A recent report published by Infinium Global Research on the magnetic bearing market provides an in-depth analysis of segments and sub-segments in the global as well as the regional magnetic bearing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional magnetic bearing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global magnetic bearing market. According to the report, the global magnetic bearing market is projected to grow at a CAGR of 4.3% over the forecast period of 2020-2026.
Magnetic Bearing is a system that uses electromagnetic forces for the relative position of a rotating assembly. They are used to support objects using magnetic forces. The magnetic bearings are of two types; some offer full non-contact support of an object, whereas others provide partial support. They are ideal for applications demanding high speeds and low vibration and provide benefits of active management, low energy consumption, repositioning, and built-in vibration management.
Magnetic bearings with their contactless technology are maintenance-free and non-wearing. Also, they do not require any lubrication. These bearings have been gradually developed and used in industrial applications. Industrial electric motors are the largest electrical end-use that accounting for approx. 45% of global electricity consumption. The high-speed electric motor solutions without active magnetic bearings are expensive to maintain. The high-speed electric motors with magnetic bearings are getting increasing attention in the different industrial sectors. Additionally, magnetic bearings have been used in the oil and gas industry for many years, where their superior performance overrides their high price. Furthermore, they are used for high-speed operation for manufacturing and flywheels energy storage, and the rotor operates in air or vacuum. The benefits of using magnetic bearings in rotating machinery include reduced frictional losses, no contaminating or flammable lubricants, higher reliability with little or no maintenance, reduced machine vibration, and improved health monitoring and diagnostics. These several advantages of magnetic bearing in various applications are driving the growth of the market. However, despite these advantages, the complexity of integrating the magnetic bearings into the machine, the need for a large external control system, and the high cost is affecting the growth of the market. Moreover, recent advances in magnetic bearing technology, including miniaturization, simplicity, and integration is providing a significant growth opportunity for the magnetic bearing market.
The Asia Pacific dominates the magnet bearings market due to government initiatives, and emphasis on the growth of power, and aerospace, defense sector. Furthermore, the region will offer several growth opportunities to market vendors owing to the exploring manufacturing sector. Moreover, rapid urbanization in this region along with the increasing need for operational efficiency is contributing to the growth of the market in the Asia Pacific region.
The report on the global magnetic bearing market covers segments such as type and application. On the basis of type, the sub-markets include active magnetic bearing (AMB), passive magnetic bearing (AMB), and hybrid magnetic bearing (AMB). On the basis of application, the sub-markets include compressors, turbines, pumps, motors, and generators.
The report provides profiles of the companies in the market such as AB SKF, Schaeffler Technologies AG & Co. KG, Dresser-rand, MECOS, Waukesha Bearings Ltd, Larsen & Toubro Infotech Limited, Calnetix, Levitronix GmbH, Tianjin EMAGING Technology Co., Ltd. Company, and FG-AMB.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the magnetic bearing market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.