The magnetic bearings market size accounted for around USD 2550 Million in 2018, growing at a CAGR of 5.42% during the forecast period.
A bearing is a machine element which is basically utilized to support the moving parts of the machine such as shaft. When carrying a load, it supports the relative motion between the surfaces of the machine. Usually, the bearing reinforces the rotating shaft of the machine by maintaining its rotation either radially or axially. In the same way, a magnetic bearing supports the external load by means of magnetic levitation, which doesn’t allow any physical contact between the surfaces. Magnetic levitation is a technique in which the magnetic force actions against the effects of gravitation and other forces, allowing the smooth rotation of shaft at very high speed.
Favorable features offered by the magnetic bearings are a lesser amount or not at all lubricant requirement, low friction, and can operate without causing the mechanical wear. They are used in high-speed and high-temperature conditions, where normal bearings cease to work. The growing demand for high-quality products, energy-efficient solutions, and cost-effective and advanced technologies are expected to fuel the growth of magnetic bearings market in the forecast timeline. Increasing use of magnetic bearings in applications such as defense, HVAC, and aerospace is estimated to offer several growth opportunities for the magnetic bearing market over the forecast period.
However, there are a few challenges that the magnetic bearings market currently face. Factors such as high installment costs, frequent system losses like air, iron, and copper losses, and requirement of external power backup in case of power drop are anticipated to hamper the growth of magnetic bearings market over the forecast years.
Increasing demand for healthcare technologies, such as cardiology and ventricular assistant are most likely to provide growth opportunities for the magnetic bearing market in the forecast timeframe. Production of new-generation generators, motors, and turbines with enhanced speed, efficiency, and services are expected to fuel the demand of magnetic bearings over the coming years.
Some of the key players operating in the global magnetic bearings market include Dresser-Rand, Calnetix Technologies, Comsol Inc., Simply Bearings Ltd., KML Motion Industries Co. Ltd., Siemens AG, Waukesha Bearings Corporation, Advanced Motion Controls, Mecos AG, and NSK Europe.
Global Magnetic Bearings Market: Type Segment Analysis
- Active Magnet Bearing
- Passive Magnet Bearing
Global Magnetic Bearings Market: Application Segment Analysis
Global Magnetic Bearings Market: End-User Segment Analysis
- Oil & Gas
Global Magnetic Bearings Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa