The market study covers the present scenario and growth prospects of the global magnetic bearings market for 2017-2021. The global magnetic bearings market is divided into three main product segments comprising of active magnetic bearings, passive magnetic bearings, and other or hybrid magnetic bearings.
According to Anju Ajaykumar, a lead analyst at Technavio for tools and components research, “Magnetic bearings find application in high-speed machines such as compressors, vacuum pumps, motors, and turbines, as well as in industries that maintain clean environments such as biotechnology, cryogenic, and semiconductor industries. The growth in the manufacturing sector and renewable power sector is likely to boost the demand for magnetic bearings during the forecast period.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global magnetic bearings market:
- Growing demand for wind power generation
- Augmentation of coal capacities and revival of nuclear power plants in Japan
- Rising demand from the oil and gas industry in the Middle East
Growing demand for wind power generation
Wind turbines are a valuable and efficient means of harnessing alternate energy and help in minimizing carbon emission. Wind turbine manufacturers are developing high-capacity turbines to increase power generation. In addition, manufacturers are developing distinct and durable hybrid wind turbines to withstand extreme climatic conditions.
Magnetic bearings help in improving wind turbine performance by reducing vibration and frictional losses. With the rise in the number of countries that have renewable targets and policies, there has been increased renewable power production. This will increase the market prospects for the wind power market, thereby propelling the demand for magnetic bearings.
Augmentation of coal capacities and revival of nuclear power plants in Japan
Japan is looking forward to investing heavily in coal power infrastructure during the forecast period. According to the EIA, the country plans to build 45 coal-fired power stations in the next 10 years, adding up to 20 GW capacity to its power mix. Shutting down of nuclear power reactors has created a huge power deficit. Hence it has to depend on thermal power sources such as coal, gas, and oil to meet its power demand despite carbon emission concerns.
“High-speed electric generators and magnetic bearings combined prove operational, and design flexibility for equipment in the power generation industry. Therefore, the increase in demand for power generation is expected to propel the demand for magnetic bearings,” says Anju.
Rising demand from the oil and gas industry in the Middle East
Expansion in the global oil and gas market along with the recent growth in the oil and gas industry worldwide has led to an increase in the demand for magnetic bearings. These magnetic bearings are used in high torque rotating equipment used in the oil and gas industry.
The majority of the infrastructure in this industry has become old and needs renovation. Existing refineries not only need renovation but also are undergoing expansion and development with the growing demand for crude oil. Investments in development and renovation indicate that there will be a growing need for magnetic bearings from the oil and gas industry in the Middle East, which will propel the growth of the market.
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