ring bearing, and bi-angular roller or taper.

Recent Developments:

• In January 2023, igus, a Germany-based manufacturer and supplier of technical products that are made of high-performance plastics and include products such as flexible cables, plastic plain bearings, connectors, robotic components, 3D-printed products, energy chains, and ball bearings, announced the launch of iglidur PRT slewing ring bearing. The product is designed hygienically and provides quick, residue-free cleaning while being used
• In October 2022, Carter Manufacturing announced its partnership with Italy-based OTAR. The former is a producer and a distributor of precision bearings along with equipment needed for the aerospace industry. The company intends to promote both commercial industrial bearings and the ones used in the aerospace industry

Slewing Bearings Market: Report Scope

Slewing Bearings Market: Regional Analysis

North America to witness the highest growth

The global slewing bearings market is projected to witness the highest growth in North America with the US acting as the major revenue generator. There are several factors that are responsible for the high regional growth. For instance, the already existing long list of established players in the industry who cater to the needs of the mature market has played a pivotal role in shaping the regional market. Some of these sectors include the construction, mining, material handling, and renewable energy industries which are the largest consumers of slewing bearings along with other smaller consumers such as the medical equipment market. Moreover, the regional players have consistently invested in further research & development or innovation of more efficient slewing bearings that can cater to the dynamic needs of the end-users that have evolved over the years. In addition to this, the technological advancements in the region have been equally important for regional CAGR.

Slewing Bearings Market: Competitive Analysis

The global slewing bearings market is led by players like:

• SKF Group
• Timken Company
• ThyssenKrupp Rothe Erde GmbH
• Schaeffler AG
• NSK Ltd.
• Liebherr-International AG
• Kaydon Corporation
• IMO Group
• Rollix Defontaine S.A.
• Antex GmbH
• La Leonessa S.p.A.
• Xuzhou Helin Slewing Bearing Co. Ltd.
• SlewPro LLC
• ZOLLERN GmbH & Co. KG
• Fenghe Intelligent Technology Co. Ltd.
• Bonfiglioli Riduttori S.p.A.
• Jieheng Slewing Bearing Co. Ltd.
• ISB Industries
• Hengrui Technology Development Co. Ltd.
• Suzhou Xinye Heavy Machinery Co. Ltd.
• IMO USA Corp.
• Kaydon Bearings
• Kavitsu Robotronix Pvt. Ltd.
• JOST Werke AG
• Rotek Inc.

The global slewing bearings market is segmented as follows:

By Product

• Internal Gear Type Slewing Bearings
• External Gear Type Slewing Bearings
• Non-gear Type Slewing Bearings

By Rolling Element

• Roller
• Ball

By Applications

• Construction & Transit Equipment
• Renewable Equipment
• Industrial Equipment
• Medical Equipment

By Design

• Double-Row Ball Slewing Ring Bearings
• Cross Roller Slewing Ring Bearing
• Four & Eight Point Contact Ball
• Single-row Four Point Contact Ball Slewing Ring Bearing
• Double-Row Ball Slewing Ring Bearings
• Bi-Angular Roller or Taper

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa