Magnetic Bearings Market Size, Share, Industry Analysis, Growth, 2032

Magnetic Bearings Industry Prospective:

The global magnetic bearings market size was worth around USD 1.98 Billion in 2023 and is predicted to grow to around USD 3.34 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.96% between 2024 and 2032.

The report analyzes the global magnetic bearings market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the magnetic bearings industry. 

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A bearing is a machine element that is utilized to support the moving parts of the machine such as the 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 using magnetic levitation, which doesn’t allow any physical contact between the surfaces. Magnetic levitation is a technique in which the magnetic force acts against the effects of gravitation and other forces, allowing the smooth rotation of the shaft at a very high speed.

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Magnetic Bearings Market: Overview

The term "market for magnetic bearings" refers to the manufacturing, distribution, and use of magnetic bearing systems that are carried out on a global scale. Magnetic bearings are cutting-edge structural components that eliminate the need for conventional mechanical bearings by employing magnetic levitation to provide support for rotating machines. Different applications, such as industrial machinery, turbomachinery, electrical motors, and aerospace systems, can reap the benefits of this technology, which include increased precision, decreased maintenance costs, and greater efficiency. Products ranging from active magnetic bearings (AMB) to passive magnetic bearings (PMB) are included in the market, which caters to a wide variety of industries and sectors. The magnetic bearings market is anticipated to experience expansion led by technical developments and increasing usage across a variety of regions and applications so long as industries continue to place a high priority on efficiency, dependability, and precision.

Magnetic Bearings Market: Growth Factors

Favorable features offered by the magnetic bearings are a lesser amount or not at all lubricant requirement, low friction, and the ability to operate without causing 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 is expected to fuel the growth of the magnetic bearings market in the forecast timeline. The 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 faces. Factors such as high installment costs, frequent system losses like air, iron, and copper losses, and the requirement of external power backup in case of power drop are anticipated to hamper the growth of the magnetic bearings market over the forecast years.

Increasing demand for healthcare technologies, such as cardiology and ventricular assistance 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 is expected to fuel the demand for magnetic bearings over the coming years.

Magnetic Bearings Market: Report Scope

Magnetic Bearings Market: Regional Insights

awareness of the dynamics of the magnetic bearings market requires having a strong awareness of the regional insights that are available. The performance of the market is affected by regional factors such as the expansion of the economy, the establishment of industrialization, and the advancement of technological developments. Based on the particular industrial landscapes of various countries, it is possible that different locations would demonstrate variable levels of acceptance and demand for magnetic bearings. As an illustration, developed regions such as North America and Europe may have a high adoption rate in the advanced manufacturing and aerospace industries.

This is mostly because technical innovation and demanding quality standards are driving this adoption. Emerging economies in the Asia-Pacific region may witness an increase in demand for magnetic bearings in a variety of applications as a result of expanding industrialization and the development of infrastructure. By gaining an understanding of regional insights, market participants can modify their strategies, product offers, and alliances to effectively capitalize on the one-of-a-kind possibilities and difficulties that are available in particular geographic areas.

Magnetic Bearings Market: Segmentation

To better understand and meet the requirements of individual industries, the market for magnetic bearings has been categorized according to several different characteristics.

Bearing type, application, end-user industry, and geographic location are some of the main factors that are taken into consideration throughout the segmentation process.

Bearing types can include active magnetic bearings (AMB) and passive magnetic bearings (PMB), with each kind giving significant advantages in terms of precision, control, and maintenance. PMBs are also known as passive magnetic bearings.

The applications of this technology frequently include everything from turbomachinery and industrial machinery to electrical motors and aircraft systems. A wide range of industries can be considered end-user industries. Some examples of these industries are manufacturing, oil and gas, energy, and healthcare.

Understanding the patterns and demands of regional markets is made easier through the use of geographic segmentation. Through the process of methodically classifying the magnetic bearings market, firms and other stakeholders can more effectively target their goods and services to fulfill the varied requirements of particular industries and geographical areas.

Magnetic Bearings Market: Competitive Space

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
• NSK Europe.
• And Others

The report segments the Magnetic Bearings Market as follows:

Global Magnetic Bearings Market: Type Segment Analysis

• Active Magnet Bearing
• Passive Magnet Bearing

Global Magnetic Bearings Market: Application Segment Analysis

• Compressor
• Turbine
• Pumps
• Motors
• Generators
• Others

Global Magnetic Bearings Market: End-User Segment Analysis

• Oil & Gas
• Petrochemicals
• Power
• Others

Global Magnetic Bearings Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa