Press release
Permanent Magnet Motor Market Analysis, Trends and Dynamic Demand by Forecast 2023 to 2032
Permanent Magnet Motor Market
A permanent magnet is a piece of ferromagnetic material with magnetic characteristics and a magnetic field of its own. Permanent magnets are used in the rotors of permanent magnet motors.
Strong magnets utilised in PM motors are rare earth magnets, which are manufactured from rare earth metals. Permanent magnets (PMs) are chosen over electromagnetic motors because they do not require constant electrical energy to sustain their electric field, in contrast to electromagnets. The development of nanocomposite permanent magnets is one of the most recent advancements in this field. Nanocomposite permanent magnets can be used to employ permanent magnets to increase performance while reducing the size of motors. Currently, magnetic storage devices, biomedicine, sensors, pigments, and catalysts all employ these magnets.
The majority of permanent magnet motors work in tandem with AC or DC electric motors. These motors are more efficient than other electric motors, need less power, and have better heat dissipation capabilities. Permanent magnet motors are employed in a variety of industrial applications to increase the machine efficiency. Some of the most common applications for permanent magnet motors are forklifts, robots, blower drives, railroads (switchers, track, crossing gates), marine pumps, and amusement rides. The market for permanent magnet motors is now being driven by a number of benefits of permanent magnets, including their ability to operate at higher temperatures (due to lower rotor losses) and lower bearing currents (due to greater air gaps). Furthermore, the efficiency of permanent magnet synchronous motors ranges from 30% to 60%.
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Compared to asynchronous type motors, larger torque capacity with quicker acceleration and deceleration. On the other hand, the usage of these motors in a wide range of applications is constrained by their high cost, which is a result of their scarce raw material sources for magnets and some applications' sophisticated assembly circuitries. To satisfy customers' growing needs, industry participants are releasing highly effective, low-power products. Energy-efficient motors are becoming more popular across all market segments. For instance, Hitachi introduced an 11kW permanent magnet synchronous motor in 2012 that was very efficient and didn't contain any conventional materials. This motor is small in size, has an operational efficiency of around 93%, and improves the motor's performance. Motor efficiency is broken down into in four different efficiency classes, with IE4 having the best efficiency and IE1 being the lowest: IE1, IE2, IE3, and IE4.
Market Segmentation:
The global permanent magnet motor market can be segmented into:
Type: Permanent magnet motors can be classified based on their type, such as AC motors, DC motors, brushed motors, brushless motors, and servo motors.
Power Range: Permanent magnet motors can also be segmented based on their power range, such as low power (less than 1 kW), medium power (1 kW to 100 kW), and high power (more than 100 kW).
Application: Permanent magnet motors are used in a wide range of applications, including industrial, automotive, aerospace and defense, consumer electronics, healthcare, and renewable energy. Each of these applications has different requirements and specifications for permanent magnet motors.
Region: The market can also be segmented by region, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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Competition Landscape:
The global permanent magnet motor market is highly competitive, with several large and small players operating in the market. The key players in the market are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge. Some of the major players in the market include:
ABB Ltd.
Siemens AG
Toshiba Corporation
General Electric Company
Nidec Corporation
Hitachi, Ltd.
Rockwell Automation, Inc.
WEG SA
Regal Beloit Corporation
Allied Motion Technologies Inc.
Others**
These companies offer a range of permanent magnet motors for various applications such as automotive, aerospace, industrial machinery, and home appliances. They also offer a range of services such as installation, maintenance, and repair of permanent magnet motors.
The market is also characterized by the presence of several small and medium-sized enterprises, which offer specialized products and services for specific applications. The competitive landscape of the market is expected to become more intense with the increasing demand for energy-efficient and sustainable technologies.
Global Permanent Magnet Motor Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Permanent Magnet Motor market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
Key Benefits
The study highlights the global market for permanent magnet motors along with current market conditions and a trend/awareness forecast to forage the prominent investment pockets in the market
The analysis unveils the dominant aspects, viz. upsurge in demand of permanent magnet motors in industrial and agricultural sectors, which drives the global permanent magnet motor market. Trends of the global market are outlined to determine the overall attractiveness and single out market trends and gain a stronger foothold in the market
A Microscopic analysis of segments is conducted to gauge the potential of the market. These segments, highlight the favorable conditions for the growth of global permanent magnet motor market
Porters five forces model helps in analyzing the potential of buyers & suppliers with a competitive sketch of the market, which helps market players in better decision making.
Value chain analysis of the industry provides a clear view of the key intermediaries involved and elaborates their roles and value addition at every stage in the chain.
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
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