Summary: “Permanent Magnet Motor Market” the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
Permanent Magnet Motor Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $45.3 billion by 2020, registering a CAGR of 11.7% during the period 2014-2020. The global demand for rare earth (RE) magnet materials, in 2012, accounted for 21% of all rare earth materials available. Presently, the permanent magnet AC and DC motors are increasingly used in factory automation applications such as robotics and material handling, amongst the others. The increasing use of permanent magnets, owing to its unique properties, subsequently, should supplement the growth of the permanent magnet motor market.
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Reduced field excitation losses resulting in increased performance of the motor leads to low energy consumption in operation of PM motors. Additionally, high power density, reliable performance, electric stability & durability along with simplified construction help in increasing its efficiency. Therefore, these motors are largely used in factory automations and other machinery tools since many years. With the advent of robots for material handling, and the requirement of high precision work with minimal errors, would help the PM motors market to grow exponentially over the years. PM motors are largely used in chip conveyors, elevators, oil reservoirs, coolant pumps, photocopy machines, etc. The rising demand of such applications is eventually increasing the demand of PM motors in numerous industries.
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The improved efficiency of PM motors and their integration in automobiles and electric cars, dynamically supplement the growth of the permanent magnet motors market, globally. The market is witnessing an increasing demand for permanent magnets from the countries with abundant resources of rare earth materials. China dominates the global market for rare earth magnets as it is the leading permanent magnet manufacturing country. China, comparatively manufactures PM motors at a lower cost as compared to other countries. The factors mentioned above would subsequently increase the manufacturing rate of PM motors and boost the market growth in future.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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