Rising Focus on Reduction of CO2 Emissions to Favor Permanent Magnet Motor Market

Growing Sales of EVs Worldwide to Benefit Permanent Magnet Motor Market

Market Synopsis

Market Research Future (MRFR) expects the permanent magnet motor market 2020 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 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.

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Market Segmentation

The permanent magnet motor industry 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.

Key Players

Companies Profiled•  ABB (Switzerland)•   General Electric (US)•   Siemens (Germany)•   Yaskawa (Japan)•   Rockwell (US)•   Nidec (Japan)•   Ametek (US)•   Toshiba Corporation (Japan)•   WEG (Brazil)•   Emerson (US)•   Johnson Electric (Hongkong)•   Allied Motion (US)