Global Permanent Magnet Motor Market – Overview
The global permanent magnet motor market is expected to exhibit a strong 8.7% CAGR over the forecast period from 2017 to 2023 due to the growing demand for permanent magnet motors in electric vehicles, according to the latest research report from Market Research Future (MRFR).
The growing acknowledgment of the benefits of permanent magnet motors over conventional induction motors has resulted in a growing demand for permanent magnet motors from the automotive industry. The report presents a detailed forecast for the global permanent magnet motor based on a comprehensive historical review of the market’s growth trajectory. The major drivers and restraints affecting the global permanent magnet motor market are also profiled in the report to provide readers with a complete overview of the major motivators of the permanent magnet motor market.
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Drivers and Restraints
Global permanent magnet motor market is slated to witness a high growth during the forecast period due to the growing demand for energy efficient and low-cost maintenance motors. For example, according to India Brand Equity foundation (IBEF), consumer electrical industry in India is expected to reach a market value USD 46.54 billion by 2020. This would positively influence the growth of permanent magnet motor market. Permanent magnet motors have several advantages such as high power density, high efficiency, and ease of control. Moreover, there is low mechanical friction losses owing to the absence of mechanical commutators and brushes. The signficant advantages of permanent magnet motor is its efficiency, compact size, and no requirement of cooling fan.
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.
The growing demand for electric vehicles is likely to be the major driver for the global permanent magnet motors market over the forecast period. Electric vehicle manufacturers are increasingly focusing on developing more efficient batteries providing longer operation times due to the need for ensuring a competitive mileage performance in comparison to traditional fossil fuel-powered automobiles. The rising need for electric vehicles that cater to the real world needs of consumers by providing high mileage figures is likely to be a major driver for the permanent motor magnet market over the forecast period.
Global market for permanent magnet motor has been segmented based on power rating, type, end-user, and region.
- Permanent magnet AC
- Permanent magnet DC
- Brushless DC
By Power Rating
- Up to 25 kW
- 25-100 kW
- 100-300 kW
- 300 kW & above
- Commercial & Residential
- North America
- Middle East & Africa
- South America
The geographical analysis of the global permanent magnet motor market has been conducted in four major regions, namely, Asia Pacific, North America, Europe and the rest of the world.
The North America and Europe regions are major regional markets for permanent magnet motors, owing to the established end use industries such as manufacturing sector, automotive, among others, which contribute substantially towards the demand and growth in the permanent magnet motor market.
Asia-Pacific is poised to hold the largest share for permanent magnet AC motors (PMAC) owing to major demand coming from industrial sector. growth in Asia-Pacific is slated to be driven by the increasing focus on the electronic sector, of which permanent magnet motor is a signifcant part. The developing countries in the Asia-Pacific region such as India, China, and Japan are likely to fuel the market for permanent magnet motor due to increasing demand for energy-efficient motors in these countries. Moreover, nations such as China and Japan have adopted energy efficiency mandates to save electricity consumption which would further fuel the market for permanent magnet motors.
The key market players of global turboexpanders market are General Electric (US), ABB (Switzerland), Siemens (Germany), Rockwell (US), Yaskawa (Japan), Nidec (Japan), Toshiba Corporation (Japan), Ametek (US), WEG (Brazil), Johnson Electric (Hongkong), Emerson (US), Allied Motion (US).
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