Internal Gear Segment to Dominate Europe Slewing Bearing Market during 2020–2028

According to a new market research study on “Europe Slewing Bearing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Rolling element, Gear Type and Application” is expected to reach US$ 1,579.08 million by 2028 from US$ 1,118.56 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report provides trends prevailing in the Europe slewing bearing market along with the drivers and restraints pertaining to the market growth. Surging mining industry is the major factor driving the growth of the Europe slewing bearing market. However, varying raw material prices may   hinder the growth of Europe slewing bearing market.

Russia reported the highest number of COVID-19 cases in Europe, followed by France, the UK, and Italy. Owing to the implementation of containment measures such as travel restrictions, shutdown of manufacturing facilities and businesses in the region, the slewing bearing market witnessed a crunch from the supply side. Moreover, containment measures affected the operation of end users of slewing bearings, which subsequently impacted the market from the demand side. However, as containment measures were relaxed, the slewing bearing market started witnessing positive growth from the Q1 of 2021.

The Europe slewing bearing market is segmented on the bases of gear type, rolling element, application, and country. Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of Europe slewing bearing market throughout the forecast period. Based on rolling element, the slewing bearing market is segmented into ball and roller. The ball segment held a larger market share throughout the forecast period. Based on application, the slewing bearing market is segmented into wind and solar energy, aerospace & defense, medical, industrial machinery, oil & gas, mining, and others. The industrial machinery segment accounted for a major share of the Europe slewing bearing market in 2020. Based on country, thea market is segmented into Germany, France, Italy, Russia, UK, and the rest of Europe. Germany accounted for a major share of the Europe slewing bearing market in 2020

IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr, NTN Corporation, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, and THE TIMKEN COMPANY, are among the leading companies in the Europe slewing bearing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, For many years, the German IMO Group, a designer and manufacturer of slewing rings and self-contained slew drives, has sold to the UK market. IMO has launched a sales office in Huddersfield, UK, to better serve its customers in the United Kingdom and Ireland.

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