Slewing Drives Market Size Worth $2.06 Billion By 2030: IndustryARC

Slewing Drive Market size is predicted to reach $2.06 Billion by 2030, growing at a CAGR of 7.5% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The escalating demand for slewing drives is underpinned by their pivotal role across various industries requiring precise rotational movement and torque transmission. This surge in demand is particularly prominent in the renewable energy sector, driven by the expansion of solar and wind power generation projects worldwide, finds IndustryARC in its recent report, titled “Slewing Drives Market – By Axis Type (Single Axis, Dual Axis, Multiple Axis), By Application (Solar Tracker, Wind Turbines, Satellite and radar dishes, Truck Cranes, Man Lifts & Automotive Lifts, Hydraulics Machinery & Utility Equipment, Oil Equipment Attachment, Tire Handler, Telescopic Handler, Digger Derricks, Others), By Bearing Load  (Axial Loads, Radial Loads, Rotational Speed, Output Torque, Others), By Diameter (2”-5”, 5.1”-12”, 12.1”-20”, 20.1”-30”, 30.1” and Above), By End User (Solar, Wind, Industrial, Mobile, Satellite, Medical, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

Request Sample Research Report:

https://www.industryarc.com/pdfdownload.php?id=18156

North America to Register Highest Growth:

In 2023, North America dominated the Slewing Drives market with largest share of 39%. The prime reason for domination of these markets is due to established construction, excavation and renewable energy establishments in the region. The region’s extensive adoption of automation and robotics in sectors such as construction, manufacturing, and mining has significantly boosted the demand for high-precision slewing drives, which are essential for the efficient operation of machinery like cranes, excavators, and robotic arms. Additionally, North America’s commitment to expanding its renewable energy capacity, particularly through large-scale solar and wind power projects, has further driven the market, as slewing drives are critical for the operation of solar trackers and wind turbines. The presence of key market players, robust R&D activities, and a high level of innovation have enabled North American manufacturers to develop advanced, IoT-enabled slewing drives that cater to the specific needs of industries in the region. Furthermore, supportive government policies, financial incentives for clean energy projects, and a focus on technological advancements have solidified North America’s position as a leading market for slewing drives.

Slewing Drives Market 2023-2030: Scope of the Report

Get Access to the Full Research Report:
 https://www.industryarc.com/Report/18156/slewing-drive-market.html

Slewing Drives Market Report – Key Takeaways:

• Technological Advancements and Product Innovation

Technological advancements and continuous product innovation are major drivers of the slewing drives market. Manufacturers are investing in research and development to create slewing drives with improved capabilities, such as higher load capacities, better durability, and enhanced precision. Innovations like the integration of smart technologies, such as IoT-enabled sensors for real-time monitoring, are making slewing drives more efficient and reliable. Additionally, advancements in materials science, such as the development of lightweight and corrosion-resistant materials, are enhancing the performance and lifespan of slewing drives. The National Institute of Standards and Technology estimates that the manufacturing sector contributed US$ 2.3 trillion, or 12.5%, to the U.S. GDP in 2021. The State Council Information Office of China (SCIO) reports that in 2021, the output of industrial value-added reached Yuan 31.4 trillion. The Ministry of Statistics and Programme Implementation (MoSPI) reports that in February 2023, India’s manufacturing production grew by 5.3%. The push towards customization and the creation of application-specific drives that meet the unique needs of different industries is further driving product innovation. As technology continues to evolve, the slewing drives market is expected to benefit from new designs and features that cater to the demands of a wide range of applications, from renewable energy to industrial automation.

• Expansion of the Renewable Energy Sector

The expansion of the renewable energy sector, particularly solar and wind power, is a major driver of the slewing drives market. Slewing drives are essential components in solar tracking systems, which adjust the orientation of solar panels to maximize sunlight exposure, and in wind turbines, where they control the yaw and pitch mechanisms to optimize wind capture. As countries worldwide commit to reducing carbon emissions and increasing the share of renewables in their energy mix, the demand for these efficient and reliable positioning systems is growing rapidly. By enabling precise and continuous alignment with the sun, slewing drives help solar trackers increase the energy output of solar panels by up to 30% compared to fixed installations. The global shift toward clean energy, driven by government incentives, environmental regulations, and technological advancements, has led to a significant increase in the installation of solar farms and wind turbines. This trend is expected to continue, providing a substantial boost to the slewing drives market. The need for high-precision, durable, and low-maintenance slewing drives that can withstand harsh environmental conditions is pushing manufacturers to innovate, leading to market growth and evolution.

