Global Permanent Magnet Motor Market Worth USD 74.33 billion by 2024
Global Permanent Magnet Motor Market Trends, Estimation and Forecast | 2024
(EMAILWIRE.COM, February 07, 2018 ) The Global 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.
Browse details of 159 pages research report developed on Global Permanent Magnet Motor Market @ https://www.researchcosmos.com/reports/global-permanent-magnet-motor-market-trends-estimation-and-forecast-2024/1488476572
A permanent magnet is an object made from a material that is magnetized and generates its own determined magnetic field. As permanent magnets do not require continuous electrical energy to maintain their electric field, the PM motors are favored over electromagnetic motors. 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.
Market Determinants
An increasing demand of electric motors in industrial and agricultural sector coupled with reduced power consumption by the use of PM motors are the major factors which are driving the permanent magnet motor market growth. Moreover, rising awareness regarding green vehicles is also helping the permanent motor market to grow rapidly. In addition to this, the low cost of permanent magnets is leading to the reduction in the cost of PM motors. Global quantity of rare earth element oxides is estimated to be 110 million metric tons, which primarily occur, in China, Russia, the United States, India, and Australia. Moreover, exploration for additional REE deposits is ongoing, therefore, the worlds known, in-the-ground resources of REEs are likely to increase, leading to reduction in their costs. However, the complex procedure of circuiting construction can limit the use of these motors in various application. Additionally, uncertain production and limited availability of rare earth materials can negatively influence the market growth. On the other hand, continuous rise in the growth of oil and gas industry can act as a future opportunity to the market growth.
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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.
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 light 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.
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GLOBAL 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
KEY MARKET 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.
Need Customization, Discuss your requirements with our analyst @ https://www.researchcosmos.com/customization/1488476572
About Research Cosmos:
Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. Were associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact Us:
Kevin Stewart
Sales Manager
Research Cosmos
www.researchcosmos.com
kevin@researchcosmos.com
# +1 888 709 8757
Browse details of 159 pages research report developed on Global Permanent Magnet Motor Market @ https://www.researchcosmos.com/reports/global-permanent-magnet-motor-market-trends-estimation-and-forecast-2024/1488476572
A permanent magnet is an object made from a material that is magnetized and generates its own determined magnetic field. As permanent magnets do not require continuous electrical energy to maintain their electric field, the PM motors are favored over electromagnetic motors. 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.
Market Determinants
An increasing demand of electric motors in industrial and agricultural sector coupled with reduced power consumption by the use of PM motors are the major factors which are driving the permanent magnet motor market growth. Moreover, rising awareness regarding green vehicles is also helping the permanent motor market to grow rapidly. In addition to this, the low cost of permanent magnets is leading to the reduction in the cost of PM motors. Global quantity of rare earth element oxides is estimated to be 110 million metric tons, which primarily occur, in China, Russia, the United States, India, and Australia. Moreover, exploration for additional REE deposits is ongoing, therefore, the worlds known, in-the-ground resources of REEs are likely to increase, leading to reduction in their costs. However, the complex procedure of circuiting construction can limit the use of these motors in various application. Additionally, uncertain production and limited availability of rare earth materials can negatively influence the market growth. On the other hand, continuous rise in the growth of oil and gas industry can act as a future opportunity to the market growth.
Avail Sample Market Brochure of the report for more information to evaluate report usefulness, Get a Copy @ https://www.researchcosmos.com/request/1488476572
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.
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 light 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.
Got some questions, Inquire @ https://www.researchcosmos.com/inquire/1488476572
GLOBAL 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
KEY MARKET 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.
Need Customization, Discuss your requirements with our analyst @ https://www.researchcosmos.com/customization/1488476572
About Research Cosmos:
Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. Were associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact Us:
Kevin Stewart
Sales Manager
Research Cosmos
www.researchcosmos.com
kevin@researchcosmos.com
# +1 888 709 8757
Contact Information:
Research Cosmos
Kevin
Tel: +1 888 709 8757
Email us
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Research Cosmos
Kevin
Tel: +1 888 709 8757
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results