According to the latest research report by The Insight Partners Slewing Bearing market was valued at US$ 4,025.1 million in 2021 and is projected to reach US$ 5,831.2 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.
Growing Preference for Renewable Energy to Provide Growth Opportunities for Slewing Bearing Market During 2021–2028
Governments and businesses are launching a number of programmes to promote sustainable practises in response to the growing worries about climate change. These programmes promote the use of clean energy and recyclable goods. For instance, by 2050, the European Union has set a legal goal to achieve carbon neutrality. Both Apple Inc. and Tesla Inc. run their separate plants in California and Nevada entirely on renewable energy.
The expansion of the slewing bearing market in the MEA is being attributed to the region’s abundance of oil refineries as well as large investments in infrastructure and the automotive industries. Additionally, the continued increase in global population is pressuring nations to make significant investments in the medical and defense sectors.
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Impact of COVID-19 Pandemic on Slewing Bearing Market
The governments of North American nations closed their borders in Q2 2021 due to the rising number of COVID-19 infected people. Manufacturing facilities are either temporarily closed or only partially staffed. Additionally, there are disruptions in the supply lines for parts and components. One of the biggest markets for slewing bearings is the US, thanks in significant part to the country’s technologically adept aerospace, defence, and manufacturing industries.
The market for Slewing Bearing is concentrated with some very well-established players. Some of the key players in the Slewing Bearing Market include
- Antex corp.
- IMO Group
- Italcuscinetti S.p.A. a Socio Unico
- NTN Corporation
- Schaeffler Technologies AG & Co. KG
- Thyssenkrupp rothe erde Germany GmbH
- THE TIMKEN COMPANY
- Emerson Bearing Company
Slewing Bearing Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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