The permanent magnet motor market is growing rapidly due to the cost efficiency and work efficiency of these motors. Permanent magnet motors improve total plant productivity while reducing waste and redundancies. By connecting advanced lighting controls to industrial automation systems, permanent magnet motors can save time and costs.
The introduction of innovative technologies to improve safety & performance and declining component prices has increased the sales of these motors exponentially. According to Market Research Future (MRFR), the global market of permanent magnet motor market is projected to grow to 64.6 BN by 2028, registering 8.70% CAGR during the forecast period (2021 – 2028).
Moreover, the burgeoning O&G, water treatment, chemical, and pulp & paper industries foster the market's growth. Additionally, constant upgrades in manufacturing sectors and the increasing emphasis on adopting energy-efficient motors boost the growth of the market.
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Permanent Magnet Motor Market – Competitive Analysis
Highly competitive, the permanent magnet motor market appears fragmented due to the presence of several large and small key players holding substantial market shares. Well-established players incorporate strategic approaches, such as acquisitions, collaborations, partnerships, expansions, product & technology launches to gain a larger competitive advantage and maintain their positions in the market.
These players focus on new product development initiatives and geographical expansion. The global permanent magnet motor market is likely to witness relentless innovations and new product development, eventually resulting in intense competition among automotive lighting manufacturers.
Major Players
Players leading the global permanent magnet motor market are General Electric (US), ABB (Switzerland), Siemens (Germany), Rockwell (US), Yaskawa (Japan), Nidec (Japan), Toshiba Corporation (Japan), Ametek (US), WEG (Brazil), Johnson Electric (Hongkong), Emerson (US), and Allied Motion (US), among others.
Global Permanent Magnet Motor Market – Segments
The report is segmented into types, power ratings, end-users, and regions. The type segment is sub-segmented into brushless DC, PMDC, and PMAC. The power rating segment is sub-segmented into 300 KW and above, 100-30 KW, 25-200 KW, and up to 25 KW.
The end-user segment is sub-segmented into healthcare sectors, commercial & residential sectors, and industrial sectors (aerospace, robotics, food and beverage, oil & gas, textile, automotive, others.). The region segment is sub-segmented into Asia Pacific, Europe, North America, and the Rest-of-the-World.
Permanent Magnet Motor Market – Regional Analysis
The Asia Pacific region dominates the global Permanent magnet motor market, heading with the boom in the manufacturing industries. Besides, the emergence of industry 4.0 is a key driving force behind the growing landscape of the market.
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The constant setting up and upgrades in the manufacturing sector and the increasing emphasis on adopting energy-efficient permanent magnet motors in the region contribute to the market growth. The region is witnessing the rising use of permanent magnet motors owing to their increased energy efficiency and low-cost operations.
Industry/Innovation/ Related News
Nov.11, 2021 --- Nord Drive Systems announced the availability of high-efficiency, reliable drive systems for demanding packaging applications. NORD's drive solutions are highly specialized and Industry 4.0 ready, meeting the changing industry needs. With over 20,000,000 configuration possibilities of its standard product line, NORD can frequently accomplish tasks without the need for costly custom components.
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