REPORT HIGHLIGHT
Slewing drives market size was valued at USD 2,108.9 Million in 2022, expanding at a CAGR of 6.3% from 2023 to 2030.
Slewing drives are known as gearboxes with two to four universal stages. These drives use a planetary gear unit that is adaptable, robust, and compact. Additionally, slewing drives are improved for the best conceivable tooth flank & root load capacity and minimum sliding speeds. Moreover, while winding stresses are kept within boundaries to offer, their design optimizes torque performance volume and radial load capacity, resulting in the perfect meshing between the gear and pinion. These factors lead to drive the demand for the market during the forecast period.
Slewing Drives Market- Market Dynamics:
- An increase in the automation and energy segments propel the market demand.
- Sales revenue in the slewing drives market has grown owing to the rising utilization of slewing drives into renewable energy gears; especially wind energy and solar trackers. The key trend driving the market is strides create by the manufacturing industry in numerous parts of the world. Moreover, in developing and developed nations various government regulations that support manufacturing policies have catalyzed demand for precision motion technologies such as slewing drives.
- Additionally, due to the increasing number of facilities in the manufacturing sector, particularly in the automation and energy segments, a rising growth for high-precision customization, which high-quality slewing movements can meet, is expected to boost market expansion. However, the high cost of maintenance of heavy machinery that requires slewing drives has also hindered the rapid growth of the slewing drives market. Furthermore, the Slewing Drives need is increasing as consumers become more aware of wind and solar energy. In line with this, increase in industrial uses, more pumps and crane equipment are being purchased which has fueled the demand for slew drives.
Slewing Drives Market- Key Insights:
- As per the analysis shared by our research analyst, the global slewing drives market is estimated to grow annually at a CAGR of around 6.3% over the forecast period (2023-2030)
- The slewing drives industry is projected to grow at a significant rate due to the rising utilization of slewing drives into renewable energy Gears
- Based on axis types segmentation, multiple-axis was predicted to show maximum market share in the year 2022
- Based on gear segmentation, worm gear was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Slewing Drives Market- Segmentation Analysis:
- The global slewing drives market is segmented on the basis of axis types, gear, application, and region.
- The market is divided into three categories based on axis types: multiple axis, dual axis, and single axis. The multiple-axis segments are likely to maintain their dominance over the forecast period. These slewing drives are a type of drive that employed two or more axes to move the robot. Additionally, for tasks like welding or moving parts around a machine, this allows the robot to move in various directions at once. They're also commonly utilized in industrial applications, where they're required to transport heavy objects.
- The market is divided into two categories based on gear: spur gear and worm gear. The worm gear segment is attributed to dominate the market during the forecast period. It is a type of gear mechanism consisting of a worm wheel (a gear wheel with helical teeth) and a worm (a screw-like shaft). The worm is turned when the worm wheel rotates. High gear reduction ratios and mechanical advantage are two characteristics worm gears are known for
- The market is divided into six categories based on application: cranes, solar trackers, man lifts, hydraulic machinery, wind turbines, drilling equipment, and others. The solar tracker segment is likely to possess the largest revenue share. Swing drives with low power consumption are preferred by various automotive manufacturers, particularly for electric vehicle applications due to their reduced size compared to conventional Servo motors, as the rising importance of clean air worldwide has led to a growing focus on reducing emissions from vehicles.
Slewing Drives Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Slewing Drives Market- Competitive Landscape:
Manufacturers are concentrating on heavy load manipulators and other slewing drive units that generate low heat even when there is a lot of force transfer. In order to introduce good in the slewing drives with vast efficiency improvements and better design, market players have been actively conducting R & D activities for unveiling products. Various players have also focused on providing tailored solutions to numerous end-use industries. They are also interested in developing slewing drives with a modular design. Key players are adopting several strategies to gain a foothold in the market including mergers & acquisitions, collaboration, new product launches, and partnerships.
Recent Developments:
For instance, in March 2921, Liebherr develops an innovative sailing system that is intended to revolutionize commercial shipping. Up to 40 meters in height, futuristic metal sails serve as propulsion support for cargo ships.
Key features of the study:
- This proposed research study on slewing drives market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the slewing drives market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for slewing drives market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the slewing drives market.
- Impact of COVID-19 on slewing drives market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on slewing drives market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the slewing drives market, we have also included competitive landscape and key innovator analysis for the slewing drives market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the slewing drives market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global slewing drives market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SLEWING DRIVES MARKET KEY PLAYERS
- Parker Hannifin Group
- Liebherr Group
- Fenghe
- ThyssenKrupp
- Luoyang SBI Special Bearing Co.
- AKSH Manufacturing Pvt. Ltd
- IMO Group
- La Leonessa
- The Timken
- NBC Group Ltd
- Kavitsu Robotronix Pvt. Ltd
- Comer Industries
- Bonfiglioli Riduttori SpA
- Cleveland Gear Company
GLOBAL SLEWING DRIVES MARKET, BY AXIS TYPES
- Multiple Axis
- Dual Axis
- Single Axis
GLOBAL SLEWING DRIVES MARKET, BY GEAR
GLOBAL SLEWING DRIVES MARKET, BY APPLICATION
- Cranes
- Solar Tracker
- Man Lifts
- Hydraulic Machinery
- Wind Turbines
- Drilling Equipment
- Others
GLOBAL SLEWING DRIVES MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA