Magnetic Bearing Market to Reach US$ 3 Bn by 2031; Growing Preference for Oil-free Technologies for High-speed and Low-vibration Industrial Applications: TMR Study

-  Growing preference of magnetic bearing centrifugal chillers to drive revenue gains to manufacturers in magnetic bearing market

-  Innovations in magnetic bearing systems such as contactless technologies reduce the carbon footprint in aerospace & power generation applications

ALBANY, N.Y., Jan. 10, 2022 /PRNewswire/ -- Manufacturers and distributors of magnetic bearings are capturing revenues from the preference of oil-free bearing and low-maintenance bearing designs. These are gaining adoption in high-speed industrial applications especially in aerospace and power industries. A study by TMR projects the opportunities in the magnetic bearing market to advance at CAGR of 5.7% during the forecast period of 2021-2031.

Magnetic bearings along with their drive technologies boost the performance of centrifugal chillers, and are offering value-grab revenue opportunities, observed the study on the magnetic bearing market. The demand for bearings that are characterized with low-maintenance technologies and high energy efficiency is bolstering the sales prospects.

The introduction of refrigerants with low global warming potential has helped end users optimize the performance of magnetic bearing centrifugal chiller, thereby extending the value chain of the magnetic bearing market landscape. The demand for new technologies in automated drive solutions is opening new avenues in near future, finds the study on the magnetic bearing market.

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Key Findings of Magnetic Bearing Market Study

• Products Witness High Uptake in High-speed Applications: Built-in vibration management and low energy consumption benefits are making magnetic bearing reliable technology in high-speed applications. The use of maintenance-free and oil-free designs is leading to potential revenues in the aerospace and power generation applications, project the analysts at TMR. The adoption of magnetic bearings has helped reduce the carbon footprint of the cooling systems used in these applications.
• Need for Built-in Condition Monitoring Capabilities Propel Growth: Various industries are witnessing prospect for cutting-edge control systems and drive technologies in cooling systems. Products with in-built conditioning monitoring systems are gaining traction, generating attractive sales opportunities in the magnetic bearing market. For instance, bearings that make no surface contacts are gaining popularity in high-speed motors.
• Demand for Magnetic Bearing Centrifugal Chillers Drive Revenue Growth: The growing deployment of magnetic bearing centrifugal chillers owing to their substantial energy savings is generating vast revenue possibilities for players in the market. Longer machine life, rapid start-stop systems, and energy efficiency are propelling the revenue gains.
• Maintenance-free and Oil-free Designs Underpin Innovations: The advent of low maintenance and oil-free designs has set the tone for product innovation, assert the analysts assessing the growth dynamics of the magnetic bearing market. In many applications, these have thus gained preference over airfoil bearings. Oil-free also ensures that the risk of contamination is low. Manufacturers are keenly unveiling low global warming potential (GWP) refrigerants, which is fueling the adoption of magnetic bearing centrifugal chillers. Furthermore, new technologies in the magnetic bearing market are motivated by products with attractive stiffness and damping properties.

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Magnetic Bearing Market: Key Drivers

• Growing demand for advanced cooling systems in mission critical facilities such as hospitals or data centers has underpinned the sales prospects of the magnetic bearing market
• Strides being made by HVAC technologies have extended the commercialization avenue for oil-free magnetic bearings in centrifugal chillers and other applications such as bio-medical engineering and semiconductor industry

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Magnetic Bearing Market: Regional Dynamics

• Asia Pacific held a sizable share of the magnetic bearing market and is projected to contribute lucrative revenue possibilities during the forecast period
• Substantial appetite for magnetic bearing technologies in several industries is fueling opportunities in this regional market

Magnetic Bearing Market: Key Players

The study on the magnetic bearing market provides a detailed scrutiny of the competition landscape and the strategies of key players. Top players are keen on tapping new revenue streams by expanding their presence in new geographies. Some of the companies profiled in the study are:

• EAAT GmbH Chemnitz
• Mecos Ag
• Calnetix Technologies, LLC
• KEBA
• Waukesha Bearings Corporation
• Schaeffler Technologies GmbH & Co. KG
• Siemens AG
• SKF AB

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Global Magnetic Bearing Market: Segmentation

Magnetic Bearing Market, by Type

• Active Magnetic Bearings
• Electromagnetic (EM) Biased Magnetic Bearing
• Permanent Magnet (PM) Biased Magnetic Bearing
• Passive Magnetic Bearings

Magnetic Bearing Market, by Application

• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators

Magnetic Bearing Market, by End-use

• Bio-Medical Engineering
• Semiconductor Industry
• Aerospace
• Oil & Gas
• Power Generation
• Others (Marine, Processing, etc.)

Magnetic Bearing Market, by End-use vs Application

• Bio-Medical Engineering
• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators
• Semiconductor Industry
• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators
• Aerospace
• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators
• Oil & Gas
• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators
• Power
• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators
• Others
• Turbo Machines
• Compressors
• Turbines
• Pumps
• Others
• Motors
• Generators

Magnetic Bearing Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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