Slewing Bearing Market for Wind Turbine: Introduction
Transparency Market Research delivers key insights on the global slewing bearing market for wind turbine. In terms of revenue, the global slewing bearing market for wind turbine is estimated to expand at a CAGR of 10% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global slewing bearing market for wind turbine.
The global slewing bearing market for wind turbine is broadly affected by several factors, including installation of wind turbine in the offshore sector, decline in cost of renewable technologies, and ongoing investments in expansion of the wind industry. Furthermore, introduction of stringent regulations to minimize carbon emissions and several benefits associated with green energy, such as cost competitiveness and low emissions, are some of the factors anticipated to propel the global slewing bearing market for wind turbine.
Slewing Bearing Market for Wind Turbine: Dynamics
Industrialization and urbanization have been increasing significantly across the globe since the last few years. This has boosted the global demand for electricity. More than 22,300 terawatt per hour of electricity was consumed in the world in 2019.
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The demand for electricity has increased in China, owing to steady economic growth and rise in industrial demand. In 2019, China consumed 6,510 TWh of electricity, a 4% rise from that in the previous year. The demand for electricity has also increased in other countries of Asia Pacific such as India, South Korea, Japan, and Indonesia.
The demand for electricity is expected to continue to rise across the globe during the forecast period. The world is focusing on renewable energy to cater to the high demand for electricity. Wind energy is a prominent source of renewable energy. Investments in the production of wind energy have increased across the world. Slewing ring bearings play a vital role in the production of wind power. They are used in pitch and yaw locations in a wind turbine. They are utilized to keep the blades rotating smoothly. Thus, rise in demand for wind energy is projected to drive the global slewing bearing market for wind turbine during the forecast period.
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In terms of material, the steel segment dominated the global slewing bearing market for wind turbine in 2019. The segment is anticipated to expand at a CAGR of 10.2% between 2020 and 2030. Steel has a unique combination of properties that makes it an ideal material for slewing bearing. Steel offers a number of significant advantages relative to other materials such as higher strength, durability, and light weight. These properties of steel make it a preferable option in the slewing bearing market for wind turbine.
Slewing Bearing Market for Wind Turbine: Prominent Regions
The slewing bearing market for wind turbine in Asia Pacific is expected to expand significantly during the forecast period, owing to rise in investment in expansion of wind farms in developing countries such as China and India. China dominated the slewing bearing market for wind turbine in Asia Pacific in 2019.
The slewing bearing market for wind turbine in Europe is projected to expand considerably during the forecast period. Shift in focus of governments from production of conventional energy to production of renewable energy is the key factor driving the slewing bearing market for wind turbine in the region. The slewing bearing market for wind turbine in Middle East & Africa is likely to expand during the forecast period, owing to the vast potential of wind energy resources in the region.
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Slewing Bearing Market for Wind Turbine: Key Players
Major 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, and NSK Ltd.
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