• High Initial Cost and Maintenance Expenses

Slewing drives are complex mechanical assemblies that require precise engineering and high-quality materials, which contribute to their relatively high purchase price compared to simpler alternatives. The cost factor is particularly challenging for small and medium-sized enterprises (SMEs), which may struggle to justify the investment in advanced slewing drives, especially in cost-sensitive markets. Additionally, the maintenance of slewing drives can be expensive, as they often operate under heavy loads and harsh conditions that lead to wear and tear. Frequent maintenance, part replacements, and downtime can add to operational costs, making it a less attractive option for companies looking to minimize expenses. This challenge is further compounded by the need for skilled personnel to carry out maintenance tasks, adding to the overall costs.

Purchase this Premium Report:

 https://www.industryarc.com/buynow?id=18156

Key Opportunity Analysis:

Growth in Autonomous and Electric Vehicles

The growth of autonomous and electric vehicles (EVs) opens new opportunities for slewing drives, particularly in applications related to vehicle assembly, battery manufacturing, and automated vehicle systems. Slewing drives are used in robotic arms and automated machinery essential for the precision assembly of EV components, as well as in battery production lines where precise positioning is critical. As the automotive industry shifts towards electrification and automation, the demand for advanced, reliable slewing drives that can support high-speed, high-precision manufacturing processes will increase. For example, The Brevini Electrified slewing drive of Dana Limited improves the worksite performance of electric-driven mini excavators through numerous advanced technologies. Its improved rotational efficiency and controllability enable smooth, precise positioning, while electronic load-sensing capabilities improve system efficiency and safety. The slewing drive balances energy management and performance through three operating modes – Eco, Normal, and Power – and its smart capabilities can further optimize productivity. Additionally, slewing drives could play a role in autonomous vehicle systems, such as lidar positioning and sensor alignment, enhancing vehicle navigation and safety features. This trend presents a promising opportunity for slewing drive manufacturers to innovate and develop products that cater specifically to the growing EV and autonomous vehicle sectors, capitalizing on the automotive industry’s rapid transformation.

Integration with Artificial Intelligence (AI) and Machine Learning (ML)

The integration of Artificial Intelligence (AI) and Machine Learning (ML) into slewing drives offers a significant opportunity for enhancing their performance and reliability. AI-driven slewing drives can use predictive analytics to forecast maintenance needs, optimize operational efficiency, and adjust performance parameters in real-time. This is particularly beneficial in industries where uptime is critical, such as renewable energy, mining, and manufacturing. AI can help optimize the slewing drive’s movement patterns, reduce wear and tear, and extend the lifespan of the equipment by constantly learning from operational data. Machine learning algorithms can also be used to refine the control systems of slewing drives, improving precision and responsiveness in complex tasks. As AI and ML technologies continue to advance, their application in slewing drives could lead to smarter, more adaptive systems that offer substantial cost savings and performance improvements, positioning manufacturers at the forefront of the market.

Advancement in Heavy Machinery Automation

The ongoing advancements in the automation of heavy machinery present a lucrative opportunity for the slewing drives market. Industries such as mining, construction, and agriculture are increasingly adopting automated machinery to improve productivity, reduce labor costs, and enhance safety. Slewing drives are essential components in these automated systems, providing the precise rotational control needed for tasks such as excavation, material handling, and drilling. The trend towards autonomous and remotely operated machinery in these sectors is expected to drive the demand for advanced slewing drives that can operate reliably in harsh environments, handle heavy loads, and provide high precision. For instance, Bonfiglioli Transmissions Private Limited has manufactured slewing drive which has compactness and efficiency for 7 to 150 tons excavators, and ensure the best possible heavy machine efficiency and easy maintenance. The opportunity lies in developing rugged, high-performance slewing drives with integrated sensors and remote-control capabilities that cater specifically to the needs of automated heavy machinery. As industries continue to push the boundaries of automation, the slewing drives market stands to benefit significantly from this evolution.

