The global slewing bearings market was projected to be worth USD 2.8 billion in 2014. The industry is poised to reach USD 4.2 billion by 2020. Factors driving market growth include demand for material handling equipment, marine vessels, and renewable energy sources.
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Slewing bearings are circular bearings with the ability to rotate. They are used to handle heavy loads on horizontal platforms like cranes or swing yarder. Technological advances in the market have led to these bearings being used for vertical bearing platforms. These components are vital in all applications ranging from movement of winches to offshore cranes and excavator machines. They are critical in being the main component responsible for controlling various equipments and ensuring efficiency.
The global slewing bearings market is divided by gear types, construction, applications, and regions. Ungeared, external gear, and internal gear are different gear types. Single-row four point contact ball, cross roller, and double roller are the various slewing bearings currently in demand by the market. The demand for roller and ball bearings are expected to grow at a 7.3% CAGR over the forecast period (2014-2020).
Applications of the market are material handling equipment, robotic equipment, cranes, stackers, in access platforms, in mining, bottling machines, water treatment, and wind turbines & heliostats. Marine vessels are a major application, poised to grow at a 12.2% CAGR to reach USD 602 million by 2020. With demand for oil & gas, marine vessels are needed for exploratory activities. This will result in increased demand for the global slewing bearings market.
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Regions considered by the market are North America, Europe, Asia Pacific, and RoW (Rest of the World). Europe and Asia Pacific are expected to dominate the market over the next 6 years. This is on account of the well-set construction and excavation equipment industries. Robotic equipment and water treatment industries in China and Germany are estimated to drive demand in the years ahead.
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Prominent companies currently in the global slewing bearings market include Antex Corporation, SKF Group, ThyssenKrupp Group, IMO Group, and Forgital Group. The market is fragmented by large players with limited distribution channels. They have managed to retain their hold on the market on account of lower costs and easy shipping.
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