Slewing Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Slewing Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : January, 2023 | Technology & Media

Report Digest

Global Slewing Drives Market: Overview

The global slewing drives market has advanced continuously on the back of their growing adoption in precision motion technology applications. They are thus used in diverse range of applications including heavy load transporters, wind turbines, solar trackers, hydraulic equipment, and harbor cranes. They also find use in crane steering mechanisms, heavy load manipulators, and ship propulsion systems. Slewing drives can be employed into multiple stages of gearing and powered with either hydraulic or an electric motor. Technological advancements made in the slewing drives market have led to optimizing the torque performance and radial load capacity. Such advances have benefitted applications where high forces are involved. Cases in point are steering gearboxes in cranes and other heavy-duty vehicles, and building and agricultural machinery.

The report on the global slewing drives market is prepared with rigorous statistical assessment of the size of the market, shares of key segments, and provides the key data outliers. It takes a an in-depth insight into promising avenues, custom solutions gathering traction among industry users, and changing competitive landscape. The assessments are likely to guide new entrants as well as established players to target new lucrative avenues.

Global Slewing Drives Market: Key Developments

Manufacturers are increasingly focusing on slewing drive units that generate low heat even at high force transfer, such as in heavy load manipulators. Top players have been actively conducting research and development activities for unveiling products in the slewing drives with new design and vast efficiency improvements. Numerous players have also focused on offering custom solutions to various end-use industries. They are also keen on developing slewing drives with modular design.

Some of the key players in the slewing drives market are Young Powertech Inc., TGB Group Technologies, Luoyang SBI Special Bearing Co., Ltd., Kinematics Manufacturing LLC, IMO Group, Bonfiglioli Riduttori SpA, and AKSH Manufacturing Pvt. Ltd.

Global Slewing Drives Market: Growth Dynamics

Growing utilization of slewing drives into renewable energy applications most notably wind energy and solar trackers has boosted sales revenue in the slewing drives market. The strides made by manufacturing sector in various parts of the world is also a key trend boosting the market. Moreover, various government regulations that support manufacturing policies in developing and developed economies have catalysed demand for precision motion technologies such as slewing drives. Furthermore, the global slewing drives market has witnessed promising avenues in the wave of automation in developing economies. Strides made by the uptake of heavy machine construction has also propelled the expansion of the slewing drives market. Rise in construction sector in a few industrialized nations is fueling the expansion of the global slewing drives market.

However, the high cost of the equipment has dampened the demands in cost-sensitive countries. Further, the high cost of maintenance of heavy machineries that use slewing drives has also impeded the rapid growth of the slewing drives market. On the other hand, self-locking technology has been witnessing considerably uptake, thereby bolstering the prospects of the market.

Key application areas in the slewing drive market are solar trackers, man lifts, hydraulic machinery, cranes, and drilling equipment.

Global Slewing Drives Market: Regional Analysis

On the global front, Asia Pacific has shown extraordinary potential. A big impetus to the demands for slewing drives in the regional market has come from the adoption of renewable power machinery. A sizable demand has come from Gulf Cooperation Council countries. Burgeoning generation of solar energy in numerous economies in Asia is also fueling new prospects in the slewing drives market. Some other regional markets are Europe, North America, and the Middle East and Africa.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?