Market Overview
The global Permanent Magnet Motor Market is expected to grow at a moderate 8.70% CAGR during the forecast period ad record a substantial market valuation, as per the report published by Market Research Future (MRFR).
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 Motor Industry Segmental Analysis
Global market for permanent magnet motor has been segmented based on power rating, type, end-user, and region.
Based on power rating, the permanent magnet motor market is classified into 25-100 kW, up to 25 kW, 100-300 kW, and 300 kW & above. The permanent magnet motor with power range 100-300 kW is poised to hold the maximum share as these motors find major application in the industrial along with electronic devices.
Based on end-user, the permanent magnet motor market is segmented as, commerical & residential and industrial. The Industrial segment is slated to account for the largest share during the forecast period. Industrial segment is also estimated to grow at a faster rate during the review period as permanent magnet motors are an essential part of industries such as automotive, food & beverage, textile, oil & gas, aerospace, robotics, and other. These motors also find application in textile machines, industrial machinery, variable frequency drives (VFDs), compressors, and hoists. Automotive sector is considered as the most significant sector within industrial segment which involves the installation of the highest number of permanent magnet motors.
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Regional Analysis
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.
Competitive Analysis
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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