The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The permanent magnet motor market is projected to grow at a CAGR of 10.47% to reach US$48.334 billion by 2023, from US$26.591 billion in 2017. Permanent magnets ferromagnetic materials having magnetic properties and generate their own magnetic fields. The magnets which are utilized in permanent magnet motors are obtained from rare earth metals. Growing adoption of automation in various industries is the major driver of global permanent magnet motor market. The increasing use of robotic material handling due stringent regulations regarding workers’ safety is boosting the demand for permanent magnet motors exponentially. Booming global automobile industry is further bolstering the growth of permanent magnet motor market worldwide. In the coming years, the growth of this market will propel significantly due to growing renewable energy sector as solar energy and wind power technologies utilize permanent magnet motors in their generators. Geographically, China is the leading manufacturer of permanent magnet motors owing to the presence of rare earth materials in the abundant quantity in the country. However, the market growth will be restrained due to the high cost of permanent magnet motors and complexity in the manufacturing process.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the permanent magnet motor value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting. Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the permanent magnet motor market.
Major industry players profiled as part of the report are Siemens AG, ABB, General Electric, and Toshiba Corporation among others.
The permanent magnet motor market has been analyzed through following segments:
- ·Direct Current Motor
- ·Alternating Current Motor
- ·Hermetic Motor
- ·Samarium Cobalt
- ·Consumer Electronic
- ·United Kingdom
- ·Saudi Arabia
- ·South Korea