Permanent Magnet Motor Market Revenue Will Reach $74.3 Billion By 2024, Says Esticast Research and Consulting
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As per the report “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.” The global permanent magnet motor market was valued at $28.24 billion in 2016 and is projected to reach $74.33 billion by 2024, growing at a CAGR of 13.2% from 2017 to 2024.
In 2016, the direct current motor segment held the highest revenue share in the global market. Among major regions, North America market was the highest revenue generating market in 2016.
“BLDC motors, also called as Permanent Magnet DC Synchronous motors are one of the motor types that have rapidly gained popularity, mainly because of their better characteristics and performance. These motors are used in a lot of industrial sectors because their architecture is suitable for any safety-critical applications. Increasing industrialization is a major driver of the PM motor market. However, uncertainty regarding the availability of rare earth elements (REE) might influence the market growth”
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With the growth of factories and industries, permanent magnet DC motors are rapidly gaining popularity, mainly because of their better characteristics and performance. These motors are used in numerous industrial sectors because of their simple construction and easy installation which is suitable for any critical application. DC motor has a simpler controller, making the DC motor/controller combination less expensive. However, permanent magnet AC motors are supposed to witness an impressive growth in the upcoming future owing to its higher efficiency and lightweight. As per a research was done by INL, PMAC motors are 5% – 10% more efficient than DC motors.
In the current scenario, the PMDC motors hold nearly 47% of the overall market.
Permanent magnet motors have imparted high adoption in factory automation, accounting to their high efficiency and compatible installation
The PM motors used for factory automation held nearly 30% of the overall market share in 2016 and is expected to dominate the overall PM motor market throughout the forecast period of 2017-2024. DC motors are majorly preferred in industries where position and speed control is required. Moreover, an inclination towards higher automation and rising demands for industrial robots are the major factors pushing the PM motor market growth.
However, a commercial permanent motor market is supposed to grow with the highest CAGR of 15.4% during the forecast period.
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Asia-Pacific leads the world PM motor market, accounting for more than 50% of the overall market revenue in 2016.
The Asia Pacific PM motor market is expected to maintain its dominance throughout the forecast period. This is because of the presence of the fastest growing economies in the region such as China, India, Japan and Singapore. As per OICA records, China and Japan are the top two leaders in terms of automobile production, which majorly requires the usage of PM motors. Further, PM motors are significantly required for heavy duty pumps which are used in large scale industries. Rapidly growing oil & gas industries as a result of increased power requirements will surge the demand for high-pressure pumps, hence driving the PM motor market in the region. According to the statistics revealed by U.S. Department of commerce, the global market for oil and gas industry is projected to increase to $205 billion in 2020 from $166 billion in 2016.
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PERMANENT MAGNET MOTOR MARKET KEY FINDINGS
• The global permanent magnet motor market was valued at $28.24 billion in 2016, and is projected to reach $74.33 billion by 2024.
• The permanent magnet DC motors hold nearly 47% of the overall market.
• Factory automation held nearly 30% of the overall market share in 2016.
• Asia-Pacific leads the world PMSM market, accounting for more than 50% of the overall market revenue in 2016.
Siemens Ltd. a major PM motor market player, has recently announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered worldwide and are capable of offering an average monetary savings of up to 8% – 20% depending on the frame size. Some other major market players of the permanent magnet motor market are Autotrol Corporation, Danaher Corporation, Baldor Electric Company, Inc., Rockwell Automation, Inc., Ametek Inc., Allied Motion Technologies, Inc., Johnson Electric Holdings Ltd. and Franklin Electric Co., Inc.