Analyzing the Rising Prominence of Slewing Bearings in Industrial Applications and Processes

Highlights:

• Introduction
• Advantages of slewing bearings
• M&A deals and product launches in the market

Slewing bearings, or slewing rings, are large-sized ball or roller bearings that have a high load carrying capacity for slow rotary or oscillating motions. Also called turntable bearings, this machine typically features an inner and outer ring, a cage, rollers and balls, and some gear teeth. Their ability to transmit heavy loads in axial and radial motions makes them an essential component of wind power generation systems, medical equipment, robotics solutions, trailers, rotating solar energy panels, etc. Moreover, the use of slewing bearings in the construction, mining, and port management industries has increased significantly in the past few years.

Growing utility of slewing bearings strengthening the position of the industry

The growing applicability of slewing bearings in various end-use sectors like healthcare, manufacturing, and construction is expected to help the industry gather a revenue of $7.2 billion by 2033. The market accounted for $4.3 billion in 2023 and is anticipated to surge at a CAGR of 5.3% during 2024-2033. Technological advancements such as IoT integration are anticipated to increase the footprint of the sector in the coming period.

The first and foremost reason behind the increasing use of slewing bearings is their ability to handle large loads and provide 360-degree joint support in complicated systems, thus helping the concurrent movement of machines on multiple axes. Moreover, the friction offered by these rings is significantly lower than other components, as no shafts or spindles are involved in their movement. This enhances the energy efficiency of the load transportation processes and brings down the cost of operations, improving the overall profitability of the business. Moreover, the lifespan of the bearing is also increased as there is no wear and tear of components, thereby minimizing the expenses related to repair and maintenance. The stability and stiffness demonstrated by turntable bearings make them ideal for military and defense applications, wherein directing heavy loads toward a target with precision becomes important. Hence, slewing bearings have become a major raw material for tank turrets, missile launchers, and other such equipment.

Strategic alliances and product launches boosting revenue share of the industry

Over the last few years, several businesses have signed M&A deals with other companies to strengthen their foothold and consolidate their position in the industry. For instance, in December 2021, Luoyang Xinqianglian Slewing Bearing Co., Ltd., a machine industry company, announced that it had acquired a 55% stake in Luoyang Haozhi Machinery Co., Ltd., a power generation equipment supplier. The acquisition by Luoyang Xinqianglian Slewing Bearing was aimed at improving the operational capabilities of the company. The resource and technology transfer that took place after this business move helped the firm expand its product portfolio and cater to the demands of its consumer base holistically.

On the other hand, certain companies have invested in R&D projects and launched innovative products in the market to increase their footprint in the industry. For example, in May 2022, Igus, a polymer manufacturing company, unveiled PRT-04, a slewing ring specifically built for lightweight load-bearing systems. The press release issued by the company highlighted that the new product is 60% lighter than its predecessor, making it ideal for a wide range of applications and industrial processes.

In summary, the slewing bearing industry is expected to witness substantial growth in the coming period due to the surge in the use of these components in different industrial machines. Their rising applicability in transportation, construction, healthcare, and military applications has boosted the revenue share of the market drastically. The launch of innovative products and the strategic alliances among multinational companies have opened new avenues for the growth of the sector.

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