Permanent Magnet Motor Market predicted to grow at more than 8.70% by 2027

Market Research Future published a half-cooked research report on global permanent magnet motor market. The permanent magnet motor market is expected to expand at ~ 8.70% CAGR during the period 2018 to 2023.

Market Highlights

Permanent magnet motor is a type of synchronous electric motor with permanent magnets attached to the surface of the motor. These motors are generally of three types, namely, permanent magnet AC motors, permanent magnet DC motors, and brushless DC motor. Permanent magnet motors have various advantages such as high efficiency, high power density, and ease of control. Moreover, there is low mechanical friction loss due to the absence of mechanical commutators and brushes.

Based on type, the market is segmented as permanent magnet AC motor, permanent magnet DC motor, and brushless DC motor. Permanent magnet AC motor segment is estimated to dominate the market during the forecast period. This is due to the growing investment in consumer electronics and government initiatives to use energy efficient motors. For instance, according to India Brand Equity foundation (IBEF), consumer electrical industry in India is expected to reach USD 46.54 billion by 2020. This would positively impact the growth of permanent magnet motor market.

The global permanent magnet motor market is expected to grow at 8.70% CAGR during the forecast period.

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Market Research Analysis

Asia Pacific is estimated to be the fastest growing market for permanent magnet motor.

Region wise, Asia Pacific held the largest market share of the global permanent magnet motor market in 2017. It is estimated that Asia-Pacific region would also be the fastest growing market during the forecast period, mainly due to increasing investment in industrial and manufacturing sectors, namely, oil & gas, automotive, consumer electronics, packaging, robotics, chemicals, and paper & pulp, among others. Countries such as China and Japan have implemented energy efficiency mandates to save electricity consumption which would further drive the market for permanent magnet motors.

Scope of the Report

This report provides an in-depth analysis of the global permanent magnet motor market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the permanent magnet motor market by its type, power rating, end-user, and by region.

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By Type

Permanent magnet AC

Permanent magnet DC

Brushless DC 

By Power Rating

Up to 25 kW

25-100 kW

100-300 kW

300 kW & above

By End-User

Industrial

Commercial & Residential 

By Regions

North America 

Asia-Pacific 

Europe

Middle East & Africa

South America

Key Players

The key players of the global permanent magent motor market are 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).

Read More @ https://icrowdnewswire.com/2021/01/07/permanent-magnet-motor-market-2021-leading-players-segments-comprehensive-analysis-future-growth-2023/