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.
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.
Competitive Analysis:
Leading players in the global permanent motor magnet market include Allied Motion, Johnson Electric, Emerson, WEG, Toshiba Corporation, Ametek, Nidec, Rockwell, Yaskawa, Siemens, General Electric, and ABB.
In July 2019, Falco eMotors announced that its Epoch HVLS fans received UL, CSA, and CE certification.
Segmentation:
The global Permanent Magnet Motor Market Report is segmented on the basis of type, power rating, end use, and region.
By type, the global permanent magnet motor market is segmented into permanent magnet AC motor, permanent magnet DC motor, and brushless DC motor. The permanent magnet AC motor segment is likely to dominate the global permanent magnet motor market over the forecast period.
By power rating, the global permanent magnet motor market is segmented into up to 25 kW, 25-100 kW, 100-300 kW, and more than 300 kW.
By end use, the global permanent magnet motor market is segmented into industrial, commercial and residential, healthcare, and others.
Regional Analysis:
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. With governments in the region set to back environmental regulations that mandate or incentivize the use of power efficient industrial equipment, the permanent magnet motor market is set to exhibit steady growth in Asia Pacific over the forecast period.
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.
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