Slewing Drives Market size is poised to reach USD 6 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of slewing drives was USD 3 Billion. The reason behind the growth is impelled by the growing demand for energy across the globe. It is likely that with the growing population coupled with rapid urbanization, and economic expansion, the world's energy consumption is rising annually. For instance, by 2050, global demand is expected to reach over 650 quadrillion Btu, an increase of around 14% from 2021.The growing adoption of renewable energy sources is believed to fuel the slewing drives market growth. The increased awareness of solar and wind energy among consumers is driving growth in the slewing drives as they are considered as extremely important for maximizing the energy output of renewable energy sources.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~6% |
|
Base Year Market Size (2023) |
~ USD 3 Billion |
|
Forecast Year Market Size (2036) |
~ USD 6 Billion |
|
Regional Scope |
|
The solar tracker segment in the slewing drives market is estimated to gain a robust revenue share of 40% in the coming years owing to the growing need for solar energy. The need for solar energy is anticipated to proceed as more people and businesses look for renewable vitality sources to diminish their carbon impression and since numerous governments around the world have actualized approaches and motivations to empower the usage of solar energy. According to Solar PV generation expanded by a record of more than 250 TWh in 2022, coming to around 1, 200 TWh. This has led to an increase in the demand for solar trackers which are often used to maximize the efficiency of solar energy capture and can boost energy production by anywhere from 15 to 35%.
A slew (slewing) drive is a piece of machinery, which are used in solar trackers, to position solar panels to track the movement of the sun to improve efficiency and decrease the cost of solar power systems. Moreover, in solar photovoltaic power generation, a slew drive is required to regulate the horizontal rotation and pitch angle of the photovoltaic panel, and similarly, for solar thermal power generation, a slew drive is often required to adjust the position of the flat mirror plate.
In addition, Man lifts, also known as aerial lifts or boom lifts, are machines that allow workers to perform tasks safely and efficiently at heights, and also aid in enhancing efficiency and provide greater horizontal outreach compared to any other type of aerial platform. A man-lift slew drive contains bearing, rotation, and motion control, which also uses a simple design to deliver high horsepower and torque to offer impressive longevity and allow man-lift crane hydraulics to carry several weights and reach diverse heights.
Gear (Worm, Spur)
The worm segment in the slewing drives market is set to garner a notable share shortly. slewing drives are an update to worm drive mechanisms, which are characterized by their high-power density and are well-suited for heavy-duty applications such as loading cranes. In addition, a spur gear slew drive is also referred to as a gear slewing reducer, which is a new type of slewing bearing product, usually composed of pinion gears, slewing bearings, housings, motors, or electric motors.
Our in-depth analysis of the global slewing drives market includes the following segments:
|
Axis Type |
|
|
Load |
|
|
Gear |
|
|
Application |
|
|
Distribution Channel |
|
APAC Market Forecast
Slewing drives market in Asia Pacific is predicted to account for the largest share of 35% by 2036 impelled by the growing spending in construction activities. One of the largest and fastest-growing economic sectors in India is the building sector. The increase in government infrastructure spending has increased emphasis on infrastructure development in India which has led to a continuous surge in construction equipment demand and is expected to contribute to the economic development of the country. For instance, in 2022, foreign direct investment (FDI) in India's construction and infrastructure activities was over USD 3,245 million.
In addition, India is a global agricultural powerhouse, which has a particularly large agricultural industry in the Indian economy, which has also rapidly emerged as a net exporter of agricultural products in recent years.
According to estimates, the Indian agriculture sector increased by over 3% between 2022-23.
North American Market Statistics
The North America slewing drives market is estimated to be the second largest, during the forecast period led by the growing rate of urbanization. This has led to an increase in construction and industrial activities, which is expected to drive the demand for slewing drives.
For instance, lately, Canada's urban population accounts for more than 75% of its total population.
Author Credits: Rushikesh, Richa Gupta
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?