Permanent magnet motor market was valued US$ 27.15 Bn in 2017 and is estimated to reach US$ 51.13 Bn by 2026 at a CAGR of about 8.23% during a forecast period.
The report permanent magnet motor market based on type, magnet type, power rating, end-user, and region. In terms of type, the permanent magnet motor market is classified into AC motor, DC motor, and brushless DC. Based on magnet type, the permanent magnet motor market is divided into neodymium, samarium cobalt, and ferrite. On the basis of power rating, the permanent magnet motor market is segmented into Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & above. In terms of end-user, the permanent magnet motor market is categorized into industrial, commercial & residential, and healthcare. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Permanent magnet is an object made up of ferromagnetic material, which have magnetic properties and creates its own magnetic field. Permanent magnet motor market is driven by factors such as growing demand for energy-efficient & low-cost maintenance motors. Increased implementation of permanent magnet motors across industries is anticipated to boost the demand for permanent magnet motors. Also, the use of permanent magnets reduces the size of motors and develop performance, which can be done using nanocomposite permanent magnets. However, the market growth will be restrained due to the high cost of permanent magnet motors and complexity in the manufacturing process. The growing robotics technology presents a great opportunity for the permanent magnet motor market because of significant investments being made in it.
Global Permanent Magnet Motor Market
Permanent magnet motor market is segmented into type, magnet type, power rating, end-user, and region. In terms of type, AC motor segment is anticipated to hold the majority share of the permanent magnet motor market during the forecast period. It is also estimated to grow at the fastest rate during the forecast period because of features such as high torque capacity, high-quality magnetic performance, high accelerations, and high withstand overload capacity without the risk of demagnetization of the magnets.
Based on power rating, the up to 25 kW segment is anticipated to be the largest market, by power rating, from 2018 to 2026. 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.
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On the basis of end-user, the industrial segment is largest market size in 2017. The automotive is one of the major industries within the industrial sector, installing the more number of permanent magnet motors. All these factors are anticipated to drive the industrial segment of the permanent magnet motor market.
In terms of region, Asia Pacific is anticipate to dominate the global permanent magnet motor market during forecasting period. This is because of the presence of the fastest growing economies in the region such as China, India, Japan and Singapore. The increase in demand for energy-efficient motors for end-use applications such as electric vehicles, consumer electronics, and automobiles in the region is anticipated to drive the market in Asia Pacific.
Some of the key players in the permanent magnet motor market are GE, Siemens, ABB, Toshiba Corporation, Emerson, Siemens AG, and Rockwell Automation, Inc.
Scope of Permanent Magnet Motor Market
Permanent Magnet Motor Market by Type
• AC motor
• DC motor
• Brushless DC
Permanent Magnet Motor Market by Power Rating
• Up to 25 kW
• 25–100 kW
• 100–300 kW
• 300 kW & Above
Permanent Magnet Motor Market by End-User
• Commercial & Residential
Permanent Magnet Motor Market by Magnet Type
• Samarium Cobalt
Permanent Magnet Motor Market by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in Permanent Magnet Motor Market
• Toshiba Corporation
• Siemens AG
• Rockwell Automation, Inc.
• Franklin Electric Co. Inc.
• Allied Motion Technologies Inc.
• Autotrol Corporation
• Johnson Control
• Nidec Corporation
• Baldor Electric Company Inc
• Ametec Inc
• Robert Bosch GmbH
• Danaher Corporation
• Buhler Motors