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.
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.
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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.
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.
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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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