Rising Focus on Reduction of CO2 Emissions to Favor Permanent Magnet Motor Market
Market
Research Future (MRFR) expects the permanent magnet motor market 2020 to
advance steadily at a rate of 8.70% between 2018 and 2023 (appraisal period). We
will provide COVID-19 impact analysis with the report, offering detailed market
developments following the coronavirus disease outbreak.
Key Drivers and Main Challenges
Across industries
worldwide, the need for efficient electric motors and compact sized machines
has surged exponentially in recent years. Since permanent magnet motors are extremely
compact with reduced frame size and are efficient and lightweight, they expel
lower amount of CO2 in the atmosphere. Additionally, their use means lower operational
costs compared to induction motors, which has boosted their demand across
various industrial segments across the globe.
The
escalating sales of electric vehicles, especially in the emerging countries, to
bring down the expense of fossil fuels and the mounting environmental concerns
have been favorable for the global market. As electric vehicles are known to
make use of AC permanent magnet motors for better operations, their soaring
demand worldwide can be beneficial for the market. Besides, the growth of the robotics
technology is expected to provide an attractive opportunity to the leading
firms that are continuously investing in it, leading to better market growth.
On a dim
note, the expensively priced rare-earth magnets that are essential components
of permanent magnet motors can derail the product demand to some extent.
Because of this fact, many of the commercial and industrial electronics
manufacturers are hesitant to spend on permanent magnet motors. But trade
experts believe that this trend can change during the evaluation period, thanks
to the growing awareness about the benefits of permanent magnet motors, such as
the capability to lower the maintenance cost and boost the operations and
facilitate high productivity.
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Market Segmentation
The permanent
magnet motor industry can be considered for type, power rating and end-user.
The main types
include permanent magnet AC motor, brushless DC motor and permanent magnet DC
motor. The market for permanent magnet AC motors is expected to thrive, as a
result of the increasing spending on consumer electronics along with the surge
in the number of government initiatives that promote sales of energy efficient
motors.
Depending on
the power rating, the market sections can be up to 25 kW, 25-100 kW, 100-300
kW, and 300 kW & above. Permanent magnet motors that fall under the range
of 100-300 kW can note the most significant growth in the near future, since these
motors find extensive use in electronic devices and industrial sectors.
Some of the
key end-users in the worldwide market are commercial, residential and
industrial. It is projected that the most notable growth will be observed by
the industrial sector and this segment can also procure the fastest advancement
rate. In the industrial sector, the demand for permanent magnet motors is
extremely high, especially in textile, automotive, food & beverage, oil
& gas, aerospace, robotics, and more.
Regional Study
The regional
study of the permanent magnet motor market covers Asia Pacific/APAC, Europe,
North America, South America and Middle East & Africa/MEA.
The leader in
the permanent magnet motor industry is APAC, with the key reasons cited to be
the rapid expansion of the consumer electronic industry, which is a major
end-user. India, Japan and China are the top revenue generating countries in
the region, mainly owing to the escalating need for energy-efficient and
compact motors across the industrial sector. The flourishing market for
electrical vehicles, especially in China, can also be a significant growth
booster. Apart from this, India's intense efforts to electrify every new vehicle
by the year 2030 have prompted auto part vendors as well as manufacturers to come
up with new plans with regard to electrification. This can incredibly shape the
permanent magnet motor market in the country.
Leading Industry Players
The leading
industry players are General Electric (US), Yaskawa (Japan), Nidec (Japan),
Ametek (US), Johnson Electric (Hongkong), Allied Motion (US), Rockwell (US),
Siemens (Germany), ABB (Switzerland), WEG (Brazil), Emerson (US), Toshiba
Corporation (Japan), and more.
Recent Developments
July 2020
Koford Engineering has launched rugged
aluminum brushless permanent magnet motors that have applications in robotics,
military and aerospace, marine, medical and industrial sectors. The motor shaft
has been built using stainless heat-treated steel, while the housing has been
developed with the use of solid anodized and aluminum.
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