(MENAFN - GetNews) The global magnet bearings market is expected to grow moderately and register a value CAGR of 4.14% over the forecast period.
Pune, India, 2019 /MRFR Press Release/- Market Research Future published a cooked research report on global Magnet bearings market. The Magnet bearings market is expected to grow at the CAGR of around 4.14% during the period 2017 to 2023.
The magnet bearing is highly application driven. The global magnet bearings market has been segmented by application as: compressor, turbine, pumps, motors, generators, and others. Magnet Bearings are used in compressors and allow the compressor to operate without the use of oil for lubrication. This, in turn reduces energy losses due to friction and increases the heat transfer efficiency of the chiller, as no oil enters the condenser. The segment is expected to grow at 4.19% CAGR during the forecast period. However the largest application would be turbines. Today, magnetic bearing technology is used in turbines. It has become viable because of advances in micro-processing controllers that enable robust active control. Further developments in the areas of rotor and stator and materials have been made so that it minimizes energy losses, and minimize stress limitations. This has fueled the demand for such bearings in the turbine application.
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Pumps are also an important applications. Magnetic bearings are highly attractive to high-speed machines such as pumps. Such bearings are ideal for clean environments, wherein most magnetic bearings are used. Magnet bearing provide stiffness and damping. However, unlike other bearings, the performance can be optimized by changing control parameters. Advanced control mechanism minimizes machine vibration even under high imbalance.
By Type:Active Magnet bearing, Passive Magnet Bearing, Hybrid Magnet Bearing
By Application:Compressor,Turbine,Pumps,Motors,Generators andOthers
By End-user:Oil & Gas, Petrochemicals, Power and Others
By Speed:Upto 50,000 rpm, 50,000 to 100,000 rpm,Above 100,000 rpm
By Region:Americas, Europe, Asia Pacific, Middle East & Africa
The key players in magnet bearings market are Calnetix Technologies, Siemens AG, Waukesha Bearings Corporation, Mecos AG, Foshan Genesis, Synchrony, SKF AB, and Celeroton AG.
On the basis of region, the market is segmented based on Americas, Asia Pacific, Europe, and Rest of the Middle East, and Africa. Asia Pacific region has dominated the magnet bearings market as the region offers plenty of investment opportunities, and lucrative opportunities for the foreign players to step in. China accounted for the largest share in the Asia Pacific market due to its increased focus on energy sector, which is one of the crucial application area of magnet bearing. According to IEA, China remained the most popular destination of energy investment, accounting 21% of the global. In 2016, China saw a 25% decline in commissioning of new coal-fired power plants. Energy investment in China is driven by low-carbon electricity supply and networks, and energy efficiency.
India is another major market of magnet bearing. It is governed by the increasing population along with an increase in industrialization and rising urbanization. The Indian soil has been luring various foreign and domestic players and attracting investment in the construction sector. There has been an increase in the global foreign direct investment (FDI) inflows. According to United States Economic and Social Commission for Asia and Pacific (UNESCAP), FDI was valued at USD 1.76 trillion in 2015. This along with FDI in retail has pushed the number of construction projects in the region, inducing demand for magnetic bearing used in the cooling systems in construction industry.
Scope of the Report
This study provides an overview of the global magnet bearings market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Magnet bearings market by its type, application, end-user, speed, and region
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