Magnetic Bearing Market to Reach US$3 Billion by 2031; Growing preference for oil-free technologies for high-speed, low-vibration industrial applications: TMR study

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ALBANY, NY, January 10, 2022 /PRNewswire/ — Manufacturers and distributors of magnetic bearings derive revenue from the preference for oil-free, low-maintenance bearing designs. These are increasingly being adopted in high-speed industrial applications, particularly in the aerospace and energy industries. A study by TMR forecasts that the opportunities in the Magnetic Bearings Market will grow at a CAGR of 5.7% during the forecast period 2021-2031.

Magnetic bearings along with their drive technologies improve the performance of centrifugal chillers and provide value-added revenue opportunities, observed the magnetic bearing market study. The demand for bearings characterized by low-maintenance technologies and high energy efficiency strengthens sales prospects.

The introduction of low global warming potential refrigerants has helped end users to optimize the performance of the magnetic bearing centrifugal chiller, thereby expanding the value chain of the magnetic bearing market landscape. The demand for new technologies in automated drive solutions opens up new avenues in the near future, according to the study on the magnetic bearings market.

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Key Findings of the Magnetic Bearings Market Research

  • Products show strong adoption in high-speed applications: Integrated vibration management and low power consumption advantages make magnetic bearings a reliable technology in high speed applications. The use of maintenance-free and oil-free designs leads to potential revenue in aerospace and power generation applications, TMR analysts project. The adoption of magnetic bearings has reduced the carbon footprint of the cooling systems used in these applications.
  • The need for integrated condition monitoring capabilities propels growth: Various industries are witnessing prospects for advanced control systems and drive technologies in cooling systems. Products with integrated conditioning monitoring systems are gaining momentum, generating exciting sales opportunities in the magnetic bearing market. For example, bearings without surface contact are gaining popularity in high-speed motors.
  • Demand for Magnetic Bearing Centrifugal Chillers Drives Revenue Growth: The growing deployment of magnetic bearing centrifugal chillers due to their substantial energy savings is generating vast revenue opportunities for market players. Longer machine life, fast start and stop systems and energy efficiency propel revenue gains.
  • Maintenance-free and oil-free designs underpin innovations: The advent of low-maintenance and oil-free designs has set the pace for product innovation, say analysts assessing the growth momentum of the magnetic bearing market. In many applications, these have thus gained preference over airfoil bearings. The absence of oil 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. Additionally, new technologies in the magnetic bearing market are driven by products with attractive stiffness and damping properties.

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Magnetic Bearing Market: Key Drivers

  • Rising demand for advanced cooling systems in critical facilities such as hospitals or data centers has supported the sales outlook of magnetic bearings market
  • Advances in HVAC technologies have widened the path to market for oil-free magnetic bearings in centrifugal chillers and other applications such as biomedical engineering and the semiconductor industry

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Magnetic Bearing Market: Regional Dynamics

  • Asia Pacific held a major share of the magnetic bearings market and is expected to bring lucrative revenue opportunities over the forecast period
  • Substantial appetite for magnetic bearing technologies across multiple industries is fueling opportunities in this regional market

Magnetic Bearings Market: Key Players

The study on the Magnetic Bearings market provides a detailed review of the competitive landscape and strategies of key players. Top players want to tap into new revenue streams by expanding their presence in new geographies. Some of the companies featured 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 Bearings Market, By Type

  • Active magnetic bearings
    • Electromagnetic (EM) Polarized Magnetic Bearing
    • Permanent Magnet (PM) Polarized Magnetic Bearing
  • Passive magnetic bearings

Magnetic Bearings Market, By Application

  • turbo machinery
    • Compressors
    • Wind turbines
    • Pumps
    • Others
  • Engines
  • Generators

Magnetic Bearings Market, By End Use

  • Biomedical genius
  • Semiconductor industry
  • Aerospace
  • petroleum gas
  • energy production
  • Others (Marine, Processing, etc.)

Magnetic Bearings Market, By End Use and Application

  • Biomedical genius
    • turbo machinery
      • Compressors
      • Wind turbines
      • Pumps
      • Others
    • Engines
    • Generators
  • Semiconductor industry
    • turbo machinery
      • Compressors
      • Wind turbines
      • Pumps
      • Others
    • Engines
    • Generators
  • Aerospace
    • turbo machines
      • Compressors
      • Wind turbines
      • Pumps
      • Others
    • Engines
    • Generators
  • petroleum gas
    • turbo machines
      • Compressors
      • Wind turbines
      • Pumps
      • Others
    • Engines
    • Generators
  • Power
    • turbo machinery
      • Compressors
      • Wind turbines
      • Pumps
      • Others
    • Engines
    • Generators
  • Others
    • turbo machines
      • Compressors
      • Wind turbines
      • Pumps
      • Others
    • Engines
    • Generators

Magnetic Bearings Market, By Region

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

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