Permanent magnet motor is a type of electric motor which is brushless and uses permanent magnets as opposed to winding in the field. The Global Permanent Magnet Motor Market has been analyzed thoroughly in MRFR’s new report on the subject. The growth of the global market is anticipated at a CAGR of 8.70% which indicates above-average growth over the assessment period from 2017 to 2023.
Permanent magnet motors offer increased levels of efficiency and offer various advantages with use. High power density and ease of control are some of the advantages which drive the adoption of permanent magnet motors. Additionally, there is low mechanical friction loss due to the lack of mechanical commutators and brushes. Permanent magnet motors are compact in size, efficiency, and do not require a cooling fan. The increasing demand for energy efficiency and affordable maintenance motors will likely drive the market due to its positive impact on the demand for permanent magnet motors. Industrial applications are rather high, as permanent magnet motors are used in automotive, textile, oil & gas, f&B, robotics, aerospace, and others. Many of these industrial sectors are expanding at a rapid rate, which is expected to increase the demand for permanent magnet motors. Automotive vehicles, in particular, are witnessing a high adoption as they become increasingly electric and the demand for electric vehicles rises.
The market is likely to witness the growth of opportunities in the global market over the forecast period due to advancement in technology.
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Market players of note that have been included in the report include
- ABB (Switzerland)
- General Electric (US)
- WEG (Brazil)
- Johnson Electric (Hongkong)
- Emerson (US)
- Yaskawa (Japan)
- Toshiba Corporation (Japan)
- Nidec (Japan)
- Ametek (US)
- Siemens (Germany)
- Rockwell (US)
- Allied Motion (US)
These players have been observed for their role in the competitive landscape of the global permanent magnet motor market.
MRFR’s segmentation of the Global Permanent Magnet Motor Market has been performed on the basis of Type, Power Rating, End-User, and Region.
- Permanent magnet AC motor (PMAC)
- Permanent magnet DC motor (PMDC)
- Brushless DC motor
- Up to 25 kW
- 25-100 kW
- 300 kW & Above
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Market Research Analysis
Asia Pacific is estimated to be the fastest growing market for permanent magnet motor.
Region wise, Asia Pacific held the largest market share of the global permanent magnet motor market in 2017. It is estimated that Asia-Pacific region would also be the fastest growing market during the forecast period, mainly due to increasing investment in industrial and manufacturing sectors, namely, oil & gas, automotive, consumer electronics, packaging, robotics, chemicals, and paper & pulp, among others. Countries such as China and Japan have implemented energy efficiency mandates to save electricity consumption which would further drive the market for permanent magnet motors.
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