Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Magnet Bearings Market Research Report – Forecast | Page 2

efficiency over an induction motor, especially at low motor speeds.
There has been an increase in awareness among end-users of the
reduction in operating costs that come with the use of magnetic bearings
compared to oil-lubricated machines. Although, the market for magnetic
bearings is growing, the volume for machines equipped on magnetic
bearings is relatively small. Manufacturing costs of the magnetic bearing
are high because the volumes do not match the investment in tooling
engineering, which can reduce the manufacturing cost.
The magnet bearings market has been segmented based on type,
application, end-user, speed, and region. On the basis of type, the
market has been segmented into active magnet bearing, passive magnet
bearing, and hybrid magnet bearing. Active magnet bearing has
dominated the market due to the ability of such bearings to exert higher-
density forces on surfaces of supported objects when compared to
another type of magnetic bearings. These bearings can operate across a
wide range of environments with additional benefits such as reliable
performance under extreme conditions, high performance in a compact
design, increased product life, and energy saving and safer operation.
On the basis of application, the market has been segmented into
compressor, turbine, pumps, motors, generators, and others. The
segment accounted for 27.31% market share in the global magnet
bearings market in 2016. This is because when used in turbines, such
bearings have major technological advantages such as oil-free
operation, operation in extreme temperature environments, and active
control.
Market Segmentation:
On end-user, the market has been segmented into oil & gas,
petrochemicals, power, and others. Power is expected to hold the largest
share as the rising cost of energy along with the harmful environmental
effects of power production have placed emphasis on taming renewable
sources of energy and improving the utilization of energy, which induced
the market growth of magnet bearings.
Geographically, the global magnet bearings market has been divided
into four major regions such as Americas, Europe, Asia Pacific and
Middle East & Africa. Asia Pacific has dominated the magnet bearings
market due to increase in foreign investment in construction sector.
Furthermore, the government initiatives, and emphasis on the growth of
core sectors such as power, and aerospace, defense has ensured
fastest growth in the Asia Pacific market. China is one of the leading