Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Global Magnet Bearings Market_Written by Trisha | Page 2

On the flip side, heavy weight and large size of the magnet bearings coupled with high cost are
some of the major factors likely to impede the market growth in the coming years. Also, high
initial installment cost is also considered to restrain the market growth.
Global Magnet Bearings Market: Segmental Analysis
The global magnet bearings market has been segmented on the basis of type, speed, application,
end-user, and region.
By mode of type, the global magnet bearings market has been segmented into passive magnet
bearing, active magnet bearing, and hybrid magnet bearing. Among these, the active magnet
bearing is estimated to dominate the global market owing to the ability of such bearings to exert
higher-density forces on surfaces of supported objects when compared to other types of
magnetic bearings. Such bearings can operate across environments with added benefits such as
high performance in a compact design, reliable performance under extreme conditions, energy
saving, increased product life, and safer operation.
By mode of application, the global magnet bearings market has been segmented into turbine,
compressor, motors, pumps, generators, and others. Among these, magnet bearings are highly
used in turbines due to technological advantages such as operation in extreme temperature, oil-
free operation, and active control.
By mode of end-use, the global magnet bearings market has been segmented into
petrochemicals, oil & gas, power, and others. Among these, the power segment is considered to
hold the largest market share. The rising cost of energy and harmful environmental effects of
power production have emphasized on taming renewable resources of energy which has
propelled the market growth during the estimated period.
Regional Insights
Geographically, the global magnet bearing market span across regions namely, Europe, America,
Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is considered to dominate the global market owing to the
increasing foreign investment in the construction sector. Emphasis on the growth of core sectors
like aerospace, power, and defense along with government initiatives have ensured the fastest
growth in this region. The region has also experienced growing demand for sustainable and eco-
friendly construction along with government support which triggers the demand for magnet
bearings in the construction sector.
The American region is also presumed to expand at a significant rate owing to the well-
established power and aerospace and defense industries. Also, increase in private construction
value and growing investment in aerospace and defense sector is considered to flourish the
market in this region.