Permanent Magnet Motor Market Is Set for a Rapid Growth and is Expected to Reach USD $74.33 billion by 2024

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. The Permanent Magnet Motor Market report offers in-depth insights, revenue details, and other vital information regarding the global Permanent Magnet Motor market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026.

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.

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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 world’s known, intheground 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.

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 kW22.0 kW, 22 kW75 kW and above 75 kW. Geographically, the market is bifurcated into North America, Europe, AsiaPacific 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.

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

• AsiaPacific

• 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.

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Table of content

CHAPTER 1. INTRODUCTION
1.1. RESEARCH METHODOLOGY
1.1.1. ERC desk research
1.1.2. ERC data synthesis
1.1.3. Data validation and market feedback
1.1.4. ERC data sources
1.2. RESEARCH SCOPE

CHAPTER 2. MARKET LANDSCAPE
2.1. RESEARCH SUMMARY
2.2. VALUE CHAIN ANALYSIS
2.3. FIVE FORCES ANALYSIS
2.4. MARKET SHARE ANALYSIS
2.5. DEMAND FORECAST
2.6. BUSINESS INTELLIGENCE & STRATEGIC ANALYSIS
2.7. MARKET DETERMINANTS
2.7.1. Drivers
2.7.1.1. Increasing demand of electric motor in agricultural and industrial sector
2.7.1.2. Enhanced productivity due to permanent magnets
2.7.1.3. Reduction in the power consumption
2.7.1.4. Increasing awareness regarding green vehicles amongst customers
2.7.1.5. Low cost permanent magnets minimizing the cost of motors
2.7.2. Restraints
2.7.2.1. Complex cuircuiting of motors
2.7.2.2. Limited availability of rare earth magnets
2.7.3. Opportunities

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