Report : South America Slewing Bearing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Rolling Element (Ball and Roller), Gear Type (Internal Gear, Ungeared, and External Gear), and Application (Wind and Solar Energy, Aerospace and Defense, Medical, Industrial Machinery, Oil and Gas, Mining, and Others)
Industrial Machinery Segment to Dominate South America Slewing Bearing Market during 2020–2028
According to a new market research study on “South America 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$ 191.70 million by 2028 from US$ 128.82 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The report provides trends prevailing in the SAM 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 SAM slewing bearing market. However, fluctuating raw material prices hinder the growth of SAM slewing bearing market.
Currently, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, and Peru, in South America. Governments of several countries in SAM have initiated several actions to protect their citizens and contain COVID-19 spread. Brazil is home to the largest manufacturing industries among all SAM countries, and it is also the only modern aircraft manufacturing country in the region. The slowdown in aerospace, manufacturing, oil & gas operations in the SAM has impaired the supply chain. This has hampered the demand for several industrial components, including slewing bearings. Thus, the outbreak of COVID-19 has had a negative impact on the South American slewing bearings market
The South America 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 South America 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 South America slewing bearing market. Based on country, the market is segmented into Brazil, Argentina, the rest of SAM. Brazil accounted for a major share of the South America slewing bearing market in 2020
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 South America 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 Timken Expands Manufacturing Footprint in the Americas.
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