Magnetic Bearing Market report provides the latest market data along with industry future trends, which keeps tracking of users driving the revenue growth rate of the magnetic bearing market by type (active magnetic bearing, passive magnetic bearing, hybrid magnetic bearing (AMB)), application (compressors, turbines, pumps, motors, generators) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players in the magnetic bearing market it includes the five years Industry analysis and the 6 years annual forecast from 2020 to 2026.
Some of the prominent participants in the global magnetic bearing market are AB SKF, Schaeffler Technologies AG & Co. KG, Dresser-rand, MECOS, Waukesha Bearings Ltd, Larsen & Toubro Infotech Limited, Calnetix, Levitronix GmbH, Tianjin IMAGING Technology Co., Ltd. Company, and FG-AMB. The global magnetic bearing market is projected to grow at a CAGR of 4.3% over the forecast period of 2020-2026.
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Advantages of Magnetic Bearing in Various Applications Are Driving the Growth of The Market
Magnetic bearings with their contactless technology are maintenance-free and non-wearing. Also, they do not require any lubrication. These bearings have been gradually developed and used in industrial applications. Industrial electric motors are the largest electrical end-use that account for approx. 45% of global electricity consumption. The high-speed electric motor solutions without active magnetic bearings are expensive to maintain. High-speed electric motors with magnetic bearings are getting increasing attention in the different industrial sectors. Additionally, magnetic bearings have been used in the oil and gas industry for many years, where their superior performance overrides their high price. Furthermore, they are used for high-speed operation for manufacturing and flywheels energy storage, and the rotor operates in air or vacuum.
The benefits of using magnetic bearings in rotating machinery include reduced frictional losses, no contaminating or flammable lubricants, higher reliability with little or no maintenance, reduced machine vibration and improved health monitoring and diagnostics. These several advantages of magnetic bearing in various applications are driving the growth of the market. However, despite these advantages, the complexity of integrating the magnetic bearings into the machine, the need for a large external control system, and the high cost is affecting the growth of the market. Moreover, recent advances in magnetic bearing technology, including miniaturization, simplicity, and integration is providing a significant growth opportunity for the magnetic bearing market.
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Asia Pacific Dominates the Magnet Bearings Market
The Asia Pacific dominates the magnet bearings market due to government initiatives, and emphasis on the growth of power, and aerospace, and defense sector. Furthermore, the region will offer several growth opportunities to market vendors owing to the exploring manufacturing sector. Moreover, rapid urbanization in this region along with the increasing need for operational efficiency is contributing to the growth of the market in the Asia Pacific region.
Magnetic Bearing Market: Segmentation
The report on the global magnetic bearing market covers segments such as type and application. On the basis of type, the sub-markets include active magnetic bearing (AMB), passive magnetic bearing (AMB), and hybrid magnetic bearing (AMB). On the basis of application, the sub-markets include compressors, turbines, pumps, motors, and generators.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the magnetic bearing.
=> Complete coverage of all the product types and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.
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