Global Magnet Bearings Market Size was valued at USD 3.22 Billion in 2023. The magnet bearings market industry is projected to grow from USD 3.35 Billion in 2024 to USD 4.47 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.65% during the forecast period (2024 - 2032). There are a number of market drivers that contribute to the magnetic bearing market's growth, including the use of these bearings in automotive and aerospace applications. the growing understanding among businesses of the need to lower magnetic bearing market operating costs. Furthermore, cost-effectiveness, adaptable solutions, and growing use in HVAC, aircraft, and defence are some of the key factors boosting the growth of the worldwide magnet bearings market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In the field of power generation, magnetic bearing generators are frequently used because of their higher power density. Compared to conventional low-speed generators, these magnetic bearing generators are far more practical. They provide advantages including reduced maintenance expenses and improved efficiency. Due to these nations' expanding renewable energy industries, power generation increased by 2.7% and 3.6%, respectively, in the U.S. and Europe in 2021. Most Asia-Pacific nations saw an increase in power generation in 2021, with China and India seeing particularly strong growth (+9.7% and +4.8%). The use of magnetic bearings, a new category of relatively small, effective, high-speed electricity generators, spans a range of power applications, from energy management in particular facilities and primary power sources for remote communities and industries to highly portable kits for disaster recovery, rescue, and reconstruction.
The most strategically significant technology utilised to power modern devices is semiconductors. The semiconductor industry is being driven by an increase in demand for consumer electronics & other electronic devices. Magnetic bearings are being widely used by manufacturers in the semiconductor industry to achieve maximum output, dependability, high throughput, and high efficiency. These days, semiconductor technology has improved to the point that a single silicon piece can house more than 100 billion transistors. Companies from the United States, Taiwan, Japan, and the Netherlands are the industry leaders worldwide in the semiconductor industry. The Semiconductor Industry Association (SIA) estimates that the worldwide semiconductor industry's sales reached US$ 555.9 Bn in 2021, with the United States accounting for 46% of this total. According to region, North America saw the most increase in sales in 2021 (27.4%). For semiconductors, China is the biggest market. In 2021, the nation sold a total of US$ 192.5 B worth of semiconductors. European and Asian-Pacific annual sales both rose throughout the year by 27.3% and 25.9%, respectively.
The components of the active magnetic bearing system do not physically touch each other while they are rotating. Consequently, wear and friction are reduced. Due to the lack of lubrication requirements, these bearing systems are almost maintenance-free. With active magnetic bearings, operating and maintenance expenses are reduced in addition to the initial capital investment. Higher efficiency and faster speeds can be attained using these bearings. Active magnetic bearings are appropriate for extreme climatic circumstances, such as very low temperatures, corrosive environments, and zero gravity situations. Electric motors can run at a high speed thanks to these frictionless bearings. Because of this, active magnetic bearing demand is increasing globally in end-use industries. Thus, driving the magnet bearings market revenue.
The global magnet bearings market segmentation, based on application includes Compressor, Turbine, Pumps, Motors, Generators and Others. The turbine segment dominated the market because of the world's high energy consumption requirements across numerous end-use industries, particularly in China and India, and rising industrialization in those two countries. Over the course of the projection period, it is expected that rising demand for products will be driven by the use of electric motors and their expanding penetration into a variety of industries, including consumer electronics, healthcare, appliances, and HVAC (heating, ventilation, and cooling).
The global magnet bearings market segmentation, based on type, includes Active Magnet Bearing, Passive Magnet Bearing and Hybrid Magnet Bearing. The active magnetic bearings category generated the most income. In many applications where high-speed rotation, precise control, and low maintenance are necessary, active magnetic bearings are employed. Superior stability and responsiveness are offered by these bearings, which actively control the rotor's position using electromagnetic coils. Furthermore, the passive magnet bearing category is anticipated to grow at a significant rate. Magnetic levitation and radial stability are provided by passive magnetic bearings using permanent magnets. The simplicity and cost-effectiveness of these bearings make them popular in applications with lower speed requirements.