Emerging Applications in Space and Defense Industries and expansion in emerging markets

The space and defense industries represent emerging opportunities for the slewing drives market, driven by the need for high-precision, robust positioning systems. In space applications, slewing drives are critical for satellite positioning, solar panel tracking, and antenna alignment, where precise rotational control is essential for mission success. The growing investment in space exploration, satellite deployment, and defense technologies is expected to drive demand for specialized slewing drives that can operate reliably in extreme conditions, such as vacuum environments and wide temperature ranges. Similarly, in defense applications, slewing drives are used in radar systems, gun turrets, and missile launchers, where durability and precision are crucial. As these industries continue to evolve with technological advancements, there is an opportunity for manufacturers to design slewing drives that meet the stringent requirements of space and defense applications, opening new revenue streams and establishing a foothold in high-tech sectors. In September 2024, Liebherr’s Components product segment is further expanding its portfolio in the area of segmented slewing bearings. The segmented roller slewing ring, which was developed and manufactured at the site in Biberach (Germany), has an external diameter of 23.4 metres.

If you have any questions, please feel free to contact our experts at:

  https://www.industryarc.com/reports/request-quote?id=18156

The report also covers the following areas:

• Slewing Drives Market Size and Forecast
• Slewing Drives Market Trends
• Slewing Drives Market Analysis by Product Type

Slewing Drives Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Slewing Drives Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Slewing Drives Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly affected the growth of the slewing drives market, causing disruptions across the supply chain, manufacturing, and end-user industries. The global lockdowns and restrictions led to a slowdown in production activities as factories were temporarily shut down, resulting in delays and shortages of critical components such as bearings, gears, and electronic parts used in slewing drives. This disrupted supply chain affected manufacturers’ ability to meet demand and maintain steady production levels. Additionally, key industries that rely heavily on slewing drives, such as construction, automotive, and renewable energy, faced project delays and cancellations due to economic uncertainty, reduced investments, and workforce shortages.
• The Russia-Ukraine war has had a notable impact on the slewing drives market, primarily through its disruption of supply chains and its influence on global energy and construction sectors. The conflict has led to significant interruptions in the supply of key raw materials and components, such as steel and electronic parts, which are crucial for manufacturing slewing drives. The war has also exacerbated inflation and contributed to increased transportation and logistics costs, further straining the supply chain and raising production expenses. Additionally, the conflict has affected the construction and energy sectors, both of which are major consumers of slewing drives. With many infrastructure projects and energy investments in the affected regions being delayed or scaled back, the demand for slewing drives in these areas has been impacted.

To Get a Customized Industry Analysis, Speak with our Research Analyst:

https://connect.industryarc.com/lite/schedule-a-call-with-our-sales-expert

 List of Key Market Players in the Slewing Drives Market:

The Global Slewing Drives Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Thyssenkrupp
• Bosch Rexroth
• Cone Drive Operations, Inc.
• Brevini USA, Inc.
• TGB Group
• Kinematics Manufacturing, Inc.
• Comer Industries Inc.
• IMO USA Corp.
• Liebherr
• Hangzhou Ever-power Transmission Co., Ltd.
• SEW-EURODRIVE
• Potesta & Company, LLC
• Bonfiglioli Transmissions Private Limited
• FDON
• Coresun Drive Equipment Changzhou Co., Ltd.

Related Reports:

Indian Slewing Bearing Market : Slewing Bearing is a rotational bearing component which usually is used in machines which requires heavy and bulky load handling.

Slewing Bearings Market : Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and to increase the efficiency your processes.

Signaling Devices Market : Furthermore, advancements in technology and adoption of automation technologies in various industrial sectors is set to provide opportunities for the signaling devices market.

About IndustryARC:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

Contact Us:

Mr. Venkat Reddy

IndustryARC

Email: sales@industryarc.com

USA: (+1) 970-236-3677

Web: https://www.industryarc.com

Follow us on LinkedIn | Facebook | Twitter

Tags: Slewing Drive Market companies, Slewing Drive Market forecast, Slewing Drive Market Growth, Slewing Drive Market Key companies, Slewing Drive Market Market, Slewing Drive Market Report, Slewing Drive Market Research, Slewing Drive Market share, Slewing Drive Market size, Slewing Drive Market trends See Campaign: https://www.industryarc.com/

Contact Information:

Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 970-236-3677

Tags:
BNN, Extended Distribution, iCN Internal Distribution, Wire, Research Newswire, English