Slewing Bearings After Market is anticipated to hit $1.66 billion by 2023 at a CAGR of 6.90%
Europe region holds the largest market share in the Slewing Bearings After Market, and is anticipated to reach $505.72 million by 2023 at a CAGR of 7.5%.
According to the new market research report by IndustryARC titled “Slewing Bearings After Market: By Gear Types (Ungeared, External Gear, Internal Gear); By Construction (Single-row Four Point Contact Ball, Cross roller, Double roller); By Dimension (OD < 2.5m, 2.5m < OD < 4.5m, 4.5m <OD < 6m, More than 6m; By Aftermarket Industry (Construction, Mining, Oil&Gas) By Applications (Excavation, Medical, Turbines); By Geography - (2015 – 2023)”, the market is driven by the increasing need for repair and maintenance in application specific slewing bearings and rising focus on renewable energy generation.
Europe held the largest market share in the Slewing Bearings After Market
However, APAC witnesses highest growth during the forecast period and is expected to reach $469.27 million by 2023 at a CAGR of 10.5%. Europe Slewing Bearings Market is mainly driven by the production of oil and gas industry. The sharp rise in oil production every year is also providing impetus to the industry in this region. The key applications include Mining, Marine Vessels, Military, Packaging, Robotic Equipment, and Medical Equipment among others.
Selected Value Chain Analysis done in the full report
The value chain depicts several stakeholders such as components, raw material suppliers, research organization and patent holders, various legislative authorities as well as testing and certifying bodies.
Sub component manufacturers comprises of raw material providers, fabricated structures and some other minute components manufacturing enterprises.
Initially, the product prototype developed by the R&D department (in case of new product) or pre-specified requirements is given to the component manufacturer by the end user who then forwards their requirements to the component/ sub component manufacturer.
The specification sometimes includes customized bearings based on the product design specifications and demands. The bearings will be manufactured as per the application specifications.
Key aftermarket services and products include the bearings materials suppliers, pre-fabricated structure providers, which are usually spare parts. These spare parts are to be replaced under maintenance, repair and overhaul services.
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