Medical – Segment Analysis
Medical segment held the largest market share in the slewing bearing after-market in 2019. The increasing demand for advanced medical equipment enhances the need for slewing bearing. The slewing bearing for the medical applications are designed for high rotating speed, constant rotating torque and low noise under rotation which are specifically used for radiotherapy applications. As, this slewing bearing are used for specific purposes in the medical application which leads to the requirement of maintenance and repair. Thus, increasing need to enhance reliability of slewing bearing used in medical equipment, most of the manufacturers opt for the aftermarket purchase of the bearings. This factors are further enhancing the demand for the slewing bearing aftermarket in medical applications propelling the market growth.
Geography- Segment Analysis
In 2019, Europe dominated the Slewing Bearing After-market with a market share of more than 38.6%, followed by APAC and Europe. The rising growth of the industries such as mining, construction, automotive and so on are significantly fueling the market growth in this region.Moreover, the European Association of Automotive Suppliers are enhancing the Europe aftermarket for the automotive suppliers which will rise the supply of slewing bearing spare parts . It is also estimated that the European automotive parts aftermarket was valued at $138.9 billion in 2017, and is projected to grow at 2.4% by 2025. These significant growth of the European Automotive Aftermarket will lead to drive the growth of the slewing bearing after-market in the Europe.
Report Price: $ 4500 (Single User License)
Drivers –Slewing Bearing After-Market
• The expansion of aftermarket activities by OEM
Aftermarket has become the major focus area for the OEMs, and the level of activity and focus in the aftermarket by the OEM is increasing significantly. Most of the OEM are in the starting phase to occupy one or more spaces within the aftermarket value chain. Moreover, the expansion of aftermarket activities such as the supply of remanufactured parts by OEMs in order to compete with other independent players has initiated the market growth. OEMs are also highly investing in enhancing the customer experience by introducing differential service offering and automate the services related to maintenance and repair. These significant factors are further propelling the growth of the slewing bearing after-market
• Rising shift towards after-market purchase of slewing bearing
In the construction industry, slewing bearing are significantly used in the tower cranes which plays an important role in the construction machinery. The tower crane uses a single-row four point contact ball elements slewing ring and double row ball slewing bearing. This slewing bearing are installed to support the tower cranes and requires maintenance and repair. Thus, the increasing need for maintenance and repair of the slewing bearing in the construction enhances the need for after-market purchase of bearing rings. Moreover, the construction industry are highly opting to the aftermarket for slewing bearings in order to ensure reliability of the bearing rings. This significant growing need of the aftermarket slewing bearing in the construction for providing efficiency of other machinery including tower cranes will fuel the market’s growth.
Challenges – Slewing Bearing After-Market
• Regulatory Challenges in the Aftermarket
The regulatory challenges in the aftermarket majorly hinders the OEMs and suppliers to opt for aftermarket services. The spare parts of the slewing bearing includes services which requires certain period of time, various accessories of the slewing bearing are marketed in numerous countries. Thus, the provision and marketing of these products requires detailed knowledge on the regulatory obligations from the OEMs and the suppliers. These key challenge in order to maintain the regulatory obligations of the spare parts of slewing bearing leads to hampering the growth of the market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Slewing Bearing After-market. In 2019, the market of Slewing Bearing After-market has been consolidated by the top ten players –ThyssenKrupp Group, IMO Group, SKF Group, Forgital Group, NTN-SNR Group, Antex Corporation, Rotek, Inc., Schaeffler AG, Kaydon Bearings and Slew Bearing Services.
- In September 2018, SKF introduced new cylindrical roller bearing unit which is developed to run 1.7 Mkm between maintenance intervals. This new launch offers rail operators long intervals between the maintenance and operations. This will also lead to the enabling of two maintenance operations in one stop, with few bearing replacement required. This leads to significant cost reduction while performing maintenance operations.
In 2019, the Slewing bearing after-market was dominated by Europe owing to increasing demand for European Automotive Aftermarket.
The increasing demand for slewing bearing aftermarket products in the medical applications are also enhancing the growth of the market.
The increasing investments by OEM for the expansion of aftermarket activities and to serve as an independent supplier has fueled the growth of the market. .
The major drawback that is hampering the growth of the market is the provision of marketing of certain slewing bearing products due to certain regulations.
Relared Reports :
1. Slewing Bearings Market
2. Slewing Drive Market
About IndustryARC:IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
Keywords: Slewing Bearing Aftermarket market, Slewing Bearing Aftermarket market size, Slewing Bearing Aftermarket industry, Slewing Bearing Aftermarket market share, Slewing Bearing Aftermarket top 10 companies, Slewing Bearing Aftermarket market report, Slewing Bearing Aftermarket industry outlook