Magnet Bearings Market Global Industry Review 2019 To 2023

Magnet Bearings Market 2019 is latest research report by MarketResearchFuture, the global Magnet Bearings market is expected to Register High Growth Rate during 2019 To 2023. Report analyzes Magnet Bearings Market Key Companies with Size, Share, Trends analysis, and Key Country Forecast to 2023. Magnet Bearings Market Information is segmented by Type (Active Magnet Bearing, Passive Magnet Bearing, and Hybrid Magnet Bearing), Application (Compressor, Turbine, Pumps, Motors, Generators, and Others), End-User (Oil & Gas, Petrochemicals, Power, Others), Speed, And Region - Forecast To 2023

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The noteworthy players operating the global market are Siemens AG, SKF AB, Waukesha Bearings Corporation, Calnetix Technologies, Mecos AG, Synchrony, Foshan Genesis, and Celeroton AG.

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Market Scenario

The global magnet bearings market is presumed to expand at 4.14% CAGR during the forecast period (2017-2023) owing to its cost-effectiveness, asserts Market Research Future (MRFR). Magnet bearings are important devices which are used to levitate objects using magnetic forces. Whereas other bearings offer partial support, magnetic bearings provide complete non-contact support of an object. They are used in applications such as turbines, compressors, motors, and pumps. Magnet bearings are usually used in compressors and allow them to operate without the use of oil for lubrication. This increases the transfer of heat efficiency of the chiller and reduces energy losses due to friction.

Drivers and Constraints Impacting the Market

Magnetic bearing technology is extensively used in turbines and has become viable due to advances in micro-processing controllers which allow robust active control. Developments in the stator, rotor, and materials have been made to minimize energy losses and reduce stress limitation. This has further stimulated the demand for magnetic bearings in turbines. Magnet bearings offer very low friction and can be used in vacuum. With emerging markets and innovation, the global market for magnet bearings is considered to fuel during the review period. Application of magnet bearings in electrical equipment and bullet train is also considered to contribute to the market growth. Moreover, magnet bearings are not affected by wear, can bear irregularities with respect to mass distribution, offer less friction coefficient, and allow the rotors to spin around the central axis with negligible vibration. Such advantages are expected to contribute to the growth of the market.

On the flip side, heavy weight and large size of the magnet bearings coupled with high cost are some of the major factors likely to impede the market growth in the coming years. Also, high initial installment cost is also considered to restrain the market growth.

Global Magnet Bearings Market: Segmental Analysis

The global magnet bearings market has been segmented on the basis of type, speed, application, end-user, and region.

By mode of type, the global magnet bearings market has been segmented into passive magnet bearing, active magnet bearing, and hybrid magnet bearing. Among these, the active magnet bearing is estimated to dominate the global market owing to the ability of such bearings to exert higher-density forces on surfaces of supported objects when compared to other types of magnetic bearings. Such bearings can operate across environments with added benefits such as high performance in a compact design, reliable performance under extreme conditions, energy saving, increased product life, and safer operation.

By mode of application, the global magnet bearings market has been segmented into turbine, compressor, motors, pumps, generators, and others. Among these, magnet bearings are highly used in turbines due to technological advantages such as operation in extreme temperature, oil-free operation, and active control.

By mode of end-use, the global magnet bearings market has been segmented into petrochemicals, oil & gas, power, and others. Among these, the power segment is considered to hold the largest market share. The rising cost of energy and harmful environmental effects of power production have emphasized on taming renewable resources of energy which has propelled the market growth during the estimated period.

Regional Insights

Geographically, the global magnet bearing market span across regions namely, Europe, America, Asia Pacific, and the Middle East and Africa.

Among all the regions, Asia Pacific is considered to dominate the global market owing to the increasing foreign investment in the construction sector. Emphasis on the growth of core sectors like aerospace, power, and defense along with government initiatives have ensured the fastest growth in this region. The region has also experienced growing demand for sustainable and eco-friendly construction along with government support which triggers the demand for magnet bearings in the construction sector.

The American region is also presumed to expand at a significant rate owing to the well-established power and aerospace and defense industries. Also, increase in private construction value and growing investment in aerospace and defense sector is considered to flourish the market in this region.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR) and Mar