Market Research Future (MRFR) has published a cooked research report on the “Magnet Bearings Market” that contains information from 2023 to 2032. The Magnet Bearings Market is estimated to register a CAGR of 4.14% during the forecast period of 2023 to 2032 and projected to grow at USD 4.466 billion by 2032.
MRFR recognizes the following companies as the key players in the Market- Waukesha Bearings Corporation, Mecos AG, Foshan Genesis, SKF AB, Siemens AG, Celeroton AG, Calnetix Technologies, Synchrony.
Market Scope
Market Research Future (MRFR) expects the Magnetic bearings and systems Market 2023 to register a decent CAGR of 4.14% over the forecast period, which is between 2023 – 2032 and projected to grow from USD 3.22 Billion in 2023 to USD 4.466 Billion by 2032.
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 magnet bearings industry 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.
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Market Segmentation
Type, application, end-users and speed are the top segments specified in the report.
· Types of magnet bearings reported are passive magnet bearing, hybrid magnet bearing and active magnet bearing.
· Applications covered in the report are motors, pumps, compressor, generators, turbine, and others.
· The main end-users in the global market are power, petrochemicals, oil & gas, and others.
· The regions of Europe, Middle East & Africa or MEA, the Americas and Asia Pacific or APAC.
Regional Insight
The report highlights the latest trends and growth prospects of the magnet bearings market across the regions of Europe, Middle East & Africa or MEA, the Americas and Asia Pacific or APAC.
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.
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.
Top Players
· Waukesha Bearings Corporation
· Mecos AG
· Foshan Genesis
· SKF AB, Siemens AG
· Celeroton AG
· Calnetix Technologies
· Synchrony
Magnet Bearings Industry Developments
February 2023:
SKF AB, a leading bearings manufacturer, made a significant commitment by investing SEK 700 Mn in establishing engineering and manufacturing capabilities at a new site in Monterrey, Mexico. This greenfield site is expected to bolster the company’s capacity to develop and produce high-performance bearings. The strategic investment aims to create a strong regional foundation for SKF, enhancing its presence in the Mexican market and serving customers in the region more effectively.
June 2022:
SpinDrive Oy, a notable player in the magnetic bearing technology sector, unveiled its latest innovation at the Hannover Messe 2022 show. The new generation Magma X800 magnetic bearing controller is a cutting-edge solution designed specifically for systems with active magnetic bearings. The controller is targeted for demanding industrial applications and boasts impressive capabilities, handling power ranges from 35 kW to 3 MW, with rotating speeds ranging from 10,000 to 150,001 rpm and beyond. The Magma X800 represents a significant advancement in magnetic bearing technology, offering improved performance and control in industrial applications.
April 2022:
At the IFAT trade show in Munich, Goudsmit Magnetics, a Dutch magnetic equipment manufacturer, showcased its recently developed range of mobile overband (cross belt) magnets. These magnets are designed for efficient separation and removal of ferrous metals from various materials in recycling and waste management processes. Additionally, an important collaboration was established between REEtec of Norway and Schaeffler. Under this five-year contract, REEtec will supply rare earth oxides to Schaeffler, starting from 2024. The partnership aims to ensure a stable supply of essential materials for the production of magnetic bearings and other high-tech applications.
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