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.
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Consumer goods, electronics, and automobile sectors are other areas of permanent magnet motor applications. In the automobile sector, the use of permanent magnet motor for windshield wipers and need to lower windows can impel the expansion of the global market. The utility of PM motor in toy industry and the growing need for consumer goods are expected to prompt the expansion of the market. Incorporation of PM motors in electronics, such as portable vacuum cleaners can also support the expansion of the market.
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.
Market’s Top Drivers & Challenges
The salient factors behind the global Permanent Magnet Motor Industry 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.
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.
Based on the type of end-user: Industrial, as well as commercial & residential are the segments.
Based on type segment: Permanent magnet AC motor, permanent magnet DC motor, and brushless DC motor are included.
Regional Framework
Asia Pacific holds the largest share in the global permanent magnet motor market and is likely to retain the dominance over the forecast period due to the growing demand for permanent magnet motors in the industrial sector in countries such as China, India, Japan, South Korea, and Taiwan. The industrial sector in these and other APAC countries has become increasingly conscious about the power efficiency ratings of the equipment.
China is likely to remain the global leader in the global permanent magnet motor market over the forecast period due to the rapid growth of the industrial sector in the region in the last few years. The growing production of electric vehicles in China is also likely to add to the growth potential of the permanent magnet motors market in the country over the forecast period.
Competitive Analysis:
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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