Slewing bearings in Chinese market have developed rapidly in recent years. Large foreign companies have successively built production plants in mainland China or produced joint ventures with Chinese companies. In 2018, the output of slewing bearings in mainland China was about 709,000 sets, and it is expected to be about 1.387 million sets by 2025. In addition to the expansion and growth of end users such as new manufacturing technologies, healthcare, solar energy, etc., the increased demand and other advantages of wind turbines in terms of robust design are also gradually highlighted. The Global Wind Energy Council expects 301.8 GW of wind capacity to be installed between 2018 and 2022. The wind power market is expected to be the fastest growing industry in the slewing bearing market.

However, the continuous downturn of the domestic economy in the past few years indicates that the Chinese economy has entered a new normal of structural adjustment and steady growth. That is to say, the speed has changed from high-speed growth to medium-to-high speed growth, the economic structure has been continuously optimized, and it has shifted from factor-driven and investment-driven to innovation-driven. The pain caused by the downward expectation of the economic environment and the active adjustment of the product structure of the enterprise is temporary. Only by continuously supplying innovative products to meet the needs of the market is the only way for enterprises to achieve sustainable development. The machinery industry host industry has maintained rapid growth, especially petroleum, chemical, textile, shipbuilding, mining machinery, wind power generation, lifting equipment, environmental protection machinery, food machinery, wharf conveying machinery and other industries have a large demand for slewing bearings. The support industry provides a large market space. At the same time, due to the continuous improvement and improvement of the performance and life of the main engine, higher requirements are put forward for the accuracy, performance and life of the slewing bearing, which will also promote the technological progress of the slewing bearing industry.

At present, as far as the domestic market is concerned, the investment and construction of infrastructure such as national urbanization construction, affordable housing construction, water conservancy construction, high-speed railway and nuclear power construction will be the main driving force for the growth of the construction machinery industry in the next 5-10 years. Compared with the domestic market, the international market has changed. The world’s major economies are gradually recovering, and emerging market economies have begun to grow steadily; the European and American markets have shown a significant recovery, which will drive export demand; the South American and Russian markets are required by the construction of sports infrastructure, which will bring growth in the near future. However, due to intensified market competition, the profit margin of the slewing bearing industry as a whole is low. How to improve the high-end performance of slewing bearings and the diversity of market customer needs is the main problem that the company will strive to solve in the future.