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Demand for Renewable Energy to Steer Slewing Bearings Market Growth

The Report "Slewing Bearings Market - By Gear Types (Ungeared, External Gear, Internal Gear); By Construction (Single-row Four Point Contact Ball, Cross roller, Double roller); By Applications (Excavation, Medical, Turbines) Forecast (2015 - 2020)", Published By IndustryARC; the market is estimated to increase to $4.2 Billion by 2020 at a CAGR of 6.9%

Browse 31 Market Tables & 56 Figures spread through 169 Pages and an in-depth TOC on "Slewing Bearings Market" http://industryarc.com/Report/6346/Slewing-Bearings-Market-Research-Report.html

Slewing bearings are key static structural components in a machine which help in transmitting axial, radial and tilting moment loads by facilitating the movement of the devices. These bearings are used in a number of equipment such as cranes, wind turbines, excavators and many more. The advantage is that they handle all types of loads in one assembly and thus compensates need for other rotational design.

UNDERSTANDING THE MARKET PULSE

The market for slewing bearings has been growing consistently over the years. With rising demand from different industries, this market is projected to showcase prominent growth in the coming years as well, representing a substantial opportunity for bearing manufacturers and suppliers. The key factors driving the market growth are:

Rising demand from end-use industries

The slewing bearings are deployed in extensive range of industries:

  • Construction
  • Excavation
  • Marine
  • Mining
  • Solar & Wind
  • Medical and so on.

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Each end use industry exhibits different demand patterns. The construction, excavation, and wind turbine industries are the established end users of the slewing bearings and holds significant market value. In this market, the demand is set to increase with notable development in the marine, robotic, water treatment and solar sectors. The renewable energy segment is one of the most profitable markets as many countries are initiating world-class projects to harness large amount of energy. By 2020, the worldwide solar energy production is estimated to touch 2,000 billion MWH. Egypt aims to generate 4,300 MW of energy by installing solar and wind energy plants in the next three years and increase renewable energy share in the overall energy consumption to around 20% by 2020. Moreover, the technologically advanced country, Japan, is building floating solar stations to overcome land unavailability. Kyocera, electronics giant of the country, plans to build many of such stations to realize the dream of doubling the solar energy capacity by 2030. These plants approximately employ 9,100 solar panels, which in turn, is estimated to employ two to three slewing bearings.

Additionally, slewing bearings are estimated to excel with demand from marine vessels. The demand for offshore vessels is pouring from Middle East and African regions. In these regions, the rise in sea trade and offshore oil and gas activities is steering the demand and is expected to consequently create demand for slewing bearings.

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Product Innovations:

The slewing bearing serve the purpose of providing rotational movement to the upper structure of the equipment it is employed. The unique features of this component is facilitating companies to create remarkable products, disrupting various industries. In 2014, SKF Group developed a noteworthy product that is inspired by the movement of human wrist. The product Double-row slewing-type pitch bearing is an innovative pitch system without rolling element. This product enhances pitch system reliability, reduced drive system size and has lower peak internal friction. Furthermore, it also drives down cost of the energy. These innovative products will be the stepping stones to the market growth. 

WHAT IS IN THE STORE FOR STAKEHOLDERS

Opportunities: The market is currently characterized by a large number of regional and local players. However, with key players striving to take over majority of the market share investing into R&D and forming meaningful partnerships, the market may witness innovative products with cheaper prices and longer life. Also, the suppliers with good distribution channels and quality products can make maximum use of the mounting demand in the end use industries.

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Challenges: The crucial challenge for the players is the threat of replacement for slewing bearing. The slewing bearing and roller bearing have similar functionality and both can be substituted for the other. Cheaper cost of slewing bearing is driving the adoption currently and the companies need to raise the bar in order to reap the benefits from the demand.

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