According to the new market research report “Permanent
Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating
(Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User
(Industrial, Commercial & Residential, and Healthcare), and Region",
published by MarketsandMarkets™, the permanent magnet motor market is estimated
to grow at a CAGR of 8.87%, from 2018 to 2023, to reach a projected market size
of USD 45.13 billion by 2023.
Don’t miss out on business opportunities in Permanent Magnet Motor Market. Download our PDF Brochure and gain crucial industry insights that will help your business grow:
A permanent magnet motor (consisting of a stator and a
rotor having permanent magnets) is a machine in which its rotor spins in
synchronization with the rotating internal magnetic field without incurring any
excitation losses. Increasing demand for energy-efficient & low-cost
maintenance motors and increased implementation of permanent magnet motors
across industries are some of the factors contributing to the growth of the
permanent magnet motor market. Shifting from rare earth magnets to
cost-effective ferrite permanent magnets is one of the major opportunities for
the permanent magnet motor market.
Browse and in-depth TOC on "Permanent Magnet Motor Market"
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Asia Pacific is expected to be the fastest-growing market
for permanent magnet motors from 2018 to 2023. The demand for permanent magnet motors in Asia Pacific
is driven by rapid industrialization, rising population, and urbanization.
Countries such as China and Japan have implemented energy-efficiency standards
to save electricity consumption, which has led to a growth in the demand for
permanent magnet motors. China and Japan are expected to be the two largest
markets for permanent magnet motors in the region in 2018. These countries are
witnessing the increasing government initiatives to strengthen the automotive
sector as well as developing healthcare sector. Moreover, the market is also
expected to grow significantly in countries such as India and South Korea
during the forecast period. Factors such as growing renewable power generation
and rising adoption of new technologies in electric vehicles are driving the
permanent magnet motor market in India and South Korea.
The permanent magnet AC motor segment is expected to be
the fastest-growing segment of the permanent magnet motor market from 2018 to
2023. This is due to the major advantages of these motors such as providing
high torque capacity, high-quality magnetic performance, high accelerations,
and high withstand overloads capacity without risk of magnetization of the
magnets, which helps to eliminate the need for costly maintenance. Asia Pacific
is the fastest-growing market for permanent magnet motors and offers various
business opportunities to permanent magnet motor manufacturers in the permanent
magnet AC motor segment. In Asia Pacific, governments are focusing on promoting
the use of energy-efficient motors in order to save electricity. These factors
would drive the permanent magnet motor market.
The up to 25 kW segment is expected to be the
fastest-growing market, by power rating, from 2018 to 2023. The permanent
magnet motor ranging up to 25 kW is used in textile, pulp & paper, medical
devices, aerospace, robotics, window shutters, air conditioners, door shutters,
and electrical vehicles. A total of 70–80% of these motors are used in consumer
electronics and industrial sectors. Hence, Asian countries, such as China,
India, Japan, and South Korea, where these sectors are expected to experience a
lot of investments in the coming years, will result in the higher market share
of the up to 25 kW permanent magnet motor segment.
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The industrial segment is expected to be the
fastest-growing segment of the permanent
magnet motor market from 2018 to 2023. These motors are used in industrial machines, textile rewinding
machines, and also used with Variable
Frequency Drives (VFDs) in pumps, blowers, fans, compressors, and hoists.
The automotive is one of the major industries within the industrial sector,
installing the maximum number of permanent magnet motors.
The leading players in the permanent magnet motor market
include GE (US), Siemens (Germany), ABB (Switzerland), Toshiba Corporation
(Japan), and Emerson (US).
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
