Global Slewing Drives Market Size To Grow At A CAGR Of 4.5% In The Forecast Period Of 2023-2028
The ‘Global Slewing Drives Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global slewing drives market, assessing the market on the basis of its segments like axis type, gear, application, distribution channel, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.5%
With the increased demand for load transmission components in construction machinery due to the expanding infrastructure development occurring around the world, the machinery used in the construction industry has entered a new maintenance cycle, which is expected to propel the growth of the slewing drives market. Due to a growing need for high precision customisation that can be met by high-quality slewing drives, the industrial sector’s expanding number of facilities, particularly in the automation and energy segment, is anticipated to further fuel market growth.
Major companies in the market are concentrating on developing low-maintenance slewing drives to reduce labour costs in the end-use sectors. The market expansion in the upcoming years is anticipated to be further fuelled by the growing research and development activity for innovative slewing drives materials. The increasing use of the product in solar tracking systems is anticipated to boost the market due to the rising trend towards clean and renewable energy.
Due to the increasing use of slewing drives in applications involving precise motion technology, the slewing drives market has been developing steadily. As a result, they are employed in a wide variety of applications, such as harbour cranes, hydraulic equipment, wind turbines, solar trackers, and high load transporters. Additionally, they are utilised in ship propulsion systems, heavy load manipulators, and crane steering mechanisms.
Slewing Drives Industry Definition and Major Segments
Slewing drive refers to a gearbox that transmits the rotational torque needed while securely holding the axial and radial loads. Specific worm designs, protective enclosures, and other auxiliary components may be included in more advanced slew drives. Slewing drives have the ability to transmit torque for rotations.
Based on axis type, the market is divided into:
• Single Axis
• Dual Axis
• Multiple Axis
By gear, the market is bifurcated into:
• Worm Gear
• Spur Gear
On the basis of application, the market is segmented into:
• Solar Tracker
• Man Lifts
• Wind Turbines
• Hydraulic Machinery
• Drilling Equipment
Based on distribution channel, the market is divided into:
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Slewing Drives Market Trends
The slewing drives market is anticipated to be driven by the expanding solar energy and construction industries. Due to the expanding construction sector and increasing industrialisation in the region, the Asia Pacific is a significant region for the market. By expanding their reach and developing their resources in these regions, the manufacturers hope to grow their businesses.
Sales revenue in the slewing drives market has increased as a result of the expanding use of slewing drives in renewable energy applications, particularly wind and solar trackers. Another major factor fuelling the market is the progress made by the manufacturing industry around the globe. The demand for precise motion technologies like slewing drives has also been boosted by the policies of various governments promoting manufacturing.
Additionally, the surge of automation in developing economies has opened up significant opportunities for the global market for slewing drives. The market for slewing drives has also grown as a result of advances made in the adoption of heavy machine construction.
Key Market Players
The major players in the global slewing drives market report are Dana SAC UK Ltd., Cone Drive Operations Inc., Kavitsu Bearings, TGB Group, EngNetGlobal, IMO Holding GmbH, and Cleveland Gear Company, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.