Overview of Global Slewing Drive Market Analysis
The global slewing drives market attained a value of USD 2 billion in 2020. The slewing drives market is further expected to grow in the forecast period of 2021-2026 at a CAGR of 4.5% to reach USD 2.7 billion by 2026.
The slewing drives market is expected to be driven by the rising construction sector and a growing adoption of solar-powered energy alternatives. The Asia Pacific is a key market in the industry due to the rising construction industry and growing industrialisation within the region. The single axis slewing drives dominated the regional market in 2020.
The slewing drive refers to a gearbox that transmits a torque required for rotation while keeping the axial and radial loads held safely.
Based on its axis types, the slewing drives market can be segmented into:
By gear, the industry can be bifurcated into:
The slewing drives market can be broadly categorised on the basis of its applications segments into:
With the growing infrastructural development taking place across the world, the machinery involved in the construction sector has entered a new maintenance cycle, which is expected to drive the growth of the slewing drives market due to a growing demand for load transmission components in construction machineries. The rising number of facilities in the manufacturing sector, especially in the automation and energy segment, is expected to further drive the growth of the market due to a growing demand for high precision customisation that can be delivered by high-quality slewing drives. Major players in the industry are focussing on creating low-maintenance slewing drives to decrease the labour costs in the application and end-use sectors. The rising R&D activities for new slewing drives materials are expected to propel the market growth in the coming years further. With a growing shift towards sustainable and renewable energy, the market is expected to be driven by the rising application of the product in solar tracking systems.
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