The global permanent magnet motor market is expected to exhibit a strong 8.7% CAGR over the forecast period from 2017 to 2023 due to the growing demand for permanent magnet motors in electric vehicles, according to the latest research report from Market Research Future (MRFR).
Permanent magnet motors use permanent magnets rather than winding in the field. This gives them a number of advantages such as higher power density, higher power efficiency, and easier control. The absence of mechanical commutators and brushes also ensures a lack of friction, further increasing the efficiency of permanent magnet motors. The higher energy efficiency and density of permanent magnet motors has resulted in increased preference for these type of motors over conventional induction motors. The industrial sector has been a major consumer of permanent magnet motors over the last few years and is likely to retain a leading share in the market over the forecast period due to the growing demand for power-efficient electric motors in the sector.
Also Read: https://www.marketwatch.com/press-release/permanent-magnet-motor-market-2020-robust-expansion-by-top-manufacturers-growth-drivers-competitive-landscape-regional-trends-share-size-scope-and-opportunity-assistance-by-2023-2020-07-06
The growing demand for electric vehicles is likely to be the major driver for the global permanent magnet motors market over the forecast period. Electric vehicle manufacturers are increasingly focusing on developing more efficient batteries providing longer operation times due to the need for ensuring a competitive mileage performance in comparison to traditional fossil fuel-powered automobiles. The rising need for electric vehicles that cater to the real world needs of consumers by providing high mileage figures is likely to be a major driver for the permanent motor magnet market over the forecast period.
Market Segmentation:
The global permanent magnet motor market is segmented on the basis of type, power rating, end use, and region.
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
Regional Analysis:
Asia Pacific holds the largest share in the global permanent magnet motor market and is likely to retain the dominance over the forecast period due to the growing demand for permanent magnet motors in the industrial sector in countries such as China, India, Japan, South Korea, and Taiwan. The industrial sector in these and other APAC countries has become increasingly conscious about the power efficiency ratings of the equipment. With governments in the region set to back environmental regulations that mandate or incentivize the use of power efficient industrial equipment, the permanent magnet motor market is set to exhibit steady growth in Asia Pacific over the forecast period.
China is likely to remain the global leader in the global permanent magnet motor market over the forecast period due to the rapid growth of the industrial sector in the region in the last few years. The growing production of electric vehicles in China is also likely to add to the growth potential of the permanent magnet motors market in the country over the forecast period.
Browse Summary of Permanent Magnet Motor Market Report at: https://www.marketresearchfuture.com/reports/permanent-magnet-motor-market-6991
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