Slewing Bearings Market is Estimated to Increase to $4.2 Billion by 2020 at a CAGR of 6.9% According to a Recent Study from IndustryARC

Marine Industry and Heavy Machinery Demand to assist the Slewing Bearings Market in achieving the $4 billion mark by 2020

The global market is estimated to increase to $4.2 Billion by 2020 at a CAGR of 6.9% according to a recent study from IndustryARC. The driving factors for this growth are the increasing demand for renewable energy sources, material handling equipment and marine vessels. Marine vessels are one among the major applications of slewing bearings and are estimated to grow at a CAGR of 12.2% to $602M by 2020.

Browse 31 Market Tables & 56 Figures spread through 169 Pages and an in-depth TOC on “Slewing Bearings Market – Global Forecast to 2020″

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With increase in the demand for oil and gas, most of the companies are motivated to invest in infrastructure to increase the production capacity by adding more number of marine vessels. This in turn generates massive demand for slewing bearings, which play an important role in oil drilling and ship building. Because of advancing technologies such as usage of robotics and cranes for exploration and drilling helps in recovering more number of oil barrels from the rocks. Thus demand for slewing bearings is surging.

Slewing Bearing is a rotational bearing component which usually is used in machines which requires heavy and bulky load handling. They are important structural and connecting elements in the large scale equipment where it supports the upper structure and facilitate its rotation. These are employed in wide range of industries such as Construction, Wind Turbines, Medical Equipment, Military Applications, Transportation Systems, Solar Energy Industry, Oil Drilling, Mining & Tunneling, Food and Beverage Packaging, Amusement Park Rides, and so on. The global market for slewing bearings is fragmented and is estimated to be around $2.85 billion in 2014. It is characterized by large number of small and medium manufacturers with few large scale manufacturers.

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Europe has traditionally played a very important role in the marine industry. It was the first country to begin with marine expedition and international trade. To date, Europe contributes a majority share to the revenue earned by the overall marine industry. According to the UK marine alliance, the revenue of the UK marine industry would contribute to about 25 billion pounds by 2020. One of the key segments in the marine industry is the ship building segment. As the UK plans to focus majorly on international trade, this gives a good opportunity to marine slewing bearing manufacturers as the demand for these products would increase significantly.

Slewing Bearings are one of the vital components used in wide range of mechanical equipment.  Based on the type of gears, they can be segmented into Ungeared, External Geared and Internal Geared slewing bearing. Slewing bearing consists of two rings, internal geared products consists of the gear tooth on the inner ring while the external geared ones consists of the gear tooth on the outer part of the ring and ungeared slewing bearing does not contain tooth on any of the rings. Most of the heavy equipment uses geared bearings rather than ungeared ones.

The European and APAC regions are the leading markets in 2014. The dominant position of these regions in the market is due to the established construction, excavation and communication equipment industries. Moreover, the evolving water treatment and robotic equipment industries from countries such as Germany, U.K., China, and so on are able to steer the market growth.

The major players in the Global Slewing Bearings Market are ThyssenKrupp Group, IMO Group, SKF Group, Forgital Group, NTN-SNR and Antex Corporation. These companies own a market share of more than 60% in the revenue; however, they do not assert much power on the pricing, demand and supply patterns and so on. This is due to the strong foothold of the local and regional suppliers across several countries. Moreover, these players are actively looking to increase their market share in the next five years by making effective partnerships and acquisitions. In this market, the players that are most likely to enter are the bearing manufacturers. For them, this market is similar to expansion or extension of their presence in the bearings market. To quote an instance, the SKF group, an engineering company primarily offering bearing, bearing units acquired Kaydon Corporation in 2013 to expand into slewing bearing and other specialty product markets.

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