Increasing Pressure to Minimize Carbon Footprint and High Demand for Green Energy to Aid Market Growth

The past couple of decades has witnessed a considerable rise in the interest toward renewable energy. Evolving regulatory landscape, increasing global pressure on various industries to minimize carbon footprint, and rising support from the governments toward the adoption of green energy are some of the critical factors that have paved the way for green technologies. In the wake of the growing demand for clean and green energy alternatives, wind turbines have emerged as one of the most efficient and effective sources of energy worldwide– a factor that is expected to have a direct influence on the demand for slewing bearing market for wind turbine in the upcoming years.

Notable rise in the number of wind energy projects around the world, advancements in technology, and increasing focus on research and development activities to improve the efficiency of wind turbines are other factors anticipated to have a strong impact on the global slewing bearing market for wind turbine during the forecast period. Slewing bearing is primarily used to manage heavy loads for slow applications and large equipment, including construction cranes and earth excavators. Over the past couple of decades, the demand for slewing bearing market for wind turbine has witnessed a considerable spike due to which, the global slewing bearing market for wind turbine is expected to exhibit a positive growth rate in the upcoming years.

At the back of these factors, the global slewing bearing market for wind turbine is expected to surpass the US$ 3.1 Bn mark by the end of 2030.

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Increasing Focus on Improving Wind Turbine Life

A number of wind turbine projects has taken shape across the world over the past decade due to the growing demand for sustainable and clean energy. At present, players involved in the wind energy sector are increasingly focusing on improving the wind turbine life by improving the designs of wind turbines as well as utilizing lightweight & energy-efficient components. In addition, several wind turbine companies are opting for advanced slewing bearing upgrades to improve the wind turbine life due to which, the slewing bearing market for wind turbine is projected to witness growth in the upcoming years. In addition, as increasing number of companies continues to focus on improving the operational life of wind turbines and minimize downtime, the demand for slewing bearing market for wind turbine will grow. A number of players involved in the current market landscape are offering yaw and pitch gearboxes for wind energy applications that are primarily made from reliable components including slewing bearings. The reliability and efficiency of a rotor blade largely relies on the design and the quality of the components used due to which, a number of manufacturers involved in the current global slewing bearing market landscape is highly inclined toward improving the quality of their wind turbine components.

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Demand to Remain Sluggish amid COVID-19 Pandemic

The onset of the novel COVID-19 pandemic is expected to have a moderate impact on the overall growth of the slewing bearing market for wind turbine. The overall investments toward the renewable energy sector around the world has witnessed a considerable drop in 2020 due to the ongoing COVID-19 pandemic. However, investments are likely to increase toward the end of 2020 and the energy sector could potentially create millions of new jobs worldwide. Despite the sluggish growth rate in 2020, the green energy sector continues to emerge as a safe investment alternative for investors due to which, the global slewing bearing market for wind turbine is expected to grow at a commendable pace in the post COVID-19 era.

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Analysts’ Viewpoint

The global slewing bearing market for wind turbine is anticipated to grow at an impressive CAGR of 10% during the forecast period. The market growth is primarily driven by factors including growing demand for clean and green energy, increasing focus on improving the operational life of wind turbines, significant rise in the number of wind turbine projects worldwide, and support of governments worldwide. Market players should focus on improving the quality of their products by improving the designs of their products and making use of energy-efficient materials.

Slewing Bearing Market for Wind Turbine: Overview

  • According to Transparency Market Research’s latest research report on the global slewing bearing market for wind turbine for the historical period 2019 and the forecast period of 2020 to 2030, increase in installation of wind turbine in order to cater to the rising demand for electricity is a key factor expected to boost the global slewing bearing market for wind turbine during the forecast period. Slewing bearing is used in pitch and yaw locations in a wind turbine in order to help the blades rotate smoothly.
  • In terms of revenue, the global slewing bearing market for wind turbine is projected to surpass US$ 3.1 Bn by 2030, expanding at a CAGR of 10% during the forecast period. In terms of type, pitch bearing is anticipated to be highly lucrative segment of the global slewing bearing market for wind turbine opportunity during the forecast period.

Rise in Awareness about Green Energy: Key Driver of Slewing Bearing Market for Wind Turbine

  • Rise in awareness about green energy and implementation of stringent government rules and regulations on emission of greenhouse gases (GHGs) are compelling companies to introduce highly effective and pollution-free energy generation methods. This is driving the global slewing bearing market for wind turbine.
  • Wind energy is a prominent alternative for energy generated from fossil fuels. The process of energy generation from fossil fuels leads to emission of greenhouse gases (GHGs), which can adversely affect the environment through global warming, air pollution, and land pollution. Thus, increase in awareness about green energy and enactment of stringent government rules and regulations are expected to boost the demand for wind energy in the near future. This is anticipated to propel the slewing bearing market for wind turbine during the forecast period.

