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.
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.
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. Chinadominates 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.
Key benefits of Permanent Magnet Motor Market study:
- The study indicates that the permanent magnet AC motors are widely used in industrial applications as compared to DC and Hermetic motors, whereas, permanent magnet DC motors are majorly used in the automobile industry.
- Neodymium magnet type is the most popular magnet in use, owing to its moderate cost and operating ability at high temperatures. Neodymium magnet type is estimated to grow at a CAGR of 10.8% during the forecast period.
- The presence of a large number of PM motor manufacturers in the Asia Pacificregion, generates a significant amount of revenue for the PM motors market here, as compared to other regions.
- The permanent magnet motors below 4.0 kW power range are used in various appliances with lower output voltages. Additionally, the motors between the power ranges of 22.0kW - 75.0 kW, are widely used in diverse applications ranging from automobiles to air conditioning devices.
- The increasing use of PM motors across diverse applications in factory automation, presently account for the highest revenue generating segment in the global market.
The industry is witnessing a shift from induction motors to permanent magnet motors, in order to improve the performance of the device whilst rendering lower levels of power consumption. Permanent magnet motor manufactures are launching new products and partnering with other market players to conceptualize motors with improved performances that are energy efficient. For instance, in September 2014, Toshiba Corporation, a world-class manufacturer of electric and electronic products and systems, launched the world's first train propulsion system containing Permanent Magnet Synchronous Motors (PMSM) and Silicon Carbide (SiC) Variable Voltage Variable Frequency (VVVF) traction inverters. These systems were delivered to Japan's Tokyo Metro Co., Ltd., enabling the system to reduce power consumption by up to 37 percent. The major players profiled in this report are, Siemens, Baldor Electrics Incorporation, Rockwell Automation Incorporation, Franklin Electric Co. Incorporation, Johnson Electric Holdings Ltd., Ametek Incorporation, Toshiba Corporation and Danaher Corporation.