Market Introduction
The slewing bearing market in Europe is sub segmented into France, Germany, Russia, Italy, the UK, and the rest of Europe. The region is witnessing several significant investments in its oil & gas sector. North Sea continues to be one the prime sources for the oil & gas sector in Europe; currently, there are several projects in pipeline in the region. A few of the recent or ongoing projects include the Johan Sverdrup and Johan Castberg fields in Norway, and Aphrodite Gas Field in Cyprus. The manufacturing sector is crucial for the prosperity of Europe. The region has significantly upgraded its industries as per the industry 4.0 standards. The European Commission is focusing on raising the R&D funding to reinforce the competitiveness of its manufacturing sector as well as to continue its global technological leadership. Moreover, Europe has a strong aerospace and defense industry, as it hosts the manufacturing facilities of a few of the major aircraft manufacturers, including Cobham Plc, Airbus, Dassault Aviation, Leonardo, and Thales Group. The presence of such leading players has paved the way for the advancements in military and civil aircraft and helicopters. To curtail the carbon emissions, the governments as well as corporates are investing significantly in renewables, which mainly includes solar and wind farms. Furthermore, in the European Union has set an ambitious goal of becoming carbon neutral by 2050. For instance, the UK government announced to invest USD$208 million to bolster the production of next-gen wind turbines. In April 2020, a 620 MW of solar grid was deployed in Germany. Further, Europe is highly inclined toward public safety and environmental protection, which has highlighted the importance of appropriate wastewater management practices in the region. Since 1995, more than 80% of the population has been connected to wastewater treatment plants; moreover, more 70% of city wastewater receives tertiary treatment in Northern Europe. Since 1995, the rate of connection to wastewater treatment increased to 97%, with 75% receiving tertiary treatment in central part of Europe. The COVID-19 outbreak marginally hindered the adoption of slewing bearings in Europe in 2020 owing to containment measures enacted by government, such business shutdown and lockdown. Nevertheless, with the reopening of economies and initiation of vaccination drives, the slewing bearings market is likely to regain its pace from 2021.
Russia reported the highest number of COVID-19 cases in Europe, followed by France, the UK, and Italy. Owing to the implementation of containment measures such as travel restrictions, shutdown of manufacturing facilities and businesses in the region, the slewing bearing market witnessed a crunch from the supply side. Moreover, containment measures affected the operation of end users of slewing bearings, which subsequently impacted the market from the demand side. However, as containment measures were relaxed, the slewing bearing market started witnessing positive growth from the Q1 of 2021.
Market Overview and Dynamics
The slewing bearing market in Europe is expected to grow from US$ 1,118.56 million in 2021 to US$ 1,579.08 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028. Proliferation of industrial automation; Manufacturers are adopting automation solutions for the optimization of business operations. Industrial automation involves implementation of robotic systems and advanced technologies to perform various manufacturing and distribution processes. Industrial automation benefits plant operators through high productivity, information accuracy, output quality, safety, and flexibility. The rise in industrial automation along with the advent of new technologies such as computer-aided manufacturing (CAM), computer numerical control (CNC), Servo Drive technology-based automation, and rapid prototyping are subsequently contributing to the adoption of slewing bearings. Slewing bearings are widely used in the automated industrial robots and machinery. Thus, the rise in automation in the manufacturing sector is encouraging the emergence of new future trends in the slewing bearing market.
Key Market Segments
Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of Europe 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 Europe slewing bearing market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the slewing bearing market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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, among others.
Reasons to buy report
EUROPE SLEWING BEARING MARKET SEGMENTATION
By Rolling Element
By Gear Type
By Application
By Country
Company Profiles