North America Slewing Bearing Market
The slewing bearings market in North America is further segmented into the US, Canada, and Mexico. Favorable environment for the development and adoption of modern technologies as well as favorable government policies, high GDP, and GDP per capita, vast industrialization, developed infrastructure, and robust healthcare industry make North America one of the prominent regions for the slewing bearing market players. The use of renewable sources of energy is gaining significant traction in the industrial, commercial, and residential sector, which can be mainly attributed to the increasing focus on curtailing carbon emission. For instance, the headquarters of Apple Inc. in California, US, runs completely on renewable energy. Also, Tesla Gigafactory in Nevada, US, is designed to run completely using clean energy. Moreover, the governments of North American countries also provide benefits in form tax incentives and subsidiaries for encouraging consumers to use clean energy. North America has several aerospace and defense industry players. A few of the leading manufacturers in this industry include Northrop Grumman, Gulfstream Aerospace, The Blue Origin, SpaceX, Boing, Textron, Bombardier, Lockheed Martin, and GE. These aircraft original equipment manufacturers (OEMs) have various manufacturing facilities across the region, and each facility has noteworthy production capacity. The US manufacturing industry produces ~18.2% of the world’s goods. At present, Canada is becoming a preferred destination for manufacturing companies, with improving numbers for coal, metal, and oil industry. The country’s manufacturing sector holds huge potential for its economic growth. Innovative technologies are not merely opening new markets for the country’s goods, instead they are changing the process of production of these goods. Companies in Canada are investing in new technologies and advanced machinery for ensuring long-term success. Further, mining regulations relaxed by the Trump Administration is encouraging mining activities in North America, thereby boosting the slewing bearing market growth.
The increasing number of COVID-19 cases has led governments of North American countries to shut down nation’s borders during Q2 of 2021. Manufacturing facilities are either temporarily shut or are operating with limited staff strength. Moreover, the supply chains of components and parts are disrupted. The US is the largest market for slewing bearings, especially due to its technologically advanced aerospace & defense and manufacturing sectors. However, the COVID-19 outbreak has severely affected production and revenue generation due to lowered production volumes. Thus, the COVID-19 pandemic continues to have a negative impact on the growth of the slewing bearings market in North America
Strategic insights for the North America Slewing Bearing provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 968.03 Million |
| Market Size by 2028 | US$ 1,300.35 Million |
| Global CAGR (2021 - 2028) | 4.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Rolling Element
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Slewing Bearing refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The slewing bearing market in North America is expected to grow from US$ 968.03 million in 2021 to US$ 1,300.35 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028. Growing preference for renewable energy; owing to increasing concerns about climate change, governments and corporates are taking various initiatives for fostering sustainable practices. Such initiatives include promoting recyclable products and harnessing clean energy. These energy sources are considered the cheapest sources of clean energy as the operational & maintenance cost of is restively less. Slewing bearings are used in altitude-azimuth mountings and gear boxes of solar panels as well as in wind turbines of windmill. Thus, the increase in importance of clean energy, coupled with the growing deployment of onshore and offshore solar and wind farms, is expected to bolster the slewing bearings market growth during the forecast period.
Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of North America 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 North America slewing bearing market in 2020.
A few major primary and secondary sources referred to for preparing this report on the slewing bearing market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr, NTN Corporation, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, THE TIMKEN COMPANY, and Emerson Bearing Company among others.
The North America Slewing Bearing Market is valued at US$ 968.03 Million in 2021, it is projected to reach US$ 1,300.35 Million by 2028.
As per our report North America Slewing Bearing Market, the market size is valued at US$ 968.03 Million in 2021, projecting it to reach US$ 1,300.35 Million by 2028. This translates to a CAGR of approximately 4.3% during the forecast period.
The North America Slewing Bearing Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Slewing Bearing Market report:
The North America Slewing Bearing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Slewing Bearing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Slewing Bearing Market value chain can benefit from the information contained in a comprehensive market report.
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