Increase in Applications of Slewing Bearing in Offshore Wind Farm

  • Companies around the globe have been investing significantly in the development of offshore wind farms since the last few years. The global share of installed capacity of offshore wind farm increased from 1% in 2009 to more than 10% in 2019.
  • Almost 6.0 GW of new offshore wind capacity was added in 2019; most of this was concentrated in China (close to 37% of the total), with much of the growth in capacity in the U.K. (29%) and Germany (18%)
  • According to the International Renewable Energy Agency (IRENA), the offshore market is estimated to expand significantly over the next three decades, with total installed offshore wind capacity rising nearly 10 times from just 29 GW in 2019 to 228 GW in 2030 and about 1,000 GW in 2050. Offshore wind is estimated to represent nearly 17% of the total global installed wind capacity of 6 044 GW in 2050. Thus, development of offshore wind farm is projected to propel the slewing bearing market for wind turbine in the near future.
  • Slewing bearing allows the required oscillation to control the load and power of the wind turbine in a wind farm. This application of slewing bearing in wind farm plays a significant role in the growth of the slewing bearing market for wind turbine.

Slewing Bearing Market for Wind Turbine: Competition Landscape

  • Detailed profiles of companies operating in the global slewing bearing market for wind turbine have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global slewing bearing market for wind turbine are
    • Liebherr-International AG
    • SKF Group
    • Xuzhou Helin Slewing Bearing Co., Ltd.
    • Rollix, IMO
    • THE TIMKEN COMPANY
    • Schaeffler AG
    • NTN Corporation
    • thyssenkrupp AG
    • JTEKT Corporation
    • NSK Ltd.

Slewing Bearing Market for Wind Turbine: Strategic Partnerships

  • Prominent companies operating in the global slewing bearing market for wind turbine, such as THE TIMKEN COMPANY., thyssenkrupp AG, and SKF Group, are focusing on strategic partnerships and acquisition activities to expand their global footprint. Other key strategies in the global slewing bearing market for wind turbine market are highlighted below:
  • In September 2020, SKF Group invested US$ 50 Mn to strengthen its manufacturing footprint and competitiveness in North America; of this, approximately US$ 28 Mn is being invested in expanding and automating manufacturing processes at the Group’s factory in Sumter, South Carolina, the U.S.
  • In August 2018, Timken India Ltd, a subsidiary of The Timken Company, which is a global leader in engineered bearings and power transmission products, completed the previously announced acquisition of India-based ABC Bearings Ltd, a manufacturer of tapered, cylindrical, and spherical roller bearings and slewing bearings
  • In the global slewing bearing market for wind turbine report, we have discussed individual strategies, followed by company profiles of providers of slewing bearing for wind turbine. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global slewing bearing market for wind turbine.

Slewing Bearing Market for Wind Turbine – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global slewing bearing market for wind turbine to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global slewing bearing market for wind turbine in order to identify opportunities for stakeholders. The report also provides insightful information about how the global slewing bearing market for wind turbine would expand during the forecast period of 2020 to 2030.

The report offers intricate dynamics about different aspects of the global slewing bearing market for wind turbine, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the global slewing bearing market for wind turbine during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global slewing bearing market for wind turbine and estimates statistics related to the market in terms of value (US$ Mn).

This study covers detailed segmentation of the global slewing bearing market for wind turbine, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global slewing bearing market for wind turbine, wherein various development, expansions, and winning strategies practiced by these players have been presented in detail.

Slewing Bearing Market for Wind Turbine – Segmentation

TMR’s research study assesses the global slewing bearing market for wind turbine based on type, material, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global slewing bearing market for wind turbine.

Key Questions Answered in TMR’s Report on Slewing Bearing Market for Wind Turbine

The report provides detailed information about the global slewing bearing market for wind turbine on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.

  • Which type segment of the global slewing bearing market for wind turbine would emerge as a major revenue generator during the forecast period?
  • Which material segment of the global slewing bearing market for wind turbine would emerge as a major revenue generator during the forecast period?
  • Which application segment of the global slewing bearing market for wind turbine would emerge as a major revenue generator during the forecast period?
  • How are key market players successfully earning revenues in the global slewing bearing market for wind turbine?
  • What would be the Y-o-Y growth trend of the global slewing bearing market for wind turbine between 2019 and 2030?
  • What are the winning imperatives of leading players operating in the global slewing bearing market for wind turbine?

Research Methodology – Slewing Bearing Market for Wind Turbine

The research methodology adopted by analysts for compiling the report on the global slewing bearing market for wind turbine is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global slewing bearing market for wind turbine.

During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global slewing bearing market for wind turbine.

For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global slewing bearing market for wind turbine.

Slewing Bearing Market for Wind Turbine – Segmentation

TMR’s research study assesses the global slewing bearing market for wind turbine based on type, material, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global slewing bearing market for wind turbine.

Type

  • Yaw Bearing
  • Pitch Bearing

Material

  • Steel
  • Aluminum
  • Others (including Titanium and Brass)

Application

  • Onshore Wind Farm
  • Offshore Wind Farm

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Slewing Bearing For Wind Turbine Market

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