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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Slewing Drives Market Outlook
The global slewing drives market attained a value of USD 2.30 billion in 2023. The slewing drives market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.2% to reach USD 3.63 billion by 2032.
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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 2023.
Properties and Applications
The slewing drive refers to a gearbox that transmits a torque required for rotation while keeping the axial and radial loads held safely.
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Based on its axis types, the slewing drives market can be segmented into:
- Single Axis
- Dual Axis
- Multiple Axis
By gear, the industry can be bifurcated into:
- Worm Gear
- Spur Gear
The slewing drives market can be broadly categorised on the basis of its applications segments into:
- Solar Tracker
- Man Lifts
- Wind Turbines
- Hydraulic Machinery
- Cranes
- Drilling Equipment
- Others
The major distribution channels of the industry can be broadly bifurcated into online and offline channels.
The EMR report looks into the regional slewing drives markets like the Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
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Market Analysis
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.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global slewing drives market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Dana SAC UK Ltd.
- Cone Drive Operations Inc.
- Kavitsu Bearings
- TGB Group
- EngNetGlobal
- IMO Holding GmbH
- Cleveland Gear Company, Inc.
- Others
The EMR report gives an in-depth insight into the slewing drives market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Axis Type |
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| Breakup by Gear |
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| Breakup by Application |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global slewing drives market attained a value of about USD 2.30 billion in 2023.
The market is projected to grow at a CAGR of 5.2% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 3.63 billion by 2032.
The major drivers of the market include the rising R&D activities for new slewing drives materials, growing shift towards sustainable and renewable energy, growing demand for load transmission components in construction machinery, rising construction sector, and growing industrialisation.
The growing infrastructural development and the rising number of facilities in the manufacturing sector are the key trends guiding the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Single axis, dual axis, and multiple axis are the major axis types in the market.
The various gear segments in the market are worm gear and spur gear.
The major applications of the product include solar tracker, man lifts, wind turbines, hydraulic machinery, cranes, and drilling equipment, among others.
The various distribution channels in the market are online and offline.
The major players in the market are Dana SAC UK Ltd., Cone Drive Operations Inc., Kavitsu Bearings, TGB Group, EngNetGlobal, IMO Holding GmbH, and Cleveland Gear Company, Inc., among others.
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