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).
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.
Market Segmentation:
The global permanent magnet motor market is segmented on
the basis of type, power rating, end use, and region.
By Type
- Permanent magnet AC
- Permanent magnet DC
- Brushless DC
By Power Rating
- Up to 25 kW
- 25-100 kW
- 100-300 kW
- 300 kW & above
By End-User
- Industrial
- Commercial &
Residential
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East &
Africa
- South America
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.
Browse Summary of Permanent Magnet Motor Market Report
at: https://www.marketresearchfuture.com/reports/permanent-magnet-motor-market-6991
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