Slewing Bearing Market Actual Need Outlook, Supportive Judgment

The Global Slewing Bearing Market is projected to grow at a healthy growth rate of more than 5.4% over the forecast period 2022-2029. Slewing bearings are large bearings that allow for rotational movement between two parts of a machine. They are commonly used in heavy equipment and machinery such as cranes, excavators, wind turbines, and solar trackers.

The market is being driven by factors such as the rise in urbanization and growing industrialization. The increase in urban population and industrialization has led to a higher demand for heavy equipment and machinery, which in turn drives the demand for slewing bearings.

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According to the World Bank, cities house approximately 56% of the world's population, and this trend is expected to continue. Additionally, the global manufacturing production has been growing, with the share of manufacturing value added to total GDP around 16.9% in 2021, according to the United Nations.

Technological advancements in bearing technology and the growing prominence of the infrastructure industry are also contributing to the market growth. However, the high cost and lack of appropriate resources for slewing bearings hinder market growth.

North America currently dominates the market in terms of revenue, driven by major regional market players increasing their investments and the significant increase in construction activity in the United States. Asia Pacific is expected to grow with the highest compound annual growth rate (CAGR) during the forecast period due to increasing activities in renewable energy and construction projects in countries such as India, China, and South Korea.

Some of the major market players in the slewing bearing industry include Antex Corp, IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr-International AG, NTN Corporation, Schaeffler Technologies AG and Co. KG, SKF Group, Thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY, and Emerson Bearing Company.

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In terms of market segmentation, the slewing bearing market can be categorized based on rolling element (ball and roller), gear type (internal, external, and ungeared), application (wind and solar energy, aerospace and defense, medical, and others), and regions (North America, Europe, Asia Pacific, Latin America, and Rest of the World).

The objective of the market study is to define the market sizes of different segments and countries and forecast their values in the coming years. The report incorporates both qualitative and quantitative aspects of the industry and provides insights into driving factors, challenges, opportunities, and the competitive landscape.

Please note that the information provided is based on the given text, and the market dynamics may have evolved since the knowledge cutoff date of September 2021.

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