Market Introduction
The slewing bearing market in the Middle East and Africa (MEA) is further segmented into Turkey, South Africa, and Rest of the MEA. The region has a large number of oil & gas refineries, and the ever-growing oil demand boosts the demands for tools used at the oil & gas exploration and extraction sites. This is the key factor contributing to the slewing bearings market growth in the MEA. The slewing bearings are also used predominantly in the renewable energy sector. The investments of Middle East in renewables reached USD 11 billion in 2016 from USD 1.2 billion in 2008, with a nine-fold increase. Several countries in the region have now become world leaders in terms of the development of renewable energy. The region attained world-record solar prices in recent auctions with 17.8 USD/MWh for the Sakaka project in Saudi Arabia, and 24.2 and 29.9 USD/MWh in Abu Dhabi and Dubai, respectively. Collins Aerospace is extending its footprint in the MEA, with increasing investments and forging new ties in the region; the MEA is one of the fastest growing markets for the aerospace and defense industry players. Also, mining sector in the region is growing rapidly with the surge in foreign investments. The proliferation of these sectors is boosting the demand for slewing bearings. Thus, despite the limited presence of major players, the MEA has huge market potential for the future growth of the market. The COVID-19 pandemic impacted the economy of the region due to disrupted manufacturing and other activities in 2020; however, it is likely to recover quickly with the gradual resumption of activities in different industries in 2021. High investments in various sectors would support the region in mitigating the ill-effects of this pandemic.
The Middle East and Africa slewing bearings market is majorly impacted due to the COVID-19 pandemic as country borders were closed and the supply chain of several industrial equipment and components was disturbed. This has led to the decline in revenue among the slewing bearings manufacturers and distributors offering their products to manufacturing, oil & gas, and aerospace & defense industries. However, with the ease in restrictions, the manufacturing of slewing bearing gained traction and witnessed a steady adoption rate in the Q1 of 2021.
Market Overview and Dynamics
The slewing bearing market in Middle East and Africa is expected to grow from US$ 252.75 million in 2021 to US$ 369.84 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028. Growing defense budgets owing to the increasing concerns about national security, governments are allocating greater funds to strong-arm their defense forces. Higher military budget allocations enable the military forces to focus on the development of robust arms and ammunition, indigenous technologies, communication system, and various other technologies. Currently, communication and combat system modernization practices are peaking among most military forces, as a significant percentage of defense budget is spent on procuring advanced weapons and electronic equipment such as combat tanks, missile systems, and communication systems. The slewing bearings are widely used turrets of combat tanks, missile launchers, precision radar antennas, communication antennae, and gun mounts. Thus, increasing defense budgets in different countries are driving the slewing bearing market growth.
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 Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa 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, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY, and Emerson Bearing Company among others.
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Middle East and Africa SLEWING BEARING MARKET SEGMENTATION
By Rolling Element
By Gear Type
By Application
By Country
Company Profiles