Industrial Machinery Segment to Dominate APAC Slewing Bearing Market during 2020–2028

According to a new market research study on “APAC Slewing Bearing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Rolling Element, Gear Type and Application” is expected to reach US$ 2,390.20 million by 2028 from US$ 1,556.89 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the APAC slewing bearing market along with the drivers and restraints pertaining to the market growth. Growing preference for renewable energy is the major factor driving the growth of the APAC slewing bearing market. However, fluctuating raw material prices hinder the growth of APAC slewing bearing market.

APAC is characterized by the presence of several developing countries, positive economic outlook, and huge industrial sector, in addition to the largest share of global population. These factors make APAC a major region for the growth of the slewing bearings market. The shutdown of various plants and factories in many countries in APAC has affected the supply chains and negatively impacted the manufacturing processes, delivery schedules, and product and service sales. APAC is a global manufacturing hub with countries such as China, Japan, and South Korea leading the global manufacturing sector. Disruptions in supply chains and manufacturing activities have led to the discontinuation of the production of new slewing bearings, which is hindering the market growth. Meanwhile, the initiation of vaccination drive coupled with the reopening of economies is expected to drive the slewing bearing market and help it register positive growth from the Q1 of 2021.

The APAC slewing bearing market is segmented on the bases of gear type, rolling element, application, and country. Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of APAC slewing bearing market throughout the forecast period. Based on rolling element, the slewing bearing market is segmented into ball and roller. The ball segment held a larger market share throughout the forecast period. Based on application, the slewing bearing market is segmented into wind and solar energy, aerospace & defense, medical, industrial machinery, oil & gas, mining, and others. The industrial machinery segment accounted for a major share of the APAC slewing bearing market. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the rest of APAC. China accounted for a major share of the APAC slewing bearing market in 2020

Antex corp., IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr, NTN Corporation, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, and THE TIMKEN COMPANY, are among the leading companies in the APAC slewing bearing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Schaeffler's new XZU conical thrust cage needle roller bearing is used as an articulated arm bearing and as a major bearing support for Schaeffler's new RTWH precision gearbox in lightweight and collaborative robots.

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