Magnetic Couplings Market Size, Share, Growth, and Industry Analysis by Type (Disc-type Coupling & Synchronous Coupling), By Application (Underwater, Petrochemical, Electronic & Other), Regional Forecast To 2033

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MAGNETIC COUPLINGS MARKET REPORT OVERVIEW

Global Magnetic Couplings Market size is USD 1.41 Billion in 2024 and market is projected to touch 1.63 Billion by 2032, exhibiting a CAGR of 1.8% during the forecast period.

A magnetic coupling is a coupling that uses a magnetic field to transfer torque from one shaft to another rather than a physical or mechanical connection. To separate the fluid from the air-operated motor, it is mostly utilized in liquid pumps and propeller systems. However, because the couplings are non-contact and employ the attraction and repulsion of the magnetic poles to convey rotational power, they are used in underwater vehicles to transfer torque from the electric motor to the prop.

Since a static, physical barrier may be positioned between the two shafts to isolate the fluid from the motor running in air, it is most frequently utilized for liquid pumps and propeller systems. Because shaft seals inevitably wear out and fail as two surfaces slide against one another, magnetic shaft couplings do not allow their usage. While they permit a greater off-axis error between the motor and driven shaft than physical couplings, they are also employed for ease of maintenance on systems that require exact alignment.

COVID-19 IMPACT

"Industry Shutdown Causes Market Distortion"

The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of machinery and equipment. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are the result of this evolution. The market as a whole was impacted by the shutdown of the machinery and equipment industry. Because there was no longer a market for the product, it has become obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The magnetic couplings market has been somewhat impacted by this.

LATEST TRENDS

"Wireless Power Transfer to Boost the Market Growth"

The industry is being driven by the major trend of wireless power transfer (WPT). It allows users to power and charge their portable devices without interruption and frees them from obtrusive cords. Since Nikola Tesla's pioneering experiment, the WPT technology has seen significant progress in transmission methods that were formerly thought to be impractical. Market growth has been accelerated by this technique. The history of wireless power technology is discussed, along with the fundamentals of magnetic coupling and the earliest attempts at resonant coupled WPT. The two core ideas of power transmission—maximum power transfer and maximum energy efficiency—are summed up in terms of the market-expanding energy efficiency and transmission distance capacities. The market is anticipated to grow as a result. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the wireless power transfer will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

MAGNETIC COUPLINGS MARKET SEGMENTATION

By Type Analysis

Based on type, the market is classified into Disc-type Coupling & Synchronous Coupling.

By Application Analysis

Based on the market is categorized into Underwater, Petrochemical, Electronic & Other.

DRIVING FACTORS

"Disc Couplings that Give the Market Extra Boost"

Disc coupling is the main driver propelling the market. Single disc couplings are employed in a number of industries, including mining, construction, and marine. Heavy-duty fasteners are created using double disc couplings. They are made up of two metal discs that are linked at an angle by a metal bar or rods. In cooling towers, disc couplings are used to join the small-diameter pipework to the large-diameter fans. On the fan blades, they serve as orifices as well. Disc couplings are frequently used in compressors to join the air intake and discharge sides of the compressor. By helping to focus airflow into the compressor, performance may be improved and noise levels may be reduced. These all contribute to the market's expansion as a whole. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the increasing use of disc couplings will boost the market. It will contribute to the expansion of the machinery and equipment industry and it will improve the overall magnetic couplings market growth.

"Petrochemical Industry to Encourage Market Expansion"

The use of products in the petrochemical industry is another element boosting the market. Permanent magnets are used in magnetic couplings to transfer torque. Particularly in sectors where customers appear to need to replace parts and systems at an alarmingly high rate or frequently shut down manufacturing lines for maintenance and reliability difficulties, they provide considerable advantages. In the petroleum and petrochemical industries, it aids in the repair of both gap magnetic couplings and variable gap magnetic couplings. These magnetic couplings are immune to misalignment forces since they do not fatigue like flexible metal couplings like the shim pack variety. They cannot malfunction as a result of poor maintenance either. Over the course of the forecast period, the aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"High Maintenance to Impede Market Expansion"

The market is being hampered by the product's poor quality and excessive maintenance requirements. Over the projected period, it is anticipated that deteriorating export conditions will limit market expansion by allowing domestic competitors to introduce low-quality products. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

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MAGNETIC COUPLINGS MARKET REGIONAL INSIGHTS

"North America Dominating the Market Across the Globe"

The market for magnetic couplings in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product used in the underwater, petrochemical & electronics sector is boosting the magnetic couplings market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Top Magnetic Couplings Companies

• Rexnord (U.S.)
• KTR Corporation (Germany)
• MagnaDrive (U.S.)
• MMC Magnetics (U.S.)
• ABB (Switzerland)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of magnetic couplings industry. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.