Home .Empowering Motors Permanent Magnet Motor Market to exceed USD 45.13 Billion by 2023

Permanent Magnet Motor Market to exceed USD 45.13 Billion by 2023

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The 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 global permanent magnet motor market is estimated to be USD 29.50 billion in 2018 and is projected to grow at a CAGR of 8.87%, during the forecast period, to reach a market size of USD 45.13 billion by 2023. In 2018, Asia Pacific is estimated to be the largest market for permanent magnet motors, followed by North America and Europe. The key players in the Asian permanent magnet motor market include Yaskawa (Japan), Nidec (Japan), Toshiba Corporation (Japan), and Johnson Electric (China). The growth of the permanent magnet motor market is driven by the increasing demand for energy-efficient and low-cost maintenance motors and increased implementation of permanent magnet motors across industries. The growing robotics technology presents a significant opportunity for the permanent magnet motor market.

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Browse 65 market data Tables and 40 Figures spread through 137 Pages and in-depth TOC on “Permanent Magnet Motor Market”

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 include

Some of the key Players in Permanent Magnet Motor Market:

  • GE (US),
  • Siemens (Germany),
  • ABB (Switzerland),
  • Toshiba Corporation (Japan),
  • Emerson (US), etc.

The permanent magnet AC motor segment is expected to be the fastest-growing segment of the permanent magnet motor market from 2018 to 2023. This is due to the major advantages of these motors such as providing high torque capacity, high-quality magnetic performance, high accelerations, and high withstand overloads capacity without risk of magnetization of the magnets, which helps to eliminate the need for costly maintenance. Asia Pacific is the fastest-growing market for permanent magnet motors and offers various business opportunities to permanent magnet motor manufacturers in the permanent magnet AC motor segment. In Asia Pacific, governments are focusing on promoting the use of energy-efficient motors in order to save electricity. These factors would drive the permanent magnet motor market.

The up to 25 kW segment is expected to be the fastest-growing market, by power rating, from 2018 to 2023. The permanent magnet motor ranging up to 25 kW is used in textile, pulp & paper, medical devices, aerospace, robotics, window shutters, air conditioners, door shutters, and electrical vehicles. A total of 70–80% of these motors are used in consumer electronics and industrial sectors. Hence, Asian countries, such as China, India, Japan, and South Korea, where these sectors are expected to experience a lot of investments in the coming years, will result in the higher market share of the up to 25 kW permanent magnet motor segment.

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Target Audience:

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

The industrial segment is expected to be the fastest-growing segment of the permanent magnet motor market from 2018 to 2023. These motors are used in industrial machines, textile rewinding machines, and also used with Variable Frequency Drives (VFDs) in pumps, blowers, fans, compressors, and hoists. The automotive is one of the major industries within the industrial sector, installing the maximum number of permanent magnet motors.

Asia Pacific is expected to be the fastest-growing market for permanent magnet motors from 2018 to 2023. The demand for permanent magnet motors in Asia Pacific is driven by rapid industrialization, rising population, and urbanization. Countries such as China and Japan have implemented energy-efficiency standards to save electricity consumption, which has led to a growth in the demand for permanent magnet motors. China and Japan are expected to be the two largest markets for permanent magnet motors in the region in 2018. These countries are witnessing the increasing government initiatives to strengthen the automotive sector as well as developing healthcare sector. Moreover, the market is also expected to grow significantly in countries such as India and South Korea during the forecast period. Factors such as growing renewable power generation and rising adoption of new technologies in electric vehicles are driving the permanent magnet motor market in India and South Korea.

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