Demand for Renewable Energy to Steer Slewing Bearings Market Growth
UNDERSTANDING THE MARKET PULSE
The Market for Slewing Bearings has been growing consistently over the years. With rising demand from different industries, this market is projected to showcase prominent growth in the coming years as well, representing a substantial opportunity for bearing manufacturers and suppliers. The key factors driving the market growth are:
Rising demand from end-use industries
The slewing bearings are deployed in extensive range of industries:
- Solar & Wind
- Medical and so on.
Each end use industry exhibits different demand patterns. The construction, excavation, and wind turbine industries are the established end users of the slewing bearings and holds significant market value. In this market, the demand is set to increase with notable development in the marine, robotic, water treatment and solar sectors. The renewable energy segment is one of the most profitable markets as many countries are initiating world-class projects to harness large amount of energy. By 2020, the worldwide solar energy production is estimated to touch 2,000 billion MWH. Egypt aims to generate 4,300 MW of energy by installing solar and wind energy plants in the next three years and increase renewable energy share in the overall energy consumption to around 20% by 2020. Moreover, the technologically advanced country, Japan, is building floating solar stations to overcome land unavailability. Kyocera, electronics giant of the country, plans to build many of such stations to realize the dream of doubling the solar energy capacity by 2030. These plants approximately employ 9,100 solar panels, which in turn, is estimated to employ two to three slewing bearings.
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