Figure 1: Global Magnet Bearings Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global magnet bearings market segmentation, based on end-user, includes Oil & Gas, Petrochemicals, Power and Others. The power category generated the most income as a result of the focus on controlling renewable energy sources and improving energy utilization brought on by the rising cost of energy as well as the negative environmental effects of power production, the market for magnet bearings has grown.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American magnet bearings market area will dominate this market because major market participants are present and the area is focused on technical improvements. The developed manufacturing and industrial industries in the area also support market expansion. The demand for electric vehicles and other industrial applications, rising environmental consciousness regarding the advantages of using magnetic bearings, and rising R&D spending by various companies are the main factors boosting the growth of the North American magnetic bearing market.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL MAGNET BEARINGS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe magnet bearings market accounts for the second-largest market share due to the increase in R&D expenditures and the presence of many industries in the area. Due to the emphasis placed in the region on environmental sustainability and energy efficiency, Europe is a significant market for magnet bearings. The demand for magnet bearings is further fueled by the rising use of renewable energy sources like wind power. Additionally, the power sector in both the developing and developed nations in the region is investing heavily in the development of substations and renewable energy sources, which will increase the demand for magnetic bearings in this region. Further, the German magnet bearings market held the largest market share, and the UK magnet bearings market was the fastest growing market in the European region
The Asia-Pacific Magnet bearings Market is expected to grow at the fastest CAGR from 2023 to 2032. The need for magnetic bearings in the area is increasing quickly. In terms of global bearing production, China comes in third place. With a 9.0% annual growth rate, the country's bearing market reached Yuan 193 Bn in 2020. Growth in the manufacturing, aerospace, and oil & gas sectors is promoting the magnetic bearing sector in Asia Pacific. Manufacturers are being encouraged to concentrate on employing custom bearings by the rise in new technology adoption and digitalization. The next several years are likely to see market advancement in the area accelerated by growth in the EV industry. Moreover, China’s magnet bearings market held the largest market share, and the Indian magnet bearings market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the magnet bearings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, magnet bearings industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global magnet bearings industry to benefit clients and increase the market sector. In recent years, the magnet bearings industry has offered some of the most significant advantages to market. Major players in the magnet bearings market attempting to increase market demand by investing in research and development operations include Calnetix Technologies, Siemens AG, Waukesha Bearings Corporation, Mecos AG, Foshan Genesis, Synchrony, SKF AB and Celeroton AG.
The company Calnetix Technologies, LLC creates, develops, and produces industrial equipment. The business sells high-end CNC machines as well as motors, generators, magnetic bearings, and power electronics. Global customer service is provided by Calnetix Technologies. The mission of Calnetix Technologies, LLC is "Innovation That Drives Industries". They are changing the way the world produces and uses energy, which benefits both society and the environment. Innovative, fast technologies from Calnetix deliver great system efficiency, dependability, power density, and low total cost of ownership. In a number of applications, including defence, aerospace, maritime, oil and gas, racing, and others, its solutions improve energy security, lower energy consumption, and produce fewer hazardous emissions.
The largest provider of gas-bearing turbo compressors worldwide is Celeroton. As a system supplier for compressors, they offer converters for fuel cells, noble gas recirculation and compression, pneumatics, cryogenics, clean/sterile air supply, gas recovery, and other industrial applications. With regard to compactness, service life, and performance, ultra-high-speed turbo compressors with contact- and oil-free gas bearings provide remarkable solutions. Its systems are substantially lighter and smaller as well as incredibly efficient when compared to compressors with typical speeds. A wide range of pressure ratios, mass flows, pressure differences, and volume flows are all covered by the Celeroton family of turbo compressor products.
February 2023: SKF AB committed SEK 700 Mn to locating engineering and manufacturing capabilities at a brand-new, greenfield site in Monterrey, Mexico. The company's ability to develop and produce high-performance bearings will probably benefit from the investment's potential to help build a solid regional basis.
June 2022: On the occasion of the Hannover Messe 2022 show, SpinDrive Oy. introduced a new generation magma magnetic bearing controller. For systems with active magnetic bearings, Magma X800 is a cutting-edge magnetic bearing controller. It is intended for demanding industrial applications and can handle typical power ranges of 35 kW to 3 MW with rotating speeds of 10,000 to 150,001 rpm and above.
April 2022: The IFAT trade show in Munich, May 30-June 3, will feature a presentation of the "recently developed range of mobile overband [cross belt] magnets," according to Dutch magnetic equipment manufacturer Goudsmit Magnetics. A five-year contract between REEtec of Norway and Schaeffler has been reached. According to COO Andreas Schick, Reuters will begin receiving rare earth oxides as of 2024.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.22 Billion |
| Market Size 2024 | USD 3.35 Billion |
| Market Size 2032 | USD 4.47 Billion |
| Compound Annual Growth Rate (CAGR) | 3.65% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Type, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Calnetix Technologies, Siemens AG, Waukesha Bearings Corporation, Mecos AG, Foshan Genesis, Synchrony, SKF AB and Celeroton AG |
| Key Market Opportunities | · Growth in niche healthcare applications · New product launches and R&D amongst major key players |
| Key Market Dynamics | · Cost-effectiveness energy-efficient flexible solution · Increasing application in HVAC, defense, and aerospace |
Magnet Bearings Market Highlights:
Frequently Asked Questions (FAQ) :
The global magnet bearings market size was valued at USD 3.22 Billion in 2023.
The global market is projected to grow at a CAGR of 3.65% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Calnetix Technologies, Siemens AG, Waukesha Bearings Corporation, Mecos AG, Foshan Genesis, Synchrony, SKF AB and Celeroton AG.
The turbine category dominated the market in 2022.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
