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.
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.
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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 world’s 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.
Market Determinants-Impact Analysis (2016-2024)
market determinants-impact analysis (2016 -2024)
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.
ALTERNATING CURRENT MOTOR MARKET BY GEOGRAPHY
alternating current motor market by geography
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
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