Slewing Bearing for Wind Turbine Market Size to reach US$ 3 Billion by 2030
Global slewing bearing market for wind turbine is expected to grow at a CAGR of 10% during the forecast period 2021 to 2030 and to reach US$ 3 billion by 2030.
The global slewing bearing market for wind turbine is broadly affected by several factors, including installation of wind turbine in the offshore sector, decline in cost of renewable technologies, and ongoing investments in expansion of the wind industry. Furthermore, introduction of stringent regulations to minimize carbon emissions and several benefits associated with green energy, such as cost competitiveness and low emissions, are some of the factors anticipated to propel the global slewing bearing market for wind turbine.
Rise in awareness about green energy and implementation of stringent government rules and regulations on emission of greenhouse gases (GHGs) are compelling companies to introduce highly effective and pollution-free energy generation methods. This is driving the global slewing bearing market for wind turbine.
Wind energy is a prominent alternative for energy generated from fossil fuels. The process of energy generation from fossil fuels leads to emission of greenhouse gases (GHGs), which can adversely affect the environment through global warming, air pollution, and land pollution. Thus, increase in awareness about green energy and enactment of stringent government rules and regulations are expected to boost the demand for wind energy in the near future. This is anticipated to propel the slewing bearing market for wind turbine during the forecast period.
Dynamics
Industrialization and urbanization have been increasing significantly across the globe since the last few years. This has boosted the global demand for electricity. More than 22,300 terawatt per hour of electricity was consumed in the world in 2019.
The demand for electricity has increased in China, owing to steady economic growth and rise in industrial demand. In 2019, China consumed 6,510 TWh of electricity, a 4% rise from that in the previous year. The demand for electricity has also increased in other countries of Asia Pacific such as India, South Korea, Japan, and Indonesia.
The demand for electricity is expected to continue to rise across the globe during the forecast period. The world is focusing on renewable energy to cater to the high demand for electricity. Wind energy is a prominent source of renewable energy. Investments in the production of wind energy have increased across the world. Slewing ring bearings play a vital role in the production of wind power. They are used in pitch and yaw locations in a wind turbine. They are utilized to keep the blades rotating smoothly. Thus, rise in demand for wind energy is projected to drive the global slewing bearing market for wind turbine during the forecast period.
Regional Scope
The slewing bearing market for wind turbine in Asia Pacific is expected to expand significantly during the forecast period, owing to rise in investment in expansion of wind farms in developing countries such as China and India. China dominated the slewing bearing market for wind turbine in Asia Pacific in 2020.
The slewing bearing market for wind turbine in Europe is projected to expand considerably during the forecast period. Shift in focus of governments from production of conventional energy to production of renewable energy is the key factor driving the slewing bearing market for wind turbine in the region. The slewing bearing market for wind turbine in Middle East & Africa is likely to expand during the forecast period, owing to the vast potential of wind energy resources in the region.
Key Players
Major players operating in the global slewing bearing market for wind turbine are Liebherr-International AG, SKF Group, Xuzhou Helin Slewing Bearing Co., Ltd., Rollix, IMO, THE TIMKEN COMPANY, Schaeffler AG, NTN Corporation, thyssenkrupp AG, JTEKT Corporation, and NSK Ltd.
| Report Highlights | Details |
| Market Size | US$ 3 billion by 2030 |
| Growth Rate | CAGR of 10% From 2021 to 2030 |
| Base year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Type, Material, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Liebherr-International AG, SKF Group, Xuzhou Helin Slewing Bearing Co., Ltd., Rollix, IMO, THE TIMKEN COMPANY, Schaeffler AG, NTN Corporation, thyssenkrupp AG, JTEKT Corporation, and NSK Ltd |
Market Segmentation
Market By Type
Market By Material
Market By Application
Market By Region
The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global slewing bearing market for wind turbine in order to identify opportunities for stakeholders. The report also provides insightful information about how the global slewing bearing market for wind turbine would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global slewing bearing market for wind turbine, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the global slewing bearing market for wind turbine during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global slewing bearing market for wind turbine and estimates statistics related to the market in terms of value (US$ Mn).
This study covers detailed segmentation of the global slewing bearing market for wind turbine, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global slewing bearing market for wind turbine, wherein various development, expansions, and winning strategies practiced by these players have been presented in detail.
Research Methodology
The research methodology adopted by analysts for compiling the report on the global slewing bearing market for wind turbine is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global slewing bearing market for wind turbine.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global slewing bearing market for wind turbine.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global slewing bearing market for wind turbine.
Key Questions
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