Magnet Bearings Market Growth Analysis | 2023-2028

Market Insights

The magnet bearings market was estimated at USD 1.95 billion in 2022 and is likely to grow at a healthy CAGR of 4.53% during 2023-2028 to reach USD 2.54 billion in 2028.

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Market Dynamics

Introduction

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.

Market Drivers

There are a number of factors that contribute to the magnetic bearing market's growth, including the use of this bearing 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.

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Key Players

The following are some of the key players in the market:

• Calnetix Technologies
• Celeroton AG
• Foshan Genesis
• Mecos AG
• Siemens AG
• SKF AB
• Synchrony
• Waukesha Bearings Corporation

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Information Type

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.

By Application Type

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.

By End-User Type

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.

Regional Insights

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.

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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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The magnet bearings market is segmented into the following categories:

By Information Type

• Active Magnet Bearing
• Hybrid Magnet Bearing

By Application Type

• Compressor
• Turbine
• Pumps
• Motors
• Generator
• Others

By End-User Type

• Oil & Gas
• Petrochemicals
• Power
• Others

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)

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Report 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 [email protected].