As per this study the Global Magnetic Bearing Market was valued USD 1876.8 MN (by revenue) in 2021 and is anticipated show a CAGR of 5.35% under the study period.
The magnetic bearing is a type of bearing and an element of a machine which is used to support other moving parts of the machine. Magnetic bearing uses a magnetic field to employ magnetic levitation or magnetic suspension to support loads. Basically, there are three types of magnetic bearing including active, passive and hybrid magnetic bearing. Additionally, magnetic bearings are used in high temperature and high-speed applications, where normal bearings fail. As well as it offers low friction, require less or no lubricant, and can work in a vacuum and without mechanical wear.
Market Dynamics
The advantages associated with magnetic bearings such as less transportation cost and better supply management is driving the market growth. Rising demand for innovative products consisting of cost-effective and advanced technologies, energy-efficient flexible solutions and high quality is accelerating market growth. In addition to this, increasing use in HVAC, defense and aerospace applications is further boosting the market demand. Additionally, increasing demand in niche markets of healthcare, such as cardiology and ventricular assistant is likely to offer opportunity over the forecast period.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of magnetic bearing.
Market Segmentation
The broad magnetic bearing market has been sub-grouped into type, application and end-use. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Types
- Active Magnetic Bearing (AMB)
- Passive Magnetic Bearing (PMB)
- Hybrid Magnetic Bearing (HMB)
By Application
- Compressors
- Turbines
- Pumps
- Motors
- Generators
By End-Use
- Oil & Gas
- Power Generation
- Semiconductor and Vaccum Equipments
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for magnetic bearing in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Magnetic Bearing Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the magnetic bearing market include Synchrony, SKF, Calnetix, Foshan Genesis, Mecos AG, Kazancompressormash, Waukesha, Celeroton AG, Schaeffler, Dresser-Rand, Siemens AG. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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