Permanent Magnet Motor Market to Witness Widespread Expansion During 2023

According to the new market research report "Permanent Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User (Industrial, Commercial & Residential, and Healthcare), and Region - Global Forecast to 2023", The permanent magnet motor market is expected to grow from an estimated market size of USD 29.50 Billion in 2018 to USD 45.13 Billion by 2023, at a CAGR of 8.87%, from 2018 to 2023. The global market is set to witness a significant growth because of the increasing implementation of permanent magnet motors across industries. Growing robotics technology presents a significant opportunity for the permanent magnet motor market.

Browse 65 market data Tables and 40 Figures spread through 137 Pages and in-depth TOC on "Permanent Magnet Motor Market - Global Forecast to 2023"

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Permanent Magnet AC Motor: The largest segment, by type, during the forecast period

The permanent magnet AC motor segment is expected to hold the majority share of the permanent magnet motor market during the forecast period. Growing investment in consumer electronics and government initiatives to promote the use of energy-efficient motors are the major factors driving the permanent magnet motor market in the Asia Pacific region. The Asian market players, such as Yaskawa, Nidec, Toshiba Corporation, and Johnson Electric are involved in the manufacturing of permanent magnet AC motors. These factors have resulted in the highest market share of the permanent magnet AC motor segment in the permanent magnet motor market.

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The up to 25 kW segment accounts for the largest share of the permanent magnet motor market, by power rating, during the forecast period

The up to 25 kW segment is expected to be the largest market, by power rating, from 2018 to 2023. The factors driving the market for permanent magnet motors ranging up to 25 kW include vast implementation of these permanent magnet motors in textile, pulp & paper, medical devices, aerospace, robotics, window shutters, air conditioners, door shutters, and electrical vehicles.

The report’s target audience includes:

• Permanent magnet motor manufacturing company
• Industry and Consulting Firms
• Electronics Associations
• Government and Industry Associations
• Electric motors Associations

Asia Pacific: The fastest-growing market for permanent magnet motor

In this report, the permanent magnet motor market has been analyzed on the basis of five regions, namely, Asia Pacific, North America, Europe, and the Middle East & Africa. The permanent magnet motor market in Asia Pacific is driven by countries such as China, India, Japan, and Australia. Asia Pacific has economies with increasing industrial & manufacturing sectors, automotive, consumer electronics, chemicals and processing, and paper & pulp. The demand for permanent magnet motors in these sectors is driven by rapid industrialization, rising population, and urbanization. Countries such as China and Japan have implemented energy efficiency standards to save electricity consumption. This drives the market for permanent magnet motors. Governments of major economies in Asia Pacific promote the use of energy-efficient motors in order to save electricity. This drives the market for permanent magnet motors in Asia Pacific.

Market Dynamics

5.2.1 Drivers

5.2.1.1 Increasing Demand for Energy Efficient and Low-Cost Maintenance Motors

5.2.1.2 Increased Implementation of Permanent Magnet Motors Across Industries

5.2.2 Restraints

5.2.2.1 High Initial Cost of Permanent Magnet Motor

5.2.2.2 Fluctuating Prices of Raw Material That are Mainly Concentrated in China

5.2.3 Opportunities

5.2.3.1 Shifting From Rare-Earth Magnets to Cost-Effective Ferrite Permanent Magnets

5.2.3.2 Growing Robotics Technology

5.2.4 Challenges

5.2.4.1 Availability of Switched Reluctance Motors and Induction Motors as Substitute Products

5.2.4.2 Availability of Counterfeit Products

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the permanent magnet motor market. These include GE (US), Siemens (Germany), ABB (Switzerland), Toshiba Corporation (Japan), and Emerson (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.