Global Magnet Bearings Market - Rapid Growth & Dynamic Forecast To 2027
Market Research Future (MRFR) expects the global magnetic bearings market to register a decent CAGR of 4.14% over the forecast period, which is between 2014 and 2023.
Top Drivers and Primary Deterrents
Magnetic bearings applications are widespread across various industries like aerospace, bio-medical engineering, precision engineering, vacuum technology, turbo machines, semiconductor industry, structural isolation and maglev transportation. Magnetic bearings also find extensive use in pumps, compressors, turbines, motors and generators, to name a few.
Magnetic bearings manufacturers note the mounting demand for advanced and innovative products, which compels them to come up with the latest cost-effective technologies as well as energy-efficient solutions. This proves to be beneficial not only for the players but also for the market for magnet bearings. Additionally, the surging use of magnetic bearings in defense, aerospace and HVAC applications can create new growth avenues for the magnetic bearing market in the following years.
Furthermore, the magnetic bearings market has also managed to create a niche in the healthcare industry, with increasing applications in ventricular assistant and cardiology. Boom in the production of motors, turbines and generators with better efficiency, services and speed is considered to be a top trend in the magnet bearings market.
Types of magnet bearings reported are passive magnet bearing, hybrid magnet bearing and active magnet bearing. The lead is expected to be taken by the active magnet bearing segment in the coming period, thanks to its ability to apply extreme-density forces on supported objects’ surface, which other magnetic bearing types are not capable of. These types of bearings also offer various benefits including reliable conduct under adverse conditions, excellent performance in a compact design, higher product life, safer operation and energy saving.
Magnetic bearings applications covered in the report are motors, pumps, compressor, generators, turbine, and others. Magnet bearings are largely deployed in turbines, given the technological benefits like excellent performance under extreme temperature, active control as well as oil-free operation.
The main end-users in the global market are power, petrochemicals, oil & gas, and others. Power can be the most significant segment in the market, in terms of growth, on account of the surging energy costs and the toxic effects of power generation on the environment leading to higher preference for renewable sources of energy.
Speed-ranges covered are 50,000 to 100,000 rpm, up to 50,000 rpm, and more than 100,000 rpm.
APAC heads the global market, largely due to the vast investment scope and profitable opportunities offered to the international vendors by the region. China is at the vanguard of the regional market, thanks to the rapid growth of the energy sector, which happens to be a significant application of magnet bearings. The surge in industrialization and the consequent expansion of the construction sector along with the increasing use of magnetic bearings within the cardiology sector in the healthcare industry can lead to better market growth prospects. India has risen as one of the most profitable markets for magnet bearings, since the country is characterized by the burgeoning population and the rapidly increasing industrialization. The country lures a number of foreign vendors who make massive investments in the construction industry, which works in favor of the market growth in the region.
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The American market’s strong growth is the outcome of the existence of a well-established aerospace and defense as well as power industries. The boom in private construction along with the increasing funding in the aerospace and defense industry can help the magnet bearings industry flourish in the years to come.
The adoption of off-grid power systems has mounted significantly across Europe, leading to vast demand for magnetic bearings. As a result, the magnetic bearing market share in the region can note significant increment during the review period. Massive investments in renewable energy and the extensive use of magnetic bearings in defense and aerospace and HVAC applications are some other growth inducers in the regional market.
Magnetic bearings manufacturers are Waukesha Bearings Corporation, Mecos AG, Foshan Genesis, SKF AB, Siemens AG, Celeroton AG, Calnetix Technologies, Synchrony, and more, are the top players in the magnet bearings industry.
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