The Global Permanent Magnet Motor Market is estimated to be USD 29.50 Billion in 2018 and is projected to grow at a CAGR of 8.87%, from 2018 to 2023, to reach a market size of USD 45.13 Billion by 2023. The permanent magnet motor market is driven by factors such as increasing demand for energy-efficient & low-cost maintenance motors. Increased implementation of permanent magnet motors across industries is expected to boost the demand for permanent magnet motors. The growing robotics technology presents a great opportunity for the permanent magnet motor market because of significant investments being made in it.
Get sample of this report:
https://www.marketsandmarkets.com/requestsample.asp?id=218887711
The report segments the Permanent Magnet Motor Market, by type, into permanent magnet AC motors, permanent magnet DC motors, and brushless DC motors. The permanent magnet AC motors segment is estimated to lead the permanent magnet motor market in 2018. It is also projected 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. In Asia Pacific, the major demand for permanent magnet AC motors is from the industrial sector. This is likely to boost the overall permanent magnet AC motor market.
High initial cost of permanent magnet motor has adversely affected the demand for permanent magnet motors. Rare-earth magnets which are commonly used in the permanent magnet motors are expensive. Some of the industrial as well as commercial electronics manufacturers are reluctant to invest in permanent magnet motors. However, this trend is likely to change in the coming years, as permanent magnet motor ensures a reduction in maintenance cost, thereby improving the operations in the industrial as well as commercial sectors, resulting in high productivity.
The key players in the permanent magnet motor market include: GE (US), Siemens (Germany), ABB (Switzerland), Toshiba Corporation (Japan), and Emerson (US). Mergers & acquisitions was the most commonly adopted strategy by the top players in the market from 2013 to 2017. It was followed by new product development, and investments & expansions, and contracts & agreements.
For inquiry before buying:
https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=218887711
Permanent Magnet AC Motor: The largest segment, by type, during the forecast period. The permanent magnet AC motor segment is expected to hold the majority share of the permanent magnet motor market during the forecast period. Growing investment in consumer electronics and government initiatives to promote the use of energy-efficient motors are the major factors driving the permanent magnet motor market in the Asia Pacific region. The Asian market players, such as Yaskawa, Nidec, Toshiba Corporation, and Johnson Electric are involved in the manufacturing of permanent magnet AC motors. These factors have resulted in the highest market share of the permanent magnet AC motor segment in the permanent magnet motor market.