Global Permanent Magnet Motor Market Highlights
As per Market Research Future, the global Permanent Magnet Motor Market 2020 has witnessed remarkable growth and its demand in the future might grow with the CAGR of 8.70% during the forecast period 2018-2023.
Permanent magnet motors use permanent magnets rather than winding in the field. This gives them a number of advantages such as higher power density, higher power efficiency, and easier control. The absence of mechanical commutators and brushes also ensures a lack of friction, further increasing the efficiency of permanent magnet motors. The higher energy efficiency and density of permanent magnet motors has resulted in increased preference for these type of motors over conventional induction motors. The industrial sector has been a major consumer of permanent magnet motors over the last few years and is likely to retain a leading share in the market over the forecast period due to the growing demand for power-efficient electric motors in the sector.
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Market’s Top Drivers & Challenges
The salient factors behind the global permanent magnet motor market’s growth is mainly attributed to its major advantages that it offers such as compact size, efficiency, and no necessity of cooling fan. Apart from these, its high efficiency, high power density, and ease of control have also grabbed the equal amount of attention and thus has propelled the market in a considerable way.
At the same time, the market for permanent magnet motor market is also making its position strong due to rise in industrialization that has opened array of opportunities for key players to bring in innovation at a rapid pace. The increasing focus on the electronic sector, of which permanent magnet motor is a major part is one of the prime factors influencing the market to reach higher valuation during the forecast period.
On the top of all, the growing demand for energy-efficient motors mainly observed from Asia-Pacific region (China, India and Japan) is also influencing the market to expand substantially. The feature that the permanent magnet motor market offers such as high-quality magnetic performance, high torque capacity, and high accelerations without the risk of demagnetization of the magnets are yet another important factors beating the previous record of growth and entering to a new phase of growth during the forecast period.
Segmentation of Market: Permanent Magnet Motor
As per the analysis, the segmental analysis of the market has been conducted by the elements of type, power rating, and end-user.
Based on the type of power rating: It is classified into up to 25 kW, 25-100 kW, 100-300 kW, and 300 kW & above segments. Wherein, permanent magnet motor with power range 100-300 kW has the possibility to occupy the largest share of the market as these motors discover maximum application in the industrial as well as electronic devices.
Based on the type of end-user: Industrial, as well as commercial & residential are the segments. Among these, the industrial segment is ready to grasp the largest share during the forecast period. Also, it is projected to expand at a faster rate during the same period as permanent magnet motors are vital part of industries such as automotive, textile, oil & gas, food & beverage, robotics, aerospace and more.
Based on type segment: Permanent magnet AC motor, permanent magnet DC motor, and brushless DC motor are included. Wherein, permanent magnet AC motor segment might lead the market during the assessment period, which is due to the budding investment in consumer electronics and government initiatives to practice energy efficient motors.
Region wise, the region of Asia Pacific occupied the largest market share of the global permanent magnet motor market in 2017 and now would be the fastest growing market during the assessment period. The growth is due to the mounting investment in industrial and manufacturing sectors such as automotive, consumer electronics, oil & gas, packaging, robotics, chemicals, and paper & pulp. The countries such as China and Japan have already implemented energy efficiency mandates to save electricity consumption that could further drive the market for permanent magnet motors.
Market Key Players
The significant players of the global permanent magent motor market are included to be Johnson Electric (Hongkong), General Electric (US), ABB (Switzerland), Yaskawa (Japan), Siemens (Germany), Nidec (Japan), Ametek (US), Rockwell (US), WEG (Brazil), Emerson (US), Toshiba Corporation (Japan), and Allied Motion (US).
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