Market Insights
A bearing that uses magnetic levitation to sustain a load is called a magnetic bearing. Without any physical contact, it also supports moving elements. The magnetic technique has a number of benefits, including a lower friction coefficient and bearing regularities in mass distribution. There are a number of factors that contribute to the magnetic bearing market's growth, including the use of these bearings in automotive and aerospace applications. The market is expanding and its size is modest, which may have a diminishing effect on the expansion of the magnetic bearing industry.
Cost-effectiveness, adaptable energy-efficient solutions, and rising use in HVAC, aerospace, and defense are a few of the key factors boosting the growth of the magnet bearings market. The magnet bearings market, however, is being constrained by China's economic recession. Overall, the magnet bearings market is estimated to grow at a healthy CAGR of 4.5% during the forecast period.
Segment Analysis
Based on the information type, the market is segmented into active magnet bearing, and hybrid magnet bearing. Active Magnet Bearing is likely to remain the dominant information type in the foreseen future. Because active magnetic bearings can apply higher-density stresses on supported item surfaces than other types of magnetic bearings, they have dominated the market. With additional advantages including dependable performance in harsh situations, excellent performance in a compact design, longer product life, and safer and more energy-efficient operation, these bearings can function in a range of environments.
Based on the application type, the market is segmented into compressors, turbines, pumps, motors, and others. Pumps are expected to remain the dominant application type during the forecast period. This growth is due to the fact that such bearings when used in turbines, have significant technological advantages such oil-free operation, operation in situations with severe temperatures, and active control.
Based on the end-user type, the market is segmented into oil & gas, petrochemicals, power, and others. Power to remain the dominant application type during the forecast period. The market for magnet bearings was stimulated by the rise of the power sector, which is anticipated to account for the majority of the market share due to the rising cost of energy and the negative environmental consequences of power production.
In terms of regions, Asia-Pacific is expected to remain the largest market for magnet bearings over the forecast period. In addition, the region is likely to witness healthy market growth in the coming years. As a result of increased foreign investment in the construction industry, Asia-Pacific has dominated the magnet bearings market. Additionally, government initiatives and a focus on expanding core industries like electricity, aerospace, and defense have ensured the Asia-Pacific market's greatest growth.
Key Players
The following are some of the key players in the magnet bearings market:
- Calnetix Technologies
- Celeroton AG
- Foshan Genesis
- Mecos AG
- Siemens AG
- SKF AB
- Synchrony
- Waukesha Bearings Corporation
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s magnet bearings market realities and future market possibilities for the forecast period of 2023 to 2028. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The magnet bearings market is segmented into the following categories:
Magnet Bearings Market, by Information Type
- Active Magnet Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Hybrid Magnet Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Magnet Bearings Market, by Application Type
- Compressor (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Turbine (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Pumps (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Motors (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Generator (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Magnet Bearings Market, by End-User Type
- Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Petrochemicals (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Power (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Magnet Bearings Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, Turkey, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
