The new report by Expert Market Research titled, ‘Global Slewing Drives Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global slewing drives market, assessing the market based on its segments like axis type, gear, application, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 2 Billion
- Forecast CAGR (2021-2026): 4.5%
- Forecast Market Size (2026): USD 2.7 Billion
With the increasing infrastructural development around the world, construction machinery has entered a new maintenance cycle, which is expected to drive the growth of the slewing drives market due to increased demand for load transmission components in construction machinery. Also, due to an increasing demand for high precision customisation that can be delivered by high-quality slewing drives, the rising number of facilities in the manufacturing sector, especially in the automation and energy segments, is expected to drive market growth. Furthermore, to reduce labour costs in the application and end-use markets, major industry players are concentrating on developing low-maintenance slewing drives. The market is also expected to be driven by the increasing use of the product in solar tracking systems, which is expected to coincide with a growing shift towards sustainable and renewable energy.
Industry Definition and Major Segments
The slewing drive is a gearbox that can safely support radial and axial loads while still transmitting rotating torque. A single axis can be rotated, or multiple axes can be rotated together. Manufacturing gearing, bearings, seals, housing, engine, and other auxiliary parts, then assembling them into a finished gearbox, is how slewing drives are produced.
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Based on axis type, the market can be segmented into:
By gear, the industry can be bifurcated into:
- Worm Gear
- Spur Gear
The market can be categorised on the basis of application into:
- Solar Tracker
- Man Lifts
- Wind Turbines
- Hydraulic Machinery
- Cranes
- Drilling Equipment
- Others
On the basis of distribution channel, the industry can be bifurcated into:
- Online
- Offline
Regionally, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Growing research and development activities for innovative slewing drive materials are projected to fuel market expansion in the coming years. The global slew drives industry is growing as people are becoming more aware of solar and wind energy. Increased industrial applications have resulted in increased purchases of cranes, pumps, and other equipment, resulting in an increase in slew drive demand. Increasing slew drive applications would boost the market throughout the forecast period. The manufacturers want to expand their geographic footprint by entering and establishing their resources in different locations, hence enhancing global market growth.
Key Market Players
The major players in the market are Dana SAC UK Ltd., Cone Drive Operations Inc., Kavitsu Bearings, TGB Group, and EngNetGlobal, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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