SlewingBearing Market for Wind Turbine: Introduction
TransparencyMarket Research delivers key insights on the global slewing bearingmarket for wind turbine. In terms of revenue, the global slewingbearing market for wind turbine is estimated to expand at a CAGR of 10% duringthe forecast period, owing to numerous factors, regarding which TMR offersthorough insights and forecasts in its report on the global slewing bearingmarket for wind turbine.
The globalslewing bearing market for wind turbine is broadly affected by several factors,including installation of wind turbine in the offshore sector, decline in costof renewable technologies, and ongoing investments in expansion of the windindustry. Furthermore, introduction of stringent regulations to minimize carbonemissions and several benefits associated with green energy, such as costcompetitiveness and low emissions, are some of the factors anticipated topropel the global slewing bearing market for wind turbine.
Slewing Bearing Market for WindTurbine: Dynamics
Industrializationand urbanization have been increasing significantly across the globe since thelast few years. This has boosted the global demand for electricity. More than 22,300 terawattper hour of electricity was consumed in the world in 2019.
The demandfor electricity has increased in China, owing to steady economic growth andrise in industrial demand. In 2019, China consumed 6,510 TWhof electricity, a 4% rise from thatin the previous year. The demand for electricity has also increased in othercountries of Asia Pacific such as India, South Korea, Japan, and Indonesia.
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The demandfor electricity is expected to continue to rise across the globe during theforecast period. The world is focusing on renewable energy to cater to the highdemand 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. Theyare used in pitch and yaw locations in a wind turbine. They are utilized tokeep the blades rotating smoothly. Thus, rise in demand for wind energy isprojected to drive the global slewing bearing market for wind turbine duringthe forecast period.
In terms ofmaterial, the steel segment dominated the global slewing bearing market forwind 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 makesit an ideal material for slewing bearing. Steel offers a number of significantadvantages relative to other materials such as higher strength, durability, andlight weight. These properties of steel make it a preferable option in theslewing bearing market for wind turbine.
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Slewing Bearing Market for WindTurbine: Prominent Regions
The slewingbearing market for wind turbine in Asia Pacific is expected to expandsignificantly during the forecast period, owing to rise in investment inexpansion of wind farms in developing countries such as China and India. Chinadominated the slewing bearing market for wind turbine in Asia Pacific in 2019.
The slewingbearing market for wind turbine in Europe is projected to expand considerablyduring the forecast period. Shift in focus of governments from production ofconventional energy to production of renewable energy is the key factor drivingthe slewing bearing market for wind turbine in the region. The slewing bearingmarket for wind turbine in Middle East & Africa is likely to expand duringthe forecast period, owing to the vast potential of wind energy resources inthe region.
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Slewing Bearing Market for WindTurbine: Key Players
Majorplayers operating in the global slewing bearing market for wind turbine are Liebherr-International AG, SKFGroup, Xuzhou Helin Slewing Bearing Co., Ltd., Rollix, IMO, THE TIMKEN COMPANY,Schaeffler AG, NTN Corporation, thyssenkrupp AG, JTEKT Corporation, and NSKLtd.
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