Global Magnetic Bearings Market 2017-2021: Top Drivers and Forecasts by Technavio
Technavio
market research analysts forecast the global
magnetic bearings market to grow at a CAGR of close to 4% during
the forecast period, according to their latest report.
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Technavio has published a new report on the global magnetic bearings market from 2017-2021. (Graphic: Business Wire)
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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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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