Slewing Drives Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global slewing drives market was estimated to be US$ 3.98 Billion in 2022 and is expected to reach US$ 8.12 Billion by 2032 at a CAGR of 7.4%.
Slewing drives are a type of gearbox that provide rotational movement to large loads, allowing them to turn or rotate around a fixed axis. They are designed to handle heavy loads and operate at slow speeds, making them ideal for various industrial applications. The slewing drive consists of a housing, a motor, a gearbox, and a rotation ring.
The motor provides the power to the gearbox, which then drives the rotation ring. The rotation ring is the component that is attached to the load, and it rotates around a fixed axis. The slewing drive can be used in various applications such as solar trackers, wind turbines, construction equipment, mining machinery, and material handling systems.
Slewing Drives Market Drivers
Increasing demand for material handling equipment is driving the market growth
The global slewing drives market is driven by various factors, including the increasing demand for material handling equipment and the growth of the construction industry. The rise of e-commerce and automation in material handling and logistics operations has led to an increased demand for material handling equipment, such as cranes and forklifts, which rely on slewing drives to rotate and position heavy loads with precision.
The construction industry, which also heavily relies on slewing drives for various applications, is expected to see significant growth in developing countries, further driving the demand for these components.
Technological advancements in slewing drives and the development of efficient and cost-effective products are also driving forces behind the global slewing drives market. The use of advanced materials and manufacturing technologies has led to significant improvements in the performance and efficiency of slewing drives, resulting in higher torque capacity and improved efficiency.
In addition, the demand for efficient and cost-effective products has led to the development of new and innovative slewing drives, driving growth in the market. Overall, the global slewing drives market is expected to see continued growth as these driving forces continue to shape the industry.
Application Segmentation of Global Slewing Drives Market
Construction equipment is the largest application segment in the market
Based on application, Construction equipment is the largest application segment in the global slewing drives market due to the extensive use of slewing drives in various construction applications such as cranes, excavators, and concrete pumps. The growth of the construction industry, particularly in developing countries, has been a significant driving force for the demand for construction equipment, further driving the demand for slewing drives.
In the solar tracker segment, slewing drives are used to rotate the solar panel arrays to track the sun's movement and maximize energy output. The growing demand for renewable energy sources, particularly solar energy, has driven the demand for solar trackers, further driving the demand for slewing drives. In the wind turbine segment, slewing drives are used to orient the blades to optimize energy production, which has driven the demand for slewing drives in this segment.
In the manlifts and work platforms segment, slewing drives are used to position the equipment to access high or difficult-to-reach areas. The growth of the construction and maintenance industries has driven the demand for manlifts and work platforms, further driving the demand for slewing drives. In the healthcare and rehabilitation equipment segment, slewing drives are used to rotate and position medical equipment and devices, which has driven the demand for slewing drives in this segment.
Finally, in the "Others" segment, slewing drives are used in a variety of industrial and agricultural applications, such as mining equipment, agricultural machinery, and marine equipment. The demand for these applications has driven the demand for slewing drives in this segment.
Regional Trends of the Global Slewing Drives Market
Construction industry is a significant driver of the demand for slewing drives in North America
Geographically, the global slewing drives market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America: In North America, the growth of the renewable energy industry has been a significant driver for the demand for slewing drives. The region has seen a substantial increase in the installation of solar and wind power plants, which has driven the demand for slewing drives in solar trackers and wind turbines. The construction industry is also a significant driver for the demand for slewing drives in this region.
Europe: In Europe, the demand for slewing drives has been driven by the growth of the renewable energy and construction industries. The region has seen significant growth in the installation of solar and wind power plants, further driving the demand for slewing drives in solar trackers and wind turbines. The construction industry in Europe is also a significant driver for the demand for slewing drives.
Asia-Pacific: In the Asia-Pacific region, the growth of the construction industry, particularly in developing countries such as China and India, has been a significant driver for the demand for slewing drives. The region has also seen substantial growth in the installation of solar and wind power plants, driving the demand for slewing drives in solar trackers and wind turbines.
Middle East and Africa: In the Middle East and Africa region, the growth of the construction industry, particularly in the oil and gas sector, has been a significant driver for the demand for slewing drives. The region has also seen substantial growth in the installation of solar and wind power plants, driving the demand for slewing drives in solar trackers and wind turbines.
South America: In South America, the growth of the renewable energy industry has been a significant driver for the demand for slewing drives. The region has seen a significant increase in the installation of solar and wind power plants, driving the demand for slewing drives in solar trackers and wind turbines. The construction industry is also a significant driver for the demand for slewing drives in this region.
Key players and market strategies:
The global slewing drives market is highly competitive, with many companies operating in the market. To remain competitive and grow in the market, companies adopt various growth strategies.
Here are five major growth strategies adopted by companies operating in the global slewing drives market, with industry-relevant examples:
Expansion: Companies expand their operations by establishing new manufacturing plants, distribution channels, and service centers in new regions. For instance, Kinematics Manufacturing Ltd. opened a new manufacturing facility in India to expand its operations in the Asia-Pacific region.
New Product Launch: Companies introduce new products to meet the changing needs of customers and increase their market share. For instance, IMO Group launched a new range of slewing drives for solar applications that offer improved efficiency and durability.
Partnerships and Collaborations: Companies form partnerships and collaborations with other companies to leverage each other's strengths and expand their market reach. For instance, Cone Drive entered into a partnership with Bonfiglioli Riduttori to expand its product portfolio and global reach.
Acquisitions and Mergers: Companies acquire other companies or merge with them to gain access to new technologies, markets, and customers. For instance, Altra Industrial Motion Corporation acquired Svendborg Brakes to expand its product portfolio and global reach.
Diversification: Companies diversify their product portfolio by expanding into new markets or introducing new products to meet the changing needs of customers. For instance, WITTENSTEIN launched a new range of slewing drives for offshore wind turbines, diversifying its product portfolio beyond solar and industrial applications.
Cone Drive, IMO Group, Jiangsu Shuangzheng Machinery Co., Ltd., Kavitsu Robotronix Pvt. Ltd., Kinematics Manufacturing, Inc., Liebherr Group, PSL - PRAEZISIONS-SCHRAUBENLEITSPINDELN GmbH, Rexnord Corporation, Shanghai Fenghui Industrial Co., Ltd., SlewPro, TGB Group Technologies, THB Bearings Co., Ltd., Turner Uni-Drive, Wafangdian Bearing Group Corporation Ltd., Xuzhou Helin Slewing Bearing Co., Ltd. and many more.
Global Slewing Drives Market Segmentation:
By Product Type:
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
By Application:
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
By End-Use Industry:
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Slewing Drives Market
- Global Slewing Drives Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces
- Trends
- Global Slewing Drives Market Analysis and Forecast, by Product Type
- Overview and definitions
- Key segment analysis
- Global Slewing Drives Market Size Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
- Global Slewing Drives Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global Slewing Drives Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
- Global Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Overview and definitions
- Key segment analysis
- Global Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
- Global Slewing Drives Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Slewing Drives Market Size Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Slewing Drives Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Slewing Drives Market Size Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
- North America Slewing Drives Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
- North America Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
- North America Slewing Drives Market Size Estimates (US$ Mn), Country, 2019 – 2032
- The U.S.
- Canada
- Rest of North America
- Europe Slewing Drives Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Slewing Drives Market Size Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
- Europe Slewing Drives Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
- Europe Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
- Europe Slewing Drives Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Slewing Drives Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Slewing Drives Market Size Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
- Asia Pacific Slewing Drives Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
- Asia Pacific Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
- Asia Pacific Slewing Drives Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa Slewing Drives Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Slewing Drives Market Size Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
- Middle East & Africa Slewing Drives Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
- Middle East & Africa Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
- Middle East & Africa Slewing Drives Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East
- South America Slewing Drives Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Slewing Drives Market Size Estimates (US$ Mn and Units), by Product Type, 2019 – 2032
- Standard Slewing Drives
- Worm Gear Slewing Drives
- Coaxial Slewing Drives
- Spur Gear Slewing Drives
- Other Slewing Drives
- South America Slewing Drives Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Solar Trackers
- Wind Turbines
- Manlifts and Aerial Work Platforms
- Healthcare & Rehabilitation Equipment
- Construction Equipment
- South America Slewing Drives Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Construction
- Renewable Energy
- Mining
- Oil and Gas
- Medical and Healthcare
- Aerospace and Defense
- Others
- South America Slewing Drives Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Rest of South America
- Competition Analysis – Slewing Drives Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- Cone Drive
- Business overview
- Geographic presence
- Financial facts
- Relevant news and strategic view
- IMO Group
- Jiangsu Shuangzheng Machinery Co., Ltd.
- Kavitsu Robotronix Pvt. Ltd.
- Kinematics Manufacturing, Inc.
- Liebherr Group
- PSL - PRAEZISIONS-SCHRAUBENLEITSPINDELN GmbH
- Rexnord Corporation
- Shanghai Fenghui Industrial Co., Ltd.
- SlewPro
- TGB Group Technologies
- THB Bearings Co., Ltd.
- Turner Uni-Drive
- Wafangdian Bearing Group Corporation Ltd.
- Xuzhou Helin Slewing Bearing Co., Ltd.
- Cone Drive
- Conclusion & Recommendations
Frequently asked questions about this report
How big is the slewing drives market?
The slewing drives market size is expected to reach US$ 8.12 Billion by 2032.
What is the slewing drives market growth?
The slewing drives market is expected grow at a CAGR of 7.4% from 2023 to 2032.
What was the value of the slewing drives market in 2022?
The slewing drives market size was estimated to be US$ 3.98 Billion in 2022.
What are the major growth factors in the slewing drives market?
The global slewing drives market is driven by various factors, including the increasing demand for material handling equipment and the growth of the construction industry.
What are the prominent slewing drives market players across the globe?
Cone Drive, IMO Group, Jiangsu Shuangzheng Machinery Co., Ltd., Kavitsu Robotronix Pvt. Ltd., Kinematics Manufacturing, Inc., Liebherr Group, PSL - PRAEZISIONS-SCHRAUBENLEITSPINDELN GmbH, Rexnord Corporation, Shanghai Fenghui Industrial Co., Ltd., SlewPro, TGB Group Technologies, THB Bearings Co., Ltd., Turner Uni-Drive, Wafangdian Bearing Group Corporation Ltd., Xuzhou Helin Slewing Bearing Co., Ltd. among others, are the prominent players in this market.
What are the driving the demand for slewing drives market in Europe?
The Europe has seen significant growth in the installation of solar and wind power plants is driving the demand for slewing drives.
Which application is the largest in the slewing drives market?
Construction equipment is the largest application segment in the global slewing drives market due to the extensive use of slewing drives in various construction applications such as cranes, excavators, and concrete pumps.