Permanent Magnet Motor Market By Motor Type, (Alternating Current Motor, Direct Current Motor, Hermetic Motors), By Magnet Type, (Neodymium, Samarium Cobalt, Ferrite), By Application, (Factory Automation, Consumer, Office automation, Commercial), Estimation & Forecast, 2016 - 2024

October 2017

 Pages: 159

 ERC 5290


Permanent Magnet Motor Market was valued at $28.24 billion in 2016, and is projected to reach $74.33 billion by 2024, having a CAGR of 13.2% during the forecast period of 2017 to 2024.

A permanent magnet is magnetized and generates its own determined magnetic field. As permanent magnets do not require continuous electrical energy to maintain their electric field, the permanent magnet motors are favored over electromagnetic motors. The brushless electric motor that use permanent magnets over windings in the field is referred to as a permanent magnet motor. The magnets which are used in permanent magnet motors are the derivative of rare earth metals. Basically, a permanent magnet motor acts as a synchronous machine having a magnetic excitation on its rotor. The continuous need for an increased power density is actually leading to a growing demand for high speed permanent magnet motors. There are various kinds of permanent magnet motors, including AC motors, DC motors and hermetic motors which are used for specific purposes. Permanent magnet motors are the best environment friendly options and are intensively used in compressors, machine tool, cryo & energy generating industry.

Permanent Magnet Motor Market Determinants

There are various necessities which are leading to a growing demand for high speed permanent magnet motors such as continuous need for an increased power density. Due to the quasi linear relation between rotational speed and shaft power of an electric motor, the efficiency can be easily increased by increasing the rated speed. Hence, permanent magnet motors are highly energy efficient in nature Moreover, less weight and small volume are also the driving factors for the market growth. The compressor industry is a field where high efficiency, fuel-free operation and least emissions make permanent magnet motors the most suitable, economic and environmental friendly compressor drives. Moreover, the increasing awareness regarding green vehicles is also aiding the permanent motor market to grow rapidly. As per a research, U.S is expected to produce more than 1.2 million electric vehicles in 2017. However, failures in motor elements can cause severe crashes affecting the environment and the machine. Moreover, uncertain availability of rare earth material and complex procedure of circuit construction might hamper the permanent magnet motor market growth. On the other hand, the emergence of automobile industry, specifically in Asia Pacific will bring future growth opportunities for the market. 


Permanent Magnet Motor Market

Segment Analysis

The permanent magnet motor market is segmented on the basis of motor type, magnet type, application, power range and geography. By motor type, the market is segmented into alternating current (AC) motors, direct Current (DC) motors and hermetic motors. On the basis of magnet type, the market is segmented as neodymium (NdFeB), samarium cobalt (SmCo5 and Sm2Co17) and ferrite. By power range the market is segmented into (below 4.0 kW), (4.0 kW-22.0 kW), (22 kW-75 kW) and (above 75 kW). Geographically, the market is bifurcated into North America, Europe, Asia-Pacific and Rest of World. As a result of their high power density, reliability, efficiency, maintenance free nature and silent operation, permanent magnet (PM) motors have been widely used in a variety of applications such as factory automation, consumer, office automation, commercial, lab equipment, medical and military/Aero.


Permanent Magnet Motor Market

The alternating current or (PMAC) motors are supposed to witness the fastest growth, having a CAGR of 15% throughout the forecast period, accounting to its low cost and being light in weight. According to a research done by Idaho National laboratory (INL), AC motors are much more efficient than DC motors and can exhibit an efficiency of 95% at full load.

Some major market players of the permanent magnet motor market are Toshiba Corporation, Autotrol Corporation, Danaher Corporation, Baldor Electric Company, Inc., Siemens, Rockwell Automation, Inc., Ametek Inc., Allied Motion Technologies, Inc., Johnson Electric Holdings Ltd. and Franklin Electric Co., Inc.

Permanent Magnet Motor Market Segmentation

By Motor Type
   • Alternating Current Motor
   • Direct Current Motor
   • Hermetic Motors

By Magnet Type
   • Neodymium (NdFeB)
   • Samarium Cobalt (SmCo5 and Sm2Co17)
   • Ferrite

By Application
   • Factory Automation
   • Consumer
   • Office automation
   • Commercial
   • Lab equipment
   • Medical
   • Military/Aero

By Geography
   • North America
   • Europe
   • Asia-Pacific
   • Rest of World

Permanent Magnet Motor Market Key Players

   • Toshiba Corporation,
   • Autotrol Corporation
   • Danaher Corporation
   • Baldor Electric Company, Inc.
   • Siemens
   • Rockwell Automation, Inc.
   • Ametek Inc.
   • Allied Motion Technologies, Inc.
   • Johnson Electric Holdings Ltd.
   • Franklin Electric Co., Inc.

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    What Information does this report contain?

    • What was the market size of the Permanent Magnet Motor Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Permanent Magnet Motor Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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