Global Magnetic Bearings Market – Industry Size & Forecasts 2024-2032

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.

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Bearings are equipment components used to support moving components of machinery, including shafts. Maintains relative motion between machine surfaces while carrying loads. Bearings typically serve to reinforce the rotation of a machine’s rotating shaft by maintaining it in an axial or radial direction. Similarly, external loads are supported by magnetic bearings via magnetic levitation, preventing physical contact between surfaces. Magnetic levitation allows a shaft to rotate at extremely high speeds by using magnetic forces that counteract gravity and other forces.

The concept “Magnetic Bearings Market” includes the worldwide operations of manufacturers, distributors, and users of magnetic bearing systems. Magnetic bearings are advanced structural elements that work by supporting rotating machinery using magnetic levitation, thereby eliminating the need for traditional mechanical bearings. This technology offers many benefits for a variety of applications such as aerospace systems, industrial machinery, turbomachinery, and electric motors. These benefits include increased accuracy, reduced maintenance costs, and increased overall efficiency.

Advantages exhibited by magnetic bearings include minimal or negligible lubricant usage, low friction, and resistance to mechanical wear during operation. These are used in high temperature and speed environments where standard bearings would fail. Rising demand for advanced technology, quality products, and energy-efficient solutions are expected to drive the magnetic bearings market during the forecast period. The increasing utilization of magnetic bearings in industries such as defense, HVAC, and aerospace is expected to provide numerous growth opportunities for the magnetic bearings market during the forecast period.

However, the magnetic bearing market currently faces many obstacles. High installation costs, frequent system losses (iron, copper, air, etc.), and the need for external power backup during power outages are expected to hinder the market expansion of magnetic bearings in the coming years.

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The global magnetic bearings market is segmented on the basis of product, application, and region.

Global Magnetic Bearing Market: Product Segment Analysis

●Active magnetic bearing

●Passive magnetic bearing

Global Magnetic Bearings Market: Application Segment Analysis

● Oil and gas

●Petrochemical

● Power

●Others

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The global Magnetic Bearings market profiles the key players such as:

●Dresser Land

● Calnetix Technologies

●Comsol Co., Ltd.

●Simply Bearing Co., Ltd.

●KML Motion Industry Co., Ltd.

● Siemens AG

●Waukesha Bearing Co., Ltd.

●Advanced motion control

●Mecos AG

●NSK Europe

Magnetic Bearing Market: Regional Perspective

To understand the complexity of the Magnetic Bearings market, a comprehensive understanding of accessible regional perspectives is essential. Regional factors such as increasing technological advancement, establishment of industrialization, and economic expansion influence market performance. Depending on each country’s specific industrial environment, there can be many regional differences in the demand and level of adoption of magnetic bearings. For example, developed regions such as Europe and North America may have relatively high adoption rates in aerospace and advanced manufacturing.

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