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Permanent Magnet Motor Market Forecast
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Market Synopsis
Market Research Future (MRFR) expects the permanent magnet motor market size to advance steadily at a rate of 8.70% between 2018 and 2023 (appraisal period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Drivers and Main Challenges
Across industries worldwide, the need for efficient electric motors and compact sized machines has surged exponentially in recent years. Since permanent magnet motors are extremely compact with reduced frame size and are efficient and lightweight, they expel lower amount of CO2 in the atmosphere. Additionally, their use means lower operational costs compared to induction motors, which has boosted their demand across various industrial segments across the globe.
The escalating sales of electric vehicles, especially in the emerging countries, to bring down the expense of fossil fuels and the mounting environmental concerns have been favorable for the global market. As electric vehicles are known to make use of AC permanent magnet motors for better operations, their soaring demand worldwide can be beneficial for the market. Besides, the growth of the robotics technology is expected to provide an attractive opportunity to the leading firms that are continuously investing in it, leading to better permanent magnet motor market growth.
On a dim note, the expensively priced rare-earth magnets that are essential components of permanent magnet motors can derail the product demand to some extent. Because of this fact, many of the commercial and industrial electronics manufacturers are hesitant to spend on permanent magnet motors. But trade experts believe that this trend can change during the evaluation period, thanks to the growing awareness about the benefits of permanent magnet motors, such as the capability to lower the maintenance cost and boost the operations and facilitate high productivity.
Market Segmentation
The permanent magnet motor market can be considered for type, power rating and end-user.
The main types include permanent magnet AC motor, brushless DC motor and permanent magnet DC motor. The market for permanent magnet AC motors is expected to thrive, as a result of the increasing spending on consumer electronics along with the surge in the number of government initiatives that promote sales of energy efficient motors.
Depending on the power rating, the market sections can be up to 25 kW, 25-100 kW, 100-300 kW, and 300 kW & above. Permanent magnet motors that fall under the range of 100-300 kW can note the most significant growth in the near future, since these motors find extensive use in electronic devices and industrial sectors.
Some of the key end-users in the worldwide market are commercial, residential and industrial. It is projected that the most notable growth will be observed by the industrial sector and this segment can also procure the fastest advancement rate. In the industrial sector, the demand for permanent magnet motors is extremely high, especially in textile, automotive, food & beverage, oil & gas, aerospace, robotics, and more.
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Regional Study
The regional study of the permanent magnet motor market trends covers Asia Pacific/APAC, Europe, North America, South America and Middle East & Africa/MEA.
The leader in the permanent magnet motor industry is APAC, with the key reasons cited to be the rapid expansion of the consumer electronic industry, which is a major end-user. India, Japan and China are the top revenue generating countries in the region, mainly owing to the escalating need for energy-efficient and compact motors across the industrial sector. The flourishing market for electrical vehicles, especially in China, can also be a significant growth booster. Apart from this, India's intense efforts to electrify every new vehicle by the year 2030 have prompted auto part vendors as well as manufacturers to come up with new plans with regard to electrification. This can incredibly shape the permanent magnet motor market in the country.
Leading Industry Players
The leading global permanent magnet motor market players are General Electric (US), Yaskawa (Japan), Nidec (Japan), Ametek (US), Johnson Electric (Hongkong), Allied Motion (US), Rockwell (US), Siemens (Germany), ABB (Switzerland), WEG (Brazil), Emerson (US), Toshiba Corporation (Japan), and more.
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