Permanent Magnet Motor Market Business Growth | Size, Value Share, Industry Segment and Forecast to 2030
Research Reports
Apr 12, 2022
Permanent magnet motors are made up of ferromagnetic material with magnetic properties and create their magnetic field. These motors are significantly used in are used in different industrial applications for the improvement of machine efficiencies. Permanent magnet motors are used in machines such as robots, blower drives, railroads, forklifts, and marine pumps. It has various advantages such as operating at higher temperatures and less bearing currents which is the driving demand of the Permanent Magnet Motor Market. In addition, permanent magnet motors have higher torque capacity with faster acceleration and deceleration properties.
The increased demand for motors in industrial and agricultural sectors is chiefly driving the global Permanent Magnet Motor Market. The rise in demand for motors with higher energy efficiency and the growing implementation of permanent magnet motors in industries like the automotive is fueling up the market’s growth.
The permanent magnet motors have a higher degree of efficiency than the induction motors and others. Many industry verticals such as textile, pulp, paper, and electronics utilize these motors hand hence, and further demands functionality products with additional features. These emerging factors are accelerating the market’s demand.
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During the pandemic, the Permanent Magnet Motor Market faced loss due to the halt of operational activities in various industrial verticals. Still, the market is expected to recover the loss with rising growth opportunities in the future days. The Permanent Magnet Motor Market is noticed to attain a CAGR of 8.70 % and a significant value worth USD 64.6 Billion by 2020 to 2030 during the forecast period.
Market Segmentation
The Permanent Magnet Motor Market is fragmented into major types, power rating and end-user segments.
The type section of the market is classified into brushless DC, PMDC, and PMAC. The power rating segment is divided into 300 KW and above, 100 to 30 KW, 25 to 200 KW, and up to 25 KW. The 100-300 KW is capturing the largest market share.
The end-user segment of the market is fragmented into the commercial and residential sector, healthcare sector, and industrial sector. The industrial sector occupies a huge market share because it serves various industrial verticals such as oil and gas, textile, aerospace, robotics, food and beverage, automotive, and others.
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Regional Analysis
According to the geographical update, the Permanent Magnet Motor Market is distributed into chief continents such as North America, Europe, Latin America, Asia Pacific and the Middle East and Africa.
Among the above geographical region, the Asia Pacific region is capturing the maximum market share due to emerging countries such as South Korea, Japan, China, and India, which are the major hubs of electronic materials.
North America is occupying the second largest share due to prominent nations such as the US, Canada, and Mexico. The higher investment in construction and infrastructure development programs drives the regional market demand.
Europe is holding the third huge market share due to the establishment of technologically advanced infrastructure, which demands more power generation. The Latin American region, the Middle East and Africa hold the smallest market share due to low infrastructure and low per capita income.
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Industry News
In March 2021, Mercedes-Benz and Siemens partnered for sustainable automobile production, resulting in efficient, advanced digitalization and highly flexible automotive production.
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