Slewing Drives Market Size

Slewing Drives Market size was over USD 2.36 billion in 2024 and is poised to cross USD 4.18 billion by the end of 2037, witnessing more than 4.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of slewing drives is estimated at USD 2.44